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Market Research Report

Medium and Heavy Duty Vehicle Market Outlook 2019-2035 : Growth Opportunities | COVID-19 Impact Analysis

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Medium and Heavy Duty Vehicle Market Overview

The global medium and heavy-duty commercial vehicles market is expected to grow at a CAGR of 8.32% over the forecast period of 2019-2035. Some of the major factors driving the growth of the market of Medium and Heavy duty Vehicle are the expansion of industrial/services sectors in the emerging market, growing demand from the logistics industry, rising demand from construction sector (owing to growing construction activities). The market is expected to witness growth in the coming years, owing to growing economies across both developing and developed counties. The construction sector is on the rise in developing countries. There are construction activities going on in the developed and developing countries, thereby the need for logistics.

The other factor driving the market is owing to consistent technological advancements and enactment of stringent emission norms, automakers (OEMs) are shifting their focus towards electric vehicles. Most of the automakers have already started launching new electric commercial vehicles in the market. There is increasing demand for electricity in the Asia-Pacific countries. There is a developing trend of electric vehicles which have taken over the other vehicles globally. The government is taking strict actions and initiatives to support the agenda of electric vehicles launch. There are constant technological advancements in the field of electricity. There are  development in every field of life.

Trucks, Medium and Heavy Duty Vehiclees, Coaches and Vans that weigh from 3.6 tons and above are segmented into medium and heavy duty commercial vehicles .These vehicles are very helpful for today’s world and in modern means of life. These can be used for personal and commercial uses as well. Trucks are like lorry’s who load things from one place to another.

Medium and Heavy Duty Vehicle Market Segmentation

By Type

  • IC (Internal ComMedium and Heavy Duty Vehicletion Engine)
  • Electric and Hybrid

By Application

  • Transportation
  • Construction
  • Others

By Geography

  • North America (USA and Canada) {Market size (USD Billion), Market share (%)}
  • Europe (The United Kingdom, Germany, France, Italy, Spain, Poland, Sweden and Rest of Europe) {Market Size (USD Billion), Market Share (%)}
  • Asia-pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand and Rest of Asia –Pacific) {Market Size (USD Billion), Market Share (%)}
  • Middle East and Africa (GCC, South Africa, North Africa and Rest of Middle East and Africa){Market Size(USD Billion), Market Share (%)}
  • Latin America (Brazil, Mexico, Argentina and Rest of Latin America) {Market Size(USD Billion), Market Share(%)}

We conducted interviews with the Medium and Heavy Duty Vehicle Manufacturers, OEMs, Aftermarket Players, Brands, Component Manufacturers, Battery Manufacturers, End User Industries, Distributors, Traders, Suppliers, Product Managers, Consultants, Decision Makers, VPs, Executives, Sales Managers, Regional Sales Head, C-level Executives, etc.

Key Highlights: Medium and Heavy Duty Vehicle Market Outlook, 2019-2035 (2021 Edition)

  • The report includes Medium and Heavy Duty Vehicle Manufacturers, Aftermarket Players & Distributors Outlook (Market Competition & Global Presence), Medium and Heavy Duty Vehicleiness Strategy & Financial Analysis of Major Players. Further, the study also covers the Industry Insights (Future Trends & Forecast Data), Trade Data (Exports and Imports) and Distribution Model Analysis, Competitive Analysis, Opportunity Analysis
  • Market Size (USD Billion), Market Share (%), CAGR (%), Y-O-Y Growth Rate (%) of United States Medium and Heavy Duty Vehicle Industry and further it bifurcated into States/Cities, 2019-2035
  • Sales Data of Medium and Heavy Duty Vehicle : By Medium and Heavy Duty Vehicle Type, By Manufacturers Type, By End User Industry Type, By States/Cities (Value & Volume), 2019-2035
  • Data of Manufactured & Registered Electric (On-Road) : By E-Vehicles Type, By Manufacturers Type, By End User Industry Type, By States/Cities (By Value & Volume), 2019-2035
  • Manufacturing/Production of E-Vehicles : By Manufacturers Type (OEMs & Contract Manufacturers), Production Data (By Medium and Heavy Duty Vehicle Type, By Countries), Manufacturing Capacity, Operational Margins, Profit Margin, Distribution Analysis, etc., 2019-2035
  • Medium and Heavy Duty Vehicle Market Analysis : Revenue Share, Solutions Offerings Portfolio, Market Positioning, Ranking Analysis, Competitiveness, Regional Presence, Investments, Partnerships & Collaborations, Mergers & Acquisitions, etc., 2019-2035
  • Global Automotive Industry Outlook : Automotive Expenditure, Transportation & Manufacturing Reforms, Manufacturing Facilities, Govt. & Private Investments, R&D, (Current & Future Outlook), 2019-2035
  • Regulatory Framework & Approvals Outlook : Regulatory Framework for Medium and Heavy Duty Vehicle, Govt. Initiatives & Programs, Manufacturing Framework & Regulations, Import Framework, Regulations & Policies, etc.
  • Competitive Outlook : Players Financial Analysis, Marketing Strategies, Ranking Index, Product Portfolio, Pricing Analysis, List of Customers, Competitive Advantage, etc. Company Profiles, SWOT Analysis of Each Player, Recent News & Developments of Each Player, Merger & Acquisitions, etc.
  • Medium and Heavy Duty Vehicle Aftermarket & Components Outlook : Aftermarket Analysis, Components Sales Outlook, Aftermarket Sales Outlook, Engine and Parts Manufacturers, etc, 2019-2035
  • Market Dynamics : Growth Drivers, Challenges, Opportunities, Trends, SWOT Analysis, PESTLE Analysis, Pricing Patterns, Regulations, Investments, Research & Development, 2019-2035
  • Trade Data of Medium and Heavy Duty Vehicle (Export & Import) : By Each Segment, By Countries, (By Value & Volume), 2019-2035
  • Target & Potential Markets, By Major Countries
  • Supply & Demand Analysis, 2019-2035
  • Global Medium and Heavy Duty Vehicle Industry Analysis (Manufacturers, New Products, Investments, OEMs, Aftermarket, Used Electric Trucks Industry, Govt. Regulations & Norms, etc.)

Medium and Heavy Duty Vehicle Market Dynamics

  • The expansion of the industrial and services sector which is considered the major driver for expansion of economic growth. Due to the expansion we need the use of Medium and Heavy duty vehicles who can transport goods to the warehouses.
  • The urbanization  that is taking place all over the economy weather in developing or developed countries. Construction and logistics market are the major demand originators of heavy duty vehicles. With several projects going all over the world like vision of 2020, vision 2030 and railways and roadways are being constructed, the demand for heavy duty vehicles is there.
  • Technological advancements are undergoing everywhere and all economies are progressing very well. Incorporating of technology is the start of economic growth. Electric  vehicles is one such example which the countries have adopted and has become a trend for now. People prefer electric vehicles more than medium and heavy duty commercial vehicles. These vehicles are cheap and are easily available on roads.
  • China has come up with the concept of powertrains which are working very well which is the major alternative transport is the major restraint for the heavy duty vehicles market. This sector will attract continuous attention and investments as these are the profitable sectors. A big jolt will be to the truck market who were flourishing at one point in time.

Geographical Market (Dominate Market/Target Opportunities)

Among Asia-Pacific countries, China has been dominating the heavy-duty commercial vehicle segment. Four out of ten heavy-duty commercial vehicles are sold in China. In 2018, China recorded 1.14 million unit sales of heavy-duty trucks, witnessing a growth of 3%, when compared to that of 2017.Government policies and initiatives are also expected to propel the growth of the market. For instance, the potential demand created by the “One Belt One Road” policy will continue to drive the sales for commercial vehicles in the country. Additionally, with the growing e-commerce sector, the logistics industry has been continually increasing, which in turn is propelling the demand for commercial vehicles.

The technology upgrades required by the State VI emission standards (may increase vehicle manufacturing costs), as a result, there is an anticipation of buying rush, before the implementation of new standards in 2021.A new regulation GB1589 in China is proposed to enhance road safety, which focuses on reducing the capacity of the freight loaded (overloading) on the car carrier trucks. The above regulation is expected to further boost the sales of trucks during the forecast period.

The battery electric and powertrains are to receive great attention in the trade shows and new channels, Natural gas is quiet an alternative for Europe and China and they prefer to use these trains being launched by China. This is done with the concept to reduce the global house emissions. North America and California are the target markets for the Medium and Heavy duty commercial vehicles due to the low ultra NOx regulations which will propel the natural gas adoption in High duty vehicles since the current trucks cannot meet the proposed demand of NOx.

While 2017 was a very good year for NG trucks in China since diesel cost 30% more than NG. Despite the fact that LNG truck cost about 60,000 yuan higher than a diesel truck, truck fleets estimated they could save about 3000 yuan per trip on backhauls and hence make good the extra cost within a year. However towards the end of 2017 government policy forced industrial power generation to switch from coal to NG, resulting in the increase of LNG price by 90% from $5.8 in August 2017 to $11 in January 2018. This resulted in China NG MD-HD truck sales crashing nearly 62% in 2018 to 34,267 units compared to 90,047 units in 2017.

In line with Europe’s commitment to clean transport coupled with the rapidly declining cost to manufacturer lithium-ion batteries, the European electric medium and heavy-duty truck market is set to enter a period of high growth. In 2018, nearly all of the major European OEMs had announced at least one battery electric model and by 2025, Interact Analysis forecast that approximately 40,000 electrified medium and heavy-duty trucks will be delivered annually in Europe.

Mergers and Acquisitions Activities

Optronics International, a manufacturer and supplier of heavy duty LED vehicle lighting got into a definitive agreement with the Texas based USA Harness, a provider of electronic control systems. USA harness serves the global transportation industry with its USA-PLUS Sealed Modular Wiring Harness System and its patented USA-PLUS Modular Connection System. The acquisition makes Optronics the newest of few manufacturers capable of fully serving the light-, medium- and heavy-duty commercial vehicle industry with both lighting and harness technologies. The industry will benefit from increased competition and a broader array of advanced, integrated, modular power delivery and lighting solutions. OEMs have become ever more adamant in encouraging to enter the harness side of the Medium and Heavy Duty Vehicleiness, because the competition in that segment has remained so limited.Optronics is already a respected harness manufacturer on three continents and is the undisputed leader in Australia. Coupled with its diverse international background and experience, the newly-acquired engineering and manufacturing capabilities of USA Harness will position Optronics to hit the ground running in North America, while fully leveraging its synergies as a global lighting and harness supplier. Optronics is committed to its global manufacturing culture, and according to company officials, the acquisition of a U.S.-based harness manufacturing capability gives the company even greater supply chain latitude. With their blended experience, both companies will begin selling integrated modular lighting and harness systems from day one. Targeted manufacturers include those making heavy-duty dry van, reefer, tank, car haul and flatbed trailers, as well as those making light- to medium-duty trailers. Heavy-duty truck and body manufacturers will also be a focus, as will heavy-duty off-highway vehicles, armored couriers and other specialized vocational equipment manufacturers.

Tata Daewoo Commercial Vehicle Company Ltd, who is accompanying a team of Indian journalists on the Medium and Heavy Duty Vehicle, explains the dynamics of the Korean commercial vehicle market – one in which Tata Motors has taken a step through acquisition of Daewoo’s commercial vehicle Medium and Heavy Duty Vehicleiness two years ago. The Korean commercial vehicle market is different from that of India. The emphasis is on powerful engines, as speed is of the essence on Korean roads. In India, speed is not an issue but the carrying capacity of the trucks is. Tata Daewoo operates predominantly in the heavy commercial vehicles (HCV) segment.In January this year, it entered the medium commercial vehicles (MCV) segment, a segment dominated by the Hyundai-Kia Automotive Group.By October, Tata Daewoo had garnered 25 per cent market share in this segment, company officials said. The MCV segment is estimated at 12,000 units a year.The officials also said that in the two years since Tata Motors acquired Daewoo and renamed it Tata Daewoo, the HCV segment has shrunk in size – from 15,000 units in 2003-04 to about 10,000 this year. Besides Tata Daewoo and Hyundai-Kia, there are five European manufacturers operating in this segment

Key Market Players

Some of the major players such as

  • Daimler AG
  • Volvo
  • Paccar
  • Man
  • Drive.ai
  • Embark
  • Frieghtliner
  • Tu Simple, etc.

have captured significant market shares. With the continuous technological advancements and enactment of stringent emission standards, major players have been investing in the latest trends in the automotive industry to sustain their market position.

COVID-19 impact on "Medium and Heavy Duty Vehicle Market"

The report analyses and includes complete detailed chapter of 50-70 pages about the short term & long terms impact of COVID-19 outbreak on each segment of "Medium and Heavy Duty Vehicle Market" along with government measures to support the sector. It also showcases the current market landscape during COVID, impact of the virus on leading companies, expected demand schedule and supply chain in the industry and other various major factors. This will help you identify those companies that may benefit from this pandemic as well as those that will lose out.

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Key questions answered in this research report

  • What is the total market size by 2035 and what would be the expected growth rate of sales?
  • What are the total sales in 2018-19 and what would be the expected demand over the forecast period?
  • What are the recent developments and business strategy of companies?
  • What are the market opportunities for the existing and entry level players?
  • What are the key market trends?
  • What are the factors which are driving this market?
  • What are the major barriers to market growth?
  • Who are the key vendors in this market space?

Reasons to buy this market study

  • Medium and Heavy Duty Vehicle Market Facilitate decision-making based on strong historic and forecast data for
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  • Position yourself to gain the maximum advantage of the Reasons to buy this market study
  • Medium and Heavy Duty Vehicle Market Facilitate decision-making based on strong historic and forecast data for
  • Develop strategies based on the latest regulatory framework
  • Position yourself to gain the maximum advantage of the Medium and Heavy Duty Vehicle Market’s growth potential
  • Identify key partners and business development avenues across the globe
  • Respond to your competitor’s business structure, strategy and prospects’s growth potential

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Medium and Heavy Duty Vehicle Market Outlook 2019-2035 : Growth Opportunities | COVID-19 Impact Analysis

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