Heavy-Duty Trucks Market to Surpass USD 160 Billion by 2024, Swift Emergence of Electrified Vehicles to Characterize the Industry Landscape

February 09, 2018

Setting a rather remarkable precedence for firms partaking in heavy-duty trucks market, Tesla has recently launched ‘Tesla Semi’-- its all-electric semi-truck that boasts of a very aesthetically distinct look from the other commercial freight vehicles currently plying on the road. Apparently, the US-based automotive behemoth has equipped the Class 8 heavy-duty truck with an astonishing towing load capacity of close to 80,000 lbs and a superior charging capacity. Moreover, as per reports, the latest truck has been designed to travel from 0 to 60 mph in just 5-seconds of time span and has a better drag coefficient than a super car- courtesy its amazing aerodynamic structure. What’s even more fascinating is the Tesla Semi’s transmission that requires no gear shifting, given that it comes with a regenerative braking system which provides almost infinite brake life for each truck. Accorded with such disruptive features, the Tesla Semi has undeniably impacted the overall heavy-duty trucks market dynamics with reference to its product spectrum.

While elaborating further, it would be prudent to take note of the fact that the launch of Tesla Semi has aptly demonstrated the prominent space being acquired by class 8 vehicles in the manufacturing strategies of heavy-duty trucks market giants. In fact, as per reliable estimates, class 8 vehicles stand to garner maximum remuneration of the total heavy-duty trucks industry share over 2017-2024, subject to their heavy load carrying capacity. Apparently, class 8 vehicles have traditionally been deployed for high-power applications such as mining and construction given that these beasts have a gross weight vehicle rating of more than 33,000 lbs. Furthermore, almost every acclaimed firm partaking in heavy-duty trucks industry has been investing massively in research and development operations, to unveil newer class 8 vehicles enriched with innovative characteristics, that would consequentially spur the sales chart of the global heavy-duty trucks market.

Speaking of the competitive landscape of heavy-duty trucks industry, almost each truck maker has now publicly announced its intent to vigorously pursue rapid electrification of this business space. Numerous heavy-duty truck manufacturers along the likes of Daimler Trucks, Toyota Motor Corporation, Nikola Motor Co. have been involved in testing the prototypes of electric heavy-duty trucks. A few are either completely electric — such as Tesla — or use a combination of batteries and hydrogen fuel cells, such as the Toyota and Nikola trucks. In addition to the active participation of the aforementioned heavy-duty market giants, the Sweden-headquartered Volvo Group’s Volvo Trucks division has recently made a significant announcement that would propel it further in this the all-electric bandwagon. With a robust presence in this business space coupled with the reputation as the second-largest heavy-duty trucks manufacturer in the world, the North American unit of Volvo Trucks has publicly declared that it would deploy its decade-long experience in producing hybrid electric trucks to manufacture all-electric heavy-duty trucks soon. Reportedly, Volvo is likely to put electric heavy-duty trucks into operation with select customers later this year and commence selling these vehicles in Europe next year. According to industry experts, as the existing technologies being deployed by heavy-duty trucks market players evolve gradually, the mass adoption of electric trucks would witness an unprecedented rise in the forthcoming years.

Concurrently, the global heavy-duty trucks industry has been influenced by high fuel consumption which has been directly proportional to rising air pollution and CO2 emissions. Apparently, a host of heavy-duty trucks market participants have focused on investing heavily in research operations in order to maintain the ecological balance and enhance the overall energy efficiency of these trucks. Needless to mention, environmental indexes and rapid uptake of advanced technologies are some of the few rationalities that highlight the commercialization potential of heavy-duty trucks market, which is estimated to garner a revenue collection in excess of USD 160 billion by 2024.