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Asia Pacific Heavy-duty Trucks Market Size By Horsepower (Below 300HP, 300HP – 400HP, 400HP – 500HP, Above 500HP), 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), Industry Analysis Report, Regional Outlook (China, India, Japan, South Korea, Thailand, Vietnam, and Indonesia), Growth Potential, Competitive Market Share & Forecast, 2020-2026
Published Date: December 2020 | Publisher: Graphical Research Report ID: GR1595 | Delivery : PDF  Request Free Sample

Asia Pacific Heavy-Duty Trucks Market share was over USD 240 billion in 2019 and is expected to grow at a CAGR of over 3% from 2020 to 2026.
 

Asia Pacific Heavy-Duty Trucks Market

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The Asia Pacific market is anticipated to proliferate during the forecast timeline owing to the presence of prominent players in the regional commercial vehicles market. Prominent players include Mahindra & Mahindra, Dongfeng, Ashok Leyland, Eicher Motors Limited, and Tata Motors. These players are increasingly focusing on new product launches to expand their market share. For instance, in June 2020, Mahindra launched the new Blazo X heavy commercial vehicle in India with enhanced fuel efficiency. The launch of new products will drive the demand for heavy-duty trucks in the region.

The COVID-19 pandemic has brought the world to a standstill and led to economic instability. Manufacturing plants in various industries were temporarily shut down during the lockdown period. The manufacturing of heavy-duty trucks has been affected and the sales number also decreased due to the prevailing situations. The automotive industry has been adversely affected owing to the shortage of raw material supply and labor availability. Manufacturers of commercial vehicles are facing challenges owing to financial insecurities and a shortage of capital. However, by 2021, the market is expected to witness steady growth.

A rapid increase in construction projects and infrastructural development activities will accelerate the adoption of heavy-duty trucks in the region. The ability of heavy-duty trucks to carry heavy cargo including construction materials, such as sand, gravel, steel, and aluminum, is driving growth. South Korean government authorities are investing in development activities to enhance the economic stability of the country. The country has undertaken several new projects including 5G infrastructure development and Renewable Energy Plan 2030 to expand the network and connectivity in the cities. Similarly, in January 2019, the Government of South Korea has allocated USD 21.5 billion for 23 new construction projects in the area of rail, hospitals, manufacturing plants, and roads in the country.

The diesel segment is anticipated to witness high growth during the forecast period owing to less fuel consumption and efficiency compared to gasoline trucks. Diesel engines are more fuel-efficient as they are integrated with compression-ignition systems. Heavy-duty trucks are operational for long hours and are used for various activities, such as carrying heavy loads, freight, and transportation activities, leading to higher fuel consumption. Lower prices of diesel compared to gasoline in the Asia Pacific region are contributing to the high demand for diesel heavy-duty trucks, augmenting the market growth.

Key players operational in the Asia Pacific market are Ashok Leyland, China National Heavy-Duty Group, Dongfeng, Eicher Motors Limited, Isuzu Motors, and Tata Motors. Companies are emphasizing on the expansion, partnerships, and agreements to enhance their services and expand their distribution network. For instance, in November 2018, Ashok Leyland enhanced its distribution network through a service facility offered by IFAD AUTOS. Similarly, in November 2017, Hino Motors and Ashok Leyland renewed their partnership for the development of Euro VI Engines. Both the companies have entered a cooperation agreement where Hino’s technology is used by Ashok Leyland to develop EURO-VI trucks. This supported the expansion of Hino’s distribution network in India.
 

Frequently Asked Question(FAQ) :

The market size of Asia Pacific Heavy-duty Trucks was valued USD 240 billion in 2019.
The industry share of Asia Pacific Heavy-duty Trucks is projected to witness more than 3% growth rate during 2020 to 2026.
Key players operational in the Asia Pacific market are Ashok Leyland, China National Heavy-Duty Group, Dongfeng, Eicher Motors Limited, Isuzu Motors, and Tata Motors.

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