Heavy trucks market suffered downturns during economic recession in the U.S. and Europe wherein their industrial processes, especially automobile manufacturing suffered severe setbacks. However, the U.S. has emerged out of its recessionary period and making swift advancements in its industries. Europe, on the other hand is recovering from Euro-zone crisis and its heavy trucks market is expected to recover in 2015. Heavy trucks with diesel engines account for the largest market among their types based on fuel consumption.
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The increase in raw material prices is one of the biggest hurdles for truck industry wherein the soaring iron and steel prices are compelling the truck manufacturers to increase prices of their final product. The economically volatile environment and unstable crude oil prices are restraining fleet owners (the consumers for truck industry) to purchase new trucks. Poor road infrastructure in the developing countries has been a prevailing challenge for the trucks manufacturing market which is making the trucking activities strenuous and prone to frequent breakdowns. The global heavy truck manufacturers have been increasing the number of their service stations in order to build customer relationships which are to a great degree dependent on servicing facilities provided by the companies.
Germany is known to be the logistics hub of Europe due to its high level of industrial and commercial activities. Commerce and trade are developing at a fast pace in Brazil and the Middle East countries. The increasing number of vendors for the components of truck is providing ample growth opportunities for the truck manufacturing market. The fast pace of industrial development in China is boosting the production and sales of heavy trucks market in the country. Indian heavy truck market is also growing at a fast pace due to increasing demand for consumer goods on account of rising population. The next eleven countries (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam) are expected to lay strongest growth opportunity for the heavy trucks market due to their increasing rate of industrialization.
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Among the regions, Asia Pacific accounted for the largest share in the global heavy trucks market, followed by Europe. Some of the major players in truck manufacturing market include Doengfeng, Daimler Trucks, FAW, China National Heavy Duty Truck Corporation (CNHTC), TATA Motors, Volvo Global Trucks, Torch, Beijing Automotive Industry Corporation (BAIC) and MAN. Daimler, Navistar and Paccar were the leading players in heavy trucks market in North America, whereas Daimler, Volvo and MAN dominated the sales in Western Europe. The heavy trucks market in Asia Pacific was led by Doengfeng, FAW, CNHTC and TATA motors. China became the world’s largest consumer of heavy trucks in 2010, leaving behind Germany at second place.
Key geographies evaluated in this report are:
- North America
- France, Germany, Italy, Spain, and the UK
- Eastern Europe
- Latin America
Key features of this report
- Drivers, restraints, and challenges shaping the Heavy Trucks market dynamics
- Latest innovations and key events in the industry
- Analysis of business strategies of the top players
- Heavy Trucks market estimates and forecasts(2015 -2021)
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