Class 8 Truck Market Size, Share, Growth, and Industry Analysis, By Type (Diesel Truck, Electric Truck, Hybrid Truck and LNG Truck), By Application (Construction, Mining, Transportation and Others) and Regional Forecast to 2032

CLASS 8 TRUCK MARKET REPORT OVERVIEW

The global Class 8 Truck market size expanded rapidly XX  in 2023 and is projected to grow substantially XX by 2032, exhibiting a prodigious CAGR XX during the forecast period.

Class 8 commercial trucks are utilized in the transportation industry for over long distances, the most significant for the transportation of freights, and various industrial applications. Such trucks are unsung heroes in the supply chain and transportation sector given that they have the ability to transport very substantial loads over long distances.

GLOBAL CRISES IMPACTING CLASS 8 TRUCK MARKETCOVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACTCOVID-19 IMPACT

Class 8 Truck Industry Had a Negative  Effect Due to Supply Chain Disruptions during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Some truck manufacturing plants and their related components were shut down during the lock downs resulting in formation of stoppages in production and delay in the delivery of trucks. There was disruption of the supply chain; basic components like semiconductors in cars, axles, and tires were scarce, thus causing disturbances in manufacturing plans for the vehicles. Confinement of transportation resulted into several hurdles regarding the movement of raw materials and their finished products, the trucks.

LATEST TRENDS

"Electrification of Class 8 Trucks to Propel Market Growth"

The adoption of electricity as a power source for Class 8 trucks is gaining popularity as a revolution due to the changes in the global policies in light of environmentalism and reduced emission. Tesla has developed electric heavy-duty trucks there called Semi and others like Volvo VNR Electric trucks, Freightliner Cascadia trucks are becoming viable solutions for diesel ones. The adoption of these trucks provides numerous advantages such as reduced emission of greenhouse gases, lowered overhead costs through lowered fuel and maintenance costs, and meeting of present and erratic emission control standards.

CLASS 8 TRUCK MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Diesel Truck, Electric Truck, Hybrid Truck and LNG Truck.

• Diesel Truck- Spark ignited diesel internal combustion engines These are the most used in the market and are classified as Class 8 Traditional Class 8 trucks.
• Electric Truck- Full-electric powered trucks that use electric motors within a rechargeable giant battery for the purpose of achieving emission-less transportation values.
• Hybrid Truck- These trucks hybrid a normal internal combustion engine with an electric motor and battery system to enhance performance.
• LNG Truck- It uses engines that operate with liquefied natural gas; thus, making trucks different from the diesel-operated vehicles.

By Application

Based on application the global market can be categorized into Construction, Mining, Transportation and Others.

• Construction- Class 8 trucks are very important in ferrying materials such as gravel, sand, cement, steel and prefabricated structures to construction sites.
• Mining- In the mining industry Class 8 trucks are employed in transport of ores, minerals and any other material that has been extracted in the mines to processing facilities or to the port.
• Transportation- These are mostly class 8 trucks used mainly in clearing and forwarding agencies transporting goods from one state or country to another. They are a necessity in industries such as retail, automotive, and agricultural businesses in the chain.

DRIVING FACTORS

"Growth in E-commerce and Logistics to Drive Market Advancement"

One of the key driving factors in the Class 8 Truck market growth is the Growth in E-commerce and Logistics. The use of e-commerce is on the rise and has hence created the need for better and efficient transportation hence working as a factor that drives the Class 8 truck market. Due to the high volume of goods in e-retail businesses, they rely on an efficient logistics transportation system needed to deliver the client’s orders at the earliest time possible. The long-haul transport of goods from produce depots, and centres to the market and stocking outlets requires Class 8 trucks due to the heavy load they typically haul.

"Rising Focus on Sustainability to Expand the Market"

Green thinking has emerged as one of the key factors affecting the Class 8 truck market based on changing customer requirements in terms of sustainability. Authorities around the globe are setting even higher standards for emissions, including the Euro VI and EPA measures that urge manufacturers to create green solutions including electric, hydrogen fuel cell, as well as, natural gas-powered Class 8 vehicles.

RESTRAINING FACTOR

"High Initial Costs to potentially impede Market Growth"

One of the major challenges to the market is the initial prices of Class 8 trucks which deter many participants, particularly those operating with limited capital such as small to medium-sized fleet owners. Such novelties as electrification, self-driving options, and other additional fuel types increase these rather high costs. For instance, battery electric Class 8 trucks need expensive battery systems, while hydrogen Class 8 trucks use complicated fuel cell technology, where the cost can be doubled to triple of the existing conventional diesel powertrains.

OPPORTUNITY

"Electrification and Alternative Fuels To Create Opportunity for the Product in the Market"

Electrification and other forms of power such as fuel cell power are disruptive forces developing massive opportunities in Class 8 trucks. As global awareness on climate change increases, and emission norms continue to tighten, both fleet operators and manufacturers are gradually incorporating cleaner technologies into their fleets. New battery technologies for Class 8 electric trucks have also made these vehicles cheaper to run for long-haul missions and operate with lower emissions, to boot, meeting environmental policies.

CHALLENGE

"Limited Charging and Refueling Infrastructure Could Be a Potential Challenge for Consumers"

A grievous issue to the booming of Class 8 trucks that run on electricity and hydrogen is that these two resources are mass produced yet not many stations where they can be charged or refueled are available. These over-the-road, electric trucks are expected to be onboard for cutting back the emissions and bringing a change in the conventional freight carriage means, but these vehicles are still pragmatic on the support infrastructure available. The same problem of range is a significant issue with electric trucks because high-capacity charging stations are still a relatively rare sight midway across the country, for instance.

CLASS 8 TRUCK MARKET REGIONAL INSIGHTS

• NORTH AMERICA

North America has emerged as the most dominant region in the Class 8 Truck market share due to a convergence of factors that propel its leadership in this dynamic industry.  North America, and more specifically the United States is the leader in the Class 8 truck market. The United States has a well-developed market for commercial vehicle transportation, especially long-hauling that is typical for Class 8 vehicles. It also has effective highways and interstates plus great distribution channels that are important for the utilization of the large trucks extensively in the region.

• EUROPE

Europe is one of the most promising regions in terms of the Class 8 truck market due to environmental regulations, technologies and the importance of sustainable development. The current European emission standard including Euro VI and the growing focus toward attaining a carbon neutral economy by the year 2050 are some of the key forces in the market.

• ASIA

The Asia Pacific as a market for Class 8 trucks is quite promising and involves a diverse population of many developed economies experiencing industrialization and urbanization and the need for freight transportation. China is already home to some big names in the manufacturing of trucks such as FAW and the similarly Japan’s Isuzu and South Korea’s Hyundai which are taking efforts to bring more class 8 trucks into their portfolios due to the surging market for logistics services.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Class 8 Truck Market Through Innovation and Market Expansion"

Key enterprise players are shaping the Class 8 Truck marketplace through strategic innovation and marketplace growth. In a similar manner, Daimler Trucks retains its position in front in the aspect of a shared aim in electric Class 8 trucks. The firm is committed to electric mobility which is evident from projects like the eActros –an all-electric truck- and Freightliner eCascadia. Leveraging on this, a new idea in development at Daimler is the autonomy in vehicles and connected truck solutions as a means of efficient management in utilization of the trucks on the field.

LIST OF TOP CLASS 8 TRUCK COMPANIES

• Volvo Group(Sweden)
• Daimler AG(Germany)
• Komatsu(Japan)
• Bell Trucks America Inc.(U.S.)
• John Deere(U.S.)

KEY INDUSTRY DEVELOPMENTS

Mar 2024: Penske Truck Leasing, Daimler Truck North America (DTNA) and Carrier Transicold have launched a strategic partnership and unveiled an electrically powered refrigerated medium-duty truck for leasing, for moving perishable goods.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.