According to the Graphical Research new growth forecast report titled Europe Heavy-Duty Trucks Market Growth Estimated to Rise till $58 bn by 2026. The Europe heavy-duty trucks market is expected to witness a high growth rate owing to the increasing adoption of these trucks in construction applications. Technological advancements in heavy-duty trucks with advanced automated transmission systems and power steering capabilities are further boosting the market demand. Industry players are launching new models of hybrid and electric heavy-duty trucks meant to carry heavy construction materials and tools while focusing on reducing harmful emissions. For instance, in October 2019, Volvo introduced two new models of electric trucks, Volvo FL and Volvo FE Electric for a significant and positive effect on air quality in cities with many ongoing construction projects.
The Europe heavy-duty truck market is expected to witness a temporary slowdown in 2020. Factors contributing to this in-active growth include rapid rise in unemployment and reduction of consumer disposable income. With the growing impact of the pandemic, consumers are indulging in purchase of essential goods in the European countries. Sales of medical supplies, such as N-95 masks and hand sanitizers, have witnessed unprecedented growth in the region. This will hamper the purchase of high cost heavy-duty trucks in 2020. However, as the impact of COVID-19 reduces, the region is anticipated to witness a high demand owing to market growth in the automobile industry.
300 to 400 horsepower heavy-duty trucks display high growth potential in Europe due to several benefits such as low engine weight and high fuel efficiency. Heavy-duty truck engines with 300 to 400 hp are gaining increasing popularity due to their low-cost as compared to higher horsepower configurated engines. The capability of these engines to haul heavy loads on smooth roads will further contribute to their market share growth.
Key companies operating in the market include Freightliner, Scania AB, PACCAR, Volvo, Ford Motors, MAN SE, Isuzu Motors, Peterbilt and Kenworth. These companies are focusing on strategic partnerships and initiatives to enhance their relationships with suppliers to ensure timely delivery of high-quality raw materials. For instance, in in December 2018, Paccar Inc. recognized the top performing suppliers under its Supplier Performance Management (SPM) program. It also rewarded its suppliers on the basis of their performance to encourage them to deliver high-quality components on time.
Europe heavy-duty trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipment in units from 2016 to 2026, for the following segments:
Market Share, By Class
Market Size, By Fuel:
- Natural Gas
- Hybrid Electric
Market Value, By Horsepower:
- Below 300HP
- 300HP – 400HP
- 400HP – 500HP
- Above 500HP
The above information is provided on a country basis for the following: