Global Trucks Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Evolving regulations and technological advancements shape the competitive landscape of the Global Trucks Market.

• The need for trucks has greatly expanded due to e-commerce's explosive growth. There is a demand for effective last-mile delivery services that heavily rely on trucks due to the increase in online purchasing. The growth of delivery services and logistical networks fuels the need for trucks.
• The increase in GDP and industrial production, among other economic factors, significantly influence the demand for trucks. Trucks are more in demand to transport goods and assist various businesses when economies prosper due to increased demand for goods and services.
• The expansion and development of infrastructure projects, such as road construction, bridge maintenance, and urbanization, drive the need for trucks. These projects necessitate the delivery of heavy machinery, building supplies, and other supplies, fueling the truck market.
• Government incentives and policies may have an impact on the truck industry. Investments in infrastructure and transportation, as well as subsidies, tax credits, and grants offered to purchase clean and efficient trucks, can boost demand and assist the expansion of the truck market.
• Electric and hybrid vehicles have a chance because of the rising demand for green and sustainable transportation options. Electric trucks are becoming more practical due to developments in battery technology and charging infrastructure. Manufacturers and businesses investing in hybrid and electric truck technology can exploit this growing market niche.
• Technological advancements significantly impact the truck market. The advent of advanced safety features, telematics, connection, and autonomous driving technology is fueling the need for trucks with improved capacities, efficiency, and safety.
• The development and implementation of autonomous trucks offer the trucking sector the chance to raise productivity, lower labor costs, and improve safety. The development of autonomous trucks by truck manufacturers and companies interested in autonomous driving technology has the potential to change the market.
• Buying and maintaining trucks, particularly heavy-duty and specialized trucks, can be expensive. The high upfront price of vehicle acquisition and continuing maintenance and fuel costs may severely restrict potential customers.
• The rising operational expenses of trucks challenge trucking companies. Elements including fuel prices, maintenance costs, insurance premiums, and regulatory compliance influence the financial burden. Increasing operating costs can affect profit margins and make it difficult for businesses to compete.

Market Segmentations

• The Global Trucks Market is segmented based on Truck Type, Fuel Type, Applications, and Geography.
• By Truck Type, the market is classified into Light, Medium, and Heavy Trucks.
• Light Trucks hold a larger market share. For commuting, small-scale deliveries and utility services are just a few examples of the personal and light commercial uses for light trucks, including pickup trucks, SUVs, and vans. Due to their adaptability, simplicity of use, and affordability, they are well-liked by individual consumers, small enterprises, and trade professionals.
• By Fuel Type, the market is classified into Diesel, Gasoline, and Electric/Hybrid.
• Diesel fuel holds a significant market share, especially for heavy-duty trucks. Diesel engines are ideal for applications that call for significant weight-carrying capacity and long-distance transportation since they have benefits, including high torque, fuel efficiency, and long-haul capabilities.
• By Applications, the market is classified into Logistics and Distribution, Construction, Mining and Off-Road, Agriculture, Utilities and Services, and Defense and Government.
• The logistics and distribution sector holds a larger market share. Trucks for distributing and transporting commodities are essential in the supply chain since they may deliver various goods between industries.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• America holds a larger market share as it has a highly developed trucking business that handles a sizable amount of freight transportation. The substantial usage of trucks for freight transportation results from the size, extensive highway networks, and high levels of cross-border trade of these nations.

Recent Development

• Tata Motors launched CNG-powered M&HCV trucks with ADAS, series of I&LCV - September 2022
• Volvo Trucks is expanding its offering by introducing rigid versions of its heavy electric trucks: the Volvo FH, Volvo FM, and Volvo FMX. Production of the new variants starts in the first quarter of 2023.- December 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Trucks Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Trucks Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Trucks Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market