The worldwide truck manufacturing market is growing mainly because of the increasing population and growing industrialization that is directing towards the expansion of logistics. The requirement for shipping has surged due to the expansion of the e-commerce industry that consecutively is driving the worldwide market. The old modeled trucks are also directed to be dumped owing to the latest emission regulations that are generating demand for new trucks.
However, unsteady prices of crude oils are upsetting the worldwide market of truck manufacturing as well as the profitability of the manufacturers. With the poor infrastructure of roads in developing economies, the truck manufacturers are witnessing a huge challenge as these factors are hampering the truck performance an exhausting and have a tendency for numerous breakdowns. To curb this issue, the worldwide truck manufacturers are growing their service stations to facilitate their customer. Moreover, the growing raw materials prices of steel and iron are directing towards the rise in the cost of trucks.
Market segmentation: Trucks are generally categorized based on their Gross Vehicle Mass. The truck manufacturing market is broadly segmented in five main categories which includes: Heavy rigid commercial trucks, Medium rigid commercial trucks, Light rigid commercial trucks, Multi combination commercial trucks., Heavy combination commercial trucks; Key Geographies: The overall truck manufacturing market is studied across the four key geographies- Europe: CIS, France, Germany, Italy, Spain, and the UK, Eastern Europe; North America= Canada; Latin America- Brazil, Argentina, Others; APAC- India, China, Australia, Japan, Others
The truck manufacturing market lost its grip in the European market owing to the Euro-zone crisis, but now with an improved economy, the market will be witnessing growth. In the European market, Germany is identified as the logistics hub as a result of its advanced commercial and industrial activities. The MEA and Brazilian market are also likely to witness a steady growth rate due to growing commerce and trade in these countries as well as growing vendors for the machinery of the truck. Among other geographies, The APAC market is estimated as the biggest overall market. The North American market is considered as the second biggest market, followed by Europe. Both Europe and North America were incessantly losing their overall market shares, due to the emergent markets APAC and the Middle East.
Market Players: The prominent players in the overall truck manufacturing market include: Volvo Trucks, Daimler Trucks, MAN, Isuzu, Scania, Iveco, Paccar
The majority of the prominent players in the overall market are working together with their ancillaries. Daimler Trucks operates with its ancillaries Freightliner, Mercedes Benz, Mitsubishi Fuso and Western Star. Volvo truck works together with ancillaries which includes Renault Trucks, Volvo, UD Trucks and Mack. Paccar operates along with its ancillaries Peterbilt, DAF Trucks and Kenworth.
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