This remarkable growth is anticipated due to rising demand in utility services and significant advancements in natural gas-powered truck technologies. The rising efficient launches from leading companies in the market lead to growth.
For instance, in August 2024, Daimler India Commercial Vehicles (DICV) launched BharatBenz heavy-duty rigid trucks in two configurations, offering enhanced performance with 250HP and 950Nm of torque, as well as 306HP and 1200Nm of torque for commercial applications. The market is expected to be driven by innovations in fuel technology, alongside substantial increases in infrastructure investments, which will collectively propel marketexpansion.
The commercial truck marketfrom the utility services segment will be a major catalyst for growth in the commercial truck. Trucks used for maintenance and repair operations in sectors such as telecommunications, energy, and public works are becoming increasingly indispensable. These vehicles are essential due to their ability to handle specialized equipment and materials with efficiency. As cities continue to expand and infrastructure projects escalate, the demand for robust, versatile trucks tailored for utility services could surge, driving significant market growth.
The natural gas segment will witness substantial growth by 2032, driven by the rising adoption of natural gas as a cleaner alternative to traditional diesel fuels. Natural gas trucks are valued for their reduced emissions and lower operational costs. Innovations in natural gas engine technology, coupled with supportive government policies and incentives, are enhancing the appeal of these vehicles. As industries and fleet operators seek more sustainable and cost-effective transportation solutions, natural gas-powered trucks are becoming increasingly popular, fueling notable market expansion.
Europe will experience substantial growth in the commercial truck market, supported by the region’s strong emphasis on sustainability and infrastructure development. Major countries such as Germany, France, and the UK are leading in market demand due to their advanced transportation networks and stringent emissions regulations. Europe's commitment to reducing carbon footprints through green technologies and investing heavily in infrastructure projects underscores its pivotal role in the commercial truck industry. The region's focus on adopting alternative fuels and advancing transportation infrastructure further accelerates market growth.
Leading players in the market include Ford, Navistar, MAN, Scania AB, Mack Trucks, Daimler, Volvo Trucks, Freightliner, Isuzu Motors, Kenworth, and Peterbilt.
The commercial truck market is expanding due to significant company efforts and innovations. Leading firms like Ford and Volvo Trucks are driving demand with advancements in fuel efficiency and alternative powertrains. Their investments in electric and natural gas-powered trucks address environmental concerns and regulatory pressures. These efforts are reshaping the market, thus meeting evolving customer needs and promoting sustainability.
In August 2024, Mullen Automotive, Inc., an electric vehicle (EV) manufacturer, announced a purchase contract with Volt Mobility, based in the United Arab Emirates (UAE). Under the agreement, Volt will acquire approximately $210 million worth of 3,000 Class 3 and Class 1 EV cargo vans and trucks over 16 months.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Commercial truck market ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component suppliers
3.2.3 Manufacturers
3.2.4 Service providers
3.2.5 Distribution channel
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing emphasis on fleet management, optimization, and telematics solutions
3.8.1.2 Increasing vertical integration and supply chain optimization efforts across industries
3.8.1.3 The rise of urban farming, hydroponics, and vertical agriculture initiatives
3.8.1.4 The growing demand for temperature-sensitive goods
3.8.1.5 Rapid advancements in autonomous driving technologies
3.8.2 Industry pitfalls & challenges
3.8.2.1 Risk of supply chain disruptions and component shortages
3.8.2.2 Labor shortages and driver recruitment challenges
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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