The global heavy duty commercial vehicle market size was valued at US$ 337.56 Billion in the year 2020 and expected to Surpass around US$ 370 Billion by 2030.
The global Heavy Duty CV market is observing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality. The continuous rise in demand of heavy trucks in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.
The demand for 7.5-16 tonnage vehicle is expected to be driven by the increasing demand for truck in construction and growing industrialization requiring heavy trucks for various manufacturing processes. Also, ICEs are usually powered by energy-dense fuels such as gasoline or diesel fuel, liquids derived from fossil fuels. While there are many stationary applications, most ICEs are used in mobile applications and are the dominant power supply for vehicles such as trucks, cars, aircraft and boats.
Owing to low production cost in Asian countries backed with rising industrialization, manufacturers are investing in economies such as India and China which is propelling the market growth. Positive outlook towards automobile and electronic sector coupled with rapid industrialization across developed and emerging economies will drive the Heavy-Duty CV market size. Additionally, expectation of rise in consumer demand and investment by public and private sector in small and medium scale industries will anticipated to drive the market of global Heavy-Duty CV in future.
The market is also expected to register huge growth in demand post Covid-19 pandemic situation attributable to the demand for the heavy trucks slightly increased in August 2020, as several leading manufacturers started production of trucks and electric vehicles. Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the Heavy-Duty CV market during the forecast period.
Scope of the Report
Key Target Audience
In this study, the years considered to estimate the market size of agriculture equipment are as follows:
• History Year: 2016-2020
• Base Year: 2020
• Estimated Year: 2021
• Forecast Year 2021 to 2030
Major highlights of report:
• Figures related to sales volume, market remuneration, and segmental shares
• Featuring market dynamics
• Growth prospects and expansion graph
• PROCON study of direct & indirect sales channels
• Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
• Industry forecasts based on region and at country level
• Data about sales volume recorded, industry share held, and profit margins amassed
• Overall remuneration and estimated growth rate for each regional market
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the agriculture equipment market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the heavy duty commercial vehicle market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the heavy duty commercial vehicle market.
Market Segments: This part of the report discusses about product, application and other segments of the agriculture equipment market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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