Dublin, December 31, 2021 (GLOBE NEWSWIRE) – The “Global Truck Market, By Application Type (Logistics, Construction, Mining, Others), By Truck Tonnage Capacity (Class 1, Class 2, Class 3 Class 4, Class 5, Class 6, Class 7, Class 8), By Fuel Type, By Vehicle Type, By Region, Competition, Forecast & Opportunity, Report 2026 “has been added to ResearchAndMarkets.com offer.

The global truck market was valued at USD 809.46 billion in 2020 and is expected to grow at a CAGR of 7.50% over the next five years through 2026F.

The anticipated growth can be attributed to driving factors such as increased reliance on road transport processes. Although transportation can be done by rail and air, trucks provide efficient transportation over difficult terrain like hilly areas and deserted lands.

In addition, the expansion of the construction industry and its demand for the transportation of heavy construction materials further drive the growth of the global truck market over the next five years. The growing demand for heavy duty trucks is also expected to support the growth of the global truck market over the next five years.

The incorporation of advanced technologies like GPS compatible services etc., further supports the growth of the global truck market by increasing the demands for efficient driving conditions over the next five years. Additionally, factors such as increasing disposable income of consumers, increasing urbanization, and expanding rural economy growth may further contribute to the future growth of the global truck market over the forecast years. until 2026.

The mining industry is also expanding, so the demand for products like metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel and clay increases and indirectly justifies the growth of the global truck. Market over the next five years.

However, the slow adaptations of advanced automobiles in some developing countries due to the higher expenditure required for new purchases could create a slight obstacle to the futuristic growth of the market. However, the growing demand for trucks from the logistics industry could support the growth in these countries during the forecast period.

Truck logistics applications are expected to register the largest market revenue shares and dominate market segmentation over the next five years due to increasing consumer demands for advanced automotive services, quality and features at logistical purposes. Resources and materials are transported from the excavation or point of origin to storage, and then to their destination for distribution and final sale by truck.

The story continues

With increased globalization and industrialization, the sub-segment is expected to register further growth while contributing to the growth of the global truck market over the next five years. The construction sub-segment is expected to experience significant growth over the next five years due to the increase in global construction processes.

The demand for transportation of building materials and equipment from source to construction site is driving the growth of the sub-segment and driving the growth of the global truck market over the next five years.

Some of the major market players operating globally in the Truck market are

Scope of the report:

Years considered for this report:

Truck Market, By Application Type:

• Logistics

• Construction

• Mining

• Others

Truck Market, By Truck Tonnage Capacity:

• Class1

• Class2

• Class3

• Class4

• Class5

• Class6

• Class7

• Class8

Truck Market, By Fuel Type:

• Diesel

• Gasoline / gasoline

• CNG / LNG / LPG

• Electric and hybrid

Truck Market, By Vehicle Type:

• Light duty

• Foolproof

• Average service

Truck Market, By Region:

• North America

• United States

• Canada

• Mexico

• Asia Pacific

• China

• Japan

• India

• Australia

• Indonesia

• Europe

• France

• Germany

• UK

• Italy

• Spain

• South America

• Brazil

• Argentina

• Chile

• Colombia

• Middle East and Africa

• South Africa

• Saudi Arabia

• Iran

• United Arab Emirates

For more information on this report, visit https://www.researchandmarkets.com/r/j0jf0s

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