Backed by growing number of infrastructure projects and rising demand from logistics sector across the globe, the demand for trucks is anticipated to surge, according to a TechSci Research report, “Global Truck Market By Application, By Tonnage Capacity, By Fuel Type, By Region, Competition Forecast & Opportunities, 2012 –2022.”
The report says the global truck market is projected to grow at a compound annual growth rate (CAGR) of 7% by 2022.
Continuous improvements in road infrastructure is further likely to push demand for trucks through 2022 across developed as well as developing regions. A few of the major players operating in the global truck market include Daimler AG, AB Volvo, Isuzu Motors Ltd., Hyundai Motor Company, Scania AB, MAN Truck & Bus, Hino Motors, Tata Motors Limited, Ashok Leyland Limited, and Dongfeng Motor Corporation.
With more than one-third of the volume share, trucks with the tonnage capacity of 3.5 tons to 7.5 tons dominated the global truck market in 2016 on the back of flourishing e-commerce industry and growing demand for last-mile connectivity. On the basis of applications, construction sector accounted for the largest share in global truck market due to rising number of construction activities across the globe. A large demand for truck emanates from Asia-Pacific due to the region’s high population density, growing consumer and industrial base and booming constructions and logistics industry.
“With booming e-commerce industry, demand for trucks is also likely to increase, globally. Furthermore, globalization coupled with the increasing demand for efficient supply chain to transport goods across the globe is boosting demand for trucks. In addition, growing preference for electric trucks, keeping in view the rising pollution levels, would positively influence the global truck market in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.