The Global Heavy Duty CV Market was valued at USD 337.56 Billion in the year 2020. The global Heavy Duty CV market is observing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality. The continuous rise in demand of heavy trucks in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.
The demand for 7.5-16 tonnage vehicle is expected to be driven by the increasing demand for truck in construction and growing industrialization requiring heavy trucks for various manufacturing processes. Also, ICEs are usually powered by energy-dense fuels such as gasoline or diesel fuel, liquids derived from fossil fuels. While there are many stationary applications, most ICEs are used in mobile applications and are the dominant power supply for vehicles such as trucks, cars, aircraft and boats.
Owing to low production cost in Asian countries backed with rising industrialization, manufacturers are investing in economies such as India and China which is propelling the market growth. Positive outlook towards automobile and electronic sector coupled with rapid industrialization across developed and emerging economies will drive the Heavy-Duty CV market size. Additionally, expectation of rise in consumer demand and investment by public and private sector in small and medium scale industries will anticipated to drive the market of global Heavy-Duty CV in future.
The market is also expected to register huge growth in demand post Covid-19 pandemic situation attributable to the demand for the heavy trucks slightly increased in August 2020, as several leading manufacturers started production of trucks and electric vehicles. Growth in the automotive industry due to technological advancements, rise in population, and increase in consumer goods demand are major factors expected to drive the Heavy-Duty CV market during the forecast period.
Scope of the Report
� The report analyses the Heavy-Duty CV Market by Tonnage (3.5-7.5 Tonnage, 7.5-16 Tonnage, Above 16 Tonnage).
� The report analyses the Heavy-Duty CV Market by Fuel Type (Gasoline, Diesel, Alternative Fuel Type).
� The report analyses the Heavy-Duty CV Market by Propulsion (IC Engine Vehicle, Electric Vehicle).
� The Heavy-Duty CV Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Germany, France, Italy, China, India, Japan, South Korea).
� Also, the attractiveness of the market has been presented by region, tonnage, fuel type, propulsion. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
� The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Nikola Corporation, Daimler AG, General Motors, PACCAR Inc., Volvo Group, Scania, TATA Motors Ltd., Navistar, Mitsubishi Motors, AMW.
� The report presents the analysis of Heavy-Duty CV market for the historical period of 2016-2020 and the forecast period of 2021-2026.
Key Target Audience
� Heavy Duty CV Manufacturers
� Consulting and Advisory Firms
� Government and Policy Makers
� Regulatory Authorities
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