Globalization has paved potential avenues for FDI (Foreign Direct Investment) that has reinforced the augmentation of the heavy trucks market. Growth in development of transport efficiency and logistics networks has allowed remanufacturing, in turn salvaging business in the developing regions. Introduction and installation of enhanced telematics such as advanced safety features and adaptive cruise control has boosted demand of advanced heavy trucks across various industry verticals including but not limited to construction, freight carriage, mining and excavations. This aspect lays the foundation of growth in sales of heavy trucks, ultimately presenting potential growth avenues for the heavy trucks market worldwide.
Indian market for heavy trucks to witness a positive transformation in the years to follow
The heavy trucks market in India, for more than seven decades, was tagged regressive, providing an environment unfriendly, less than safe, underpowered vintage class of heavy trucks. Seldom has the Indian heavy trucks industry witnessed an evoke in positive sentiments unlike the Europe counterparts. However, this scenario is expected to go in for a complete overhaul in the coming years, given the advent of Volvo in the late 90s. The Indian heavy trucks market is expected to catch up with its European counterparts in terms of emission norms with time-lag already decreased to 5-6 years. The “Stop Stopping Yourself” mantra has triggered an unprecedented transformation of the heavy trucks industry in terms of a radical reformation in industry culture adaptation to change and mindfulness.
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Moreover, the penetration of electrification in the Indian heavy trucks market is yet another pivot influencing the market’s growth in the country. Less than a million heavy trucks on the highways in India consuming thousands of gallons of imported-expensive fuel is rubbing off on the demand for electric heavy trucks in the country.
“LEAD”- four megatrends to shape the heavy trucks market – a radical advancement in the offing
Growing modernization and advances in technology is only the tip of the iceberg. The use of modern technologies has not left any sector untouched and the automotive sector is no exception. Four major trends have been influencing and shaping the automotive sector, especially the heavy trucks market. New Logistics, Electrification, Autonomous trucks and Digitalization (LEAD) have been revolutionizing the heavy truck market and expected to bring about a continued radically positive development of the heavy truck market on the global front.
Changes in logistics are likely to influence the customer structure of heavy truck OEMs with further fleet growth. Electrification is expected to bring in emission optimization, being driven by regulations laid by governments. Moreover, suppliers are expected to benefit from this electrification trend due to increased value add demands from OEMs such as electric axles. With automation in the scenario, challenges are bound to occur with respect to safety, fuel costs, driver shortages and hours-of-service. However, payback of investment and cost savings are likely to be realized in the long run with driverless heavy trucks. Digitalization is expected to boost the heavy truck telematics, driving the creation of an entirely new truck service picture in the coming years. However, the speed of influence of these four trends will depend on the respective regulatory scenario, such as emission standards per region, cabotage restrictions, driving times and rest periods, platooning and special regulations apropos to electric vehicles, to name a few.
Global Heavy Trucks Market Players are: SCANIA, VOLVO, MercedesBenz, MAN, RENAULT, DAF, ISUZU, HINO, TATRA, Iveco
Construction and infrastructure to indirectly fuel the use of heavy trucks
Growing infrastructure and construction activities worldwide are shaping the heavy trucks market globally. Increasing demand for better transport facilities and connectivity is expected to fuel the demand of heavy trucks, in turn boosting the market valuation of the heavy trucks market. Moreover, aspects such as accelerated growth in land excavations, moving large land tracts for archaeological purposes, and laying foundations are expected to re-enforce the demand for earth moving facilities and road construction, which is projected to have a positive influence on the heavy trucks marketplace.
Competitors focused on enhancing their truck portfolio with new introductions
Key players in the heavy trucks market continue to strive to stay in completion with other brands, in a bid to maintain their position in the global market. For instance, Eicher has launched two heavy trucks – the Eicher Pro 6049 and Eicher Pro 6041, thus expanding its truck range portfolio. Likewise, Infraprime Logistics Technology, an Indian start up, has introduced the country’s first 60 tonne all electric heavy truck, with an automatic transmission feature for a 2-speed operation. Volvo is also introducing new heavy trucks with a major focus on safety, productivity and driver environment. Volvo FH, FM, FH-16 and FMX are the new introductions by the company in the heavy trucks space and are representing around two thirds of the company’s truck deliveries.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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