North America Truck Market to be Led by Diesel Engines through 2028
Increasing
logistics industry, infrastructural development, construction activities,
technological advancements, and government initiatives for emission regulations
are driving the North America truck market during the forecast period.
According to TechSci
Research report, “North America
Truck Market – By Region, Competition, Forecast and Opportunities, 2028F,”
the North America truck market is expected to surge substantially during the forecast
period due to an increase in replacements of trucks which is induced by the
ageing of commercial vehicles in North America, infrastructural development in
the triad countries, and growth in construction and logistics activities. The
market's growth is also stimulated by an increasing number of government
initiatives as well which are imposing restrictions on emissions, thus,
increasing the demand for newer trucks in the countries.
Trucking is the primary form
of transportation for a variety of industries in North America, from retail to
manufacturing, agriculture to construction and energy. It is responsible for
the transportation of a significant portion of the goods in the region. The
trucking industry provides a range of goods, from raw materials to components
and finished products, to suppliers, manufacturers, and consumers throughout
the US, Canada, and Mexico. Trucking is a key component of the North American
economy, as it facilitates international trade across borders. The North
American Free Trade Agreement (NAFTA) and its successor U.S.-Mexican Agreement
(U.S.-Canada Agreement) rely heavily on trucking for the efficient
transportation of goods.
The trucks are also
classified into three categories as light, medium, and heavy commercial trucks.
These three classifications are done based on the gross vehicle weights of
vehicles. The light duty commercial trucks generally fall under the class 1,
class 2, and class 3 categories. Examples of light commercial vehicles include
vans, pickup trucks, SUVs, etc. which are used for small business operations. Medium
duty commercial trucks fall under the category from class 4 to class 6. These
vehicles are generally used in construction and small-scale operations like
deliveries. Heavy duty trucks come under class 7 & class 8 categories.
These types of trucks include trailers, dumper trucks, etc.
In terms fuel type, the
truck market is divided into diesel, CNG, and others. Trucks and other bulky
vehicles are mostly operated with diesel fuel as compared to any other fuel
type. This is because the primary requirement of these kinds of vehicles is torque
and horsepower and that too at low rpm most of the time. So, these requirements
are only fulfilled by the diesel engines as of now. This is because diesel
engines have higher compression ratio and high thermal efficiency which
produces more torque and power. After diesels, CNG is the most common type of
fuel that is used in the industry because of various benefits associated with
it. Also, CNG costs less than diesel and petrol, therefore operating costs of
vehicles using CNG are also low. Moreover, the CNG is free of Sulphur, lead and
benzene, the level of harmful emissions is relatively low. Also, the amount of
carbon monoxide released into the atmosphere is significantly reduced by
vehicles running on CNG. CNG also does not contain traces of heavy metals and
particulate matter that affect your engine performance. The other type of
trucks apart from diesel and CNG includes electric, hybrid, fuel-cell, etc. Trucks based on these types of fuel are
currently in the developing stage and therefore, do not have a significant
market share. But they are getting popular quickly. In the U.S., the EPA
(Environmental Protection Agency) and NHTSA (National Highway Traffic Safety
Administration) proposed the implementation of the SAFE (Safety, Accessible,
Fuel-Efficient) Vehicles rule to take effect between 2021 and 2026. The SAFE rule
may establish corporate average fuel economy (CAME) standards and greenhouse
gas (GHG) emissions for passenger cars and commercial vehicles. The Zero
Emission Vehicle (ZEV) Program requires OEMs (Original Equipment Manufacturers)
to sell a certain number of clean (e.g., electric, hybrid, fuel cell-powered)
commercial and passenger vehicles. The goal of the ZEV plan is to have 12
million zero emissions vehicles (ZEVs) on the roads by 2030 in the U.S.
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Data Figures spread through xx Pages and an in-depth TOC on "North America Truck Market."
The North America truck
market is analyzed based on class type, fuel type, application type, and by country.
Based on the class type, the market is segmented into class 1, class 2, class
3, class 4, class 5, class 6, class 7, class 8, class 9, and class 10. Based on
fuel type, the market is segmented into diesel, CNG, and others (like, methanol
blended fuels, electric, hydrogen, etc.). Based on the application type, the
market is divided into logistics, construction, mining, and others (like
e-commerce, FMCG, etc.). Based on countries, the market is segmented into Canada,
United States, and Mexico.
Key market players in the
North America truck market include:
- Daimler Truck North America
LLC
- PACCAR Inc.
- Volvo Trucks North America
Inc.
- ISUZU Commercial Truck of
America Inc.
- Ford Motor Company
- Mack Trucks Inc.
- Navistar International
Corporation
- General Motors
- Hino Motors Ltd
- FCA US LLC
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“The increase in economic
development since the pandemic is attracting huge developments in the
infrastructure, road networks, construction activities, logistics, and other
heavy industries which is resulting in the growing demand of trucks in North
America. Further, strict emission regulations are leading the demand for newer trucks,
and it is also prompting the technological advancements in the industry such as
digitalization, electrification, etc. Thus, taking all the aforesaid reasons
into consideration, it can be said that the truck market is going to increase
during the forecast period” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
Contact
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