Heavy-duty truck and tanker market revenue to hit $450 bn by 2027

The heavy-duty trucks and tankers market revenue is anticipated to record a valuation of $450 billion by 2027, according to the most recent study by Global Market Insights Inc. The industry is estimated to show remarkable expansion owing to increasing material transportation and proliferation of heavy-duty truck rental platforms. The rising adoption of electric heavy-duty trucks to curb carbon emissions is also contributing to market growth.

The COVID-19 pandemic has impacted negatively on the heavy-duty truck market globally. To mitigate the virus transmission, majority of governments around the globe imposed strict lockdown in 2020. These strict lockdowns resulted in temporary suspension of various commercial & industry activities such as mining, construction, and transport due to which market demand was declined. Additionally, heavy-duty truck manufacturing was halted owing to the suspension of production facilities, shortage of raw materials due to disturbance in the global supply chain, and unavailability of labour. The market is anticipated to witness slow recovery post-pandemic.

Integration of autonomous driving technologies and increase in road transport due to growing e-commerce companies are creating the demand for high-performance trucks in Europe. Automotive technology providers are expanding their business operations in this region to gain higher profit. For instance, in October 2021, Plus.ai, a self-truck driving technology provider, outlined the strategy of accelerating its business expansion in Europe by partnering with local established truck manufacturers and suppliers.

Industry participants in the heavy-duty trucks market are adopting different marketing and business strategies such as partnership, new technology innovation, dealer acquisition or product launch to accelerate their net sales. Land transport companies are expanding their heavy-duty truck fleet size to expand their business operations. For instance, in June 2021, Renault Trucks delivered 10 units of heavy-duty construction trucks K 480 to AL Jadawel Land Transport company in Fujairah, UAE.

For more information visit www.gminsights.com