Incorporation of innovative engine as well as latest software in heavy haulage trucks to provide affordable, overload protection, better vehicle utilization, and to increase the driver comfort will possibly create lucrative opportunities for manufacturers operating in heavy haulage trucks market. Although the Heavy Haulage Trucks Market is expected to witness steady growth in the coming years, challenges associated with negative impact on road surface and environment may hamper its growth. Higher maintenance costs and greater fuel consumption is likely to be restraining factors of heavy haulage trucks market. Further, truck instability and compromised acceleration capabilities may confine the growth of heavy haulage trucks market.
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Heavy haulage trucks are mainly used for transportation of freight cargo ranging from seed and grain to gravel and earthworks supplies. Present-day heavy haulage trucks offer safer, reliable, and efficient transportation of goods and are equipped with satellite tracking technology that can monitor location, speed, driving hours and other important information. Rapid growth in infrastructural development activities across the globe is one of the key factors driving the demand for heavy haulage trucks. With increasing demand for feed and fertilizers on the coattails of growing population and consumption of food, heavy haulage trucks are gaining rising adoption in agricultural sector.
The construction industry is expected to witness significant growth, owing to increasing commercial, residential, and industrial construction activities, coupled with growth in the economy and public-private partnerships. Emerging economies in the Asia Pacific region, such as China, Australia, New Zealand, and India have reflected noteworthy growth in the construction sector with increasing infrastructure projects. Governments have supported this growth by pouring investments for the development of infrastructure of the respective nations, which reflects their industrial growth. To name a few, CRL – cross rail development (UK), SGP – Grand Paris Express Metro Rail – Ile-de-France (France), LTF – Lyon-Turin High Speed Rail (France), DoIT – Brisbane to Melbourne High Speed Railway Link - New South Wales (Australia), Xinjiang-Kyrgyzstan-Uzbekistan-Turkmenistan-Iran-Turkey Railway Link – China, NHAI – National Highway Development Program – India, SNWTPC – South-North Water Diversion Program – China, and Chevron/XOM/RDSA – Gorgon Gas Field Development – Australia are the major projects that have been initiated.
Moreover, the expansion of existing airports, construction of commercial complexes, increasing highway constructions, and construction or extension of roads has attracted international players to invest in these markets. This is expected to spur the demand for heavy haulage trucks in the years to follow.
The production of commercial vehicles across the globe is expected to witness steady growth, especially across developed countries. However, emerging economies have portrayed an increase in the number of heavy commercial vehicles, owing to the growing demand from various end-use industries. For example, according to OICA, commercial vehicle production in China was 3,698,050 units in 2016, which increased to 4,208,747 units in 2017. Likewise, in India, 2017 witnessed an increase in commercial vehicles by 18,986 units (in 2016 it was 811,360 units). In addition, according to ACEA (European Automobile Manufacturers Association), the demand for heavy trucks, especially for vehicles of 16 tons capacity and above, grew by 2.2% in November 2017. Of the five major European countries, the French market witnessed a high double digit growth in heavy trucks (around 30% increase in demand) with their growing registrations that reflected a 5.3% increase. In Italy, the highest number of heavy truck registrations were observed in 2017 that grew by 8.7%, followed by Spain which reflected a 7.8% increase in registrations. The sinusoidal growth in production and sale of heavy trucks across regions is expected to have potential impact on the demand for heavy haulage trucks, with the scenario being uncertain in most regions.
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Emerging economies such as India have been tapped by international players with respect to both, passenger and commercial vehicles. The country provides a favorable business environment that has influenced the sales of heavy commercial vehicles, such as heavy haulage trucks. After a tough first quarter 2018 that reflected a 'down' in the heavy truck sector (-32%), OEMs are now decisively planning to progress towards a better future for HCVs in India. Increased spending on infrastructure projects coupled with higher freight load, especially during the festive seasons in the country, has ensured higher sales of heavy haulage trucks. This has attracted international players to invest in the heavy commercial vehicle segment in the country, to expand their current portfolio by establishing a new product line, which is expected to offer a significant push to the growth of the heavy haulage trucks market.
For instance, South Korean automotive player, Hyundai, is planning to enter the heavy commercial vehicle space in the country. The Korean automaker has taken initiatives to set up its own manufacturing plant in India to support its planned heavy commercial business. Since 2016, Hyundai has considered India as a top priority business location for commercial vehicles, and has initiated the production of heavy commercial vehicles, such as heavy haulage trucks, for both, the export and domestic markets. The automaker is looking forward to introduce a range of premium heavy commercial trucks and buses, but is likely to face tough competition from existing players such as Tata Motors, Ashok Leyland, and Mahindra.
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