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Europe Heavy-Duty Trucks Market Size By Class (Class 7 [Axle Type {4X2, 6X4, 6X2}], Class 8 [Axle Type {4X2, 6X4, 6X2}, Cab Type {Day Cab, Sleeper}]), By Fuel (Diesel, Natural Gas, Hybrid Electric, Gasoline), By Horsepower (Below 300HP, 300HP – 400HP, 400HP – 500HP, Above 500HP), Industry Analysis Report, Regional Outlook (UK, Germany, France, Italy, Russia, Belgium, Sweden), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: October 2020 | Publisher: Graphical Research Report ID: GR1468 | Delivery : PDF

Europe Heavy-Duty Trucks Market value was estimated to be around USD 40 billion in 2019 and is expected to grow at a CAGR of 7% from 2020 to 2026.
 

Europe Heavy-Duty Trucks Market

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The Europe market is driven by the robust network of national and state highways for road transportation. The regional market is supported by increasing transportation of food items and other consumer goods between European countries. According to a 2018 report by the European Statistical Office (Eurostat), road accounts for the largest share of EU freight transport performance among the three inland transport modes. The report shows that in 2018, road transport accounted for over 75.3% of the total inland freight transports. Several benefits provided by heavy-duty trucks, such as durability, extremely long range, and high volume-carrying capacity, are increasing their adoption for freight transportation in Europe.

Introduction of stringent emission regulation policies by the European Union is contributing toward the adoption of technologically advanced low-emission heavy-duty trucks. For instance, in December 2018, Council of European Union agreed on a legislative proposal to mandate CO2 emission standards for heavy-duty trucks in European countries. According to this proposal, in 2025, the emission level is set to reduce by 15% compared to 2019 with a further reduction of around 30% by 2030. The Union is also planning to adopt incentive systems, such as super credits, to support the adoption of low-emission heavy-duty vehicles.

Several European countries including the UK, Spain, France, and Italy are severely hit by the ongoing COVID-19 pandemic. These countries suffered huge loss of life during March and May 2020. This has severely impacted the European economy. Manufacturers of heavy-duty trucks in the region including Volvo and Daimler Group had to shut down production to comply with the government laws and nation-wide lockdowns. This caused a steep decline in the unit shipments of heavy-duty trucks in Europe, hampering the market growth. The market is experiencing a steady revival with the gradual leniency in movement and trade restrictions.

The 4x2 axle type heavy-duty trucks segment is expected to gain a high market share in Europe over the forecast period. Multiple axles in heavy-duty trucks provide a smooth driving experience with enhanced suspension and increased maneuverability. Government authorities, such as the European Commission and State Transportation Department, have established stringent regulations on the permissible weight carriage depending on the number of axles in heavy-duty trucks. To comply with these regulations, fleet operators are investing in trucks with multiple axles, contributing to the market growth.

Companies operating in the market include Volvo, Freightliner, Scania AB, PACCAR, Ford Motors, Isuzu Motors, MAN SE, Navistar, and Peterbilt. These players are focusing on launching new models of heavy-duty trucks with various powertrain and horsepower configurations to increase their market revenues.
 

Frequently Asked Question(FAQ) :

The market size of Europe Heavy-Duty Trucks was valued over USD 40 billion in 2019.
The industry share of Europe Heavy-Duty Trucks is anticipated to grow at 7% CAGR between 2020 and 2026.
Companies operating in the market include Volvo, Freightliner, Scania AB, PACCAR, Ford Motors, Isuzu Motors, MAN SE, Navistar, and Peterbilt.

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Europe Heavy-Duty Trucks Market Share 2020-2026: Investment Feasibility


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