Published Date: 2020-12-24
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According to the Graphical Research new growth forecast report titled “Asia Pacific 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)”, Estimated To Be Over USD 280 Billion by 2026
The increase in the number of e-commerce and transportation activities in Asia Pacific will proliferate the demand for heavy-duty trucks. The rising disposable income and changing preferences toward easy living are driving demand in the e-commerce sector, resulting in the high growth of freight transportation. Various prominent players including Amazon, eBay, and Alibaba have a strong presence in the Asia Pacific market.
With the changing purchasing habits of individuals, e-commerce industry players are expanding their business operations in the Asia Pacific region. For instance, in July 2019, Amazon announced its plan to expand its presence in the Indian food retailing industry with an investment of USD 515 million till 2025. This is expected to contribute toward steady growth in the adoption of heavy-duty trucks for freight movement in the Indian market, accelerating the industry size.
The emergence of COVID-19 across the world has adversely affected several economies. Countries have witnessed a steady fall in the GDP along with a financial crunch. The Asia Pacific heavy-duty trucks market is experiencing a downfall in market revenues owing to restrictions that were imposed from January 2020 to May 2020. Production units across the region have faced a setback since the spread of the virus, which originated from the Asia Pacific region. However, with the economic revival, the heavy-duty trucks industry will witness steady growth.
Rising government expenditure in the development of the real estate sector will augment the heavy-duty trucks demand in the region. Governments are taking several initiatives and are investing in new construction activities to promote the economy and provide sustainable growth opportunities for the citizens. For instance, in May 2020, the Communist Party of China announced its plans to invest nearly USD 1.4 trillion in the digital infrastructure public spending program with a focus on key areas such as Artificial Intelligence (AI), 5G networks, inter-city rail & transportation systems, and industrial internet. The high demand for new infrastructure development to support this program will drive the industry size.
Prominent heavy-duty truck market players operating in Asia Pacific are Dongfeng, China National Heavy-Duty Group, Tata Motors, Isuzu Motors, Eicher Motors Limited, and Ashok Leyland. Companies are focused on new product launches and innovations to enhance their business operations. For instance, in January 2019, Dongfeng Trucks launched new models of trucks including heavy-duty and medium-duty trucks in China. The new range of trucks is equipped with aftermarket services and solutions including finance & maintenance to develop and adopt the changing market trends. New launches generate lucrative growth opportunities for the Asia Pacific heavy-duty trucks market.
The Asia Pacific heavy-duty trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
Asia Pacific Heavy-duty Trucks Market, By Class
Asia Pacific Heavy-duty Trucks Market, By Fuel
Asia Pacific Heavy-duty Trucks Market, By Horsepower
The above information is provided on a country basis for the following:
Asia Pacific
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