Global Heavy Truck & Bus Industry
As part of the global automotive manufacturing industry, medium and heavy trucks represented a $180 billion industry in 2010. MarketLine forecasts strong growth in this sector, bringing the industry to almost $293 billion in 2015. Trucks produced by this industry involve trucks used by freight companies. Companies operating in this sector assemble buses, trucks, and special purpose heavy-duty motor vehicles for use on highways including firefighting trucks. They also manufacture truck and bus chassis.
The global trucking sector lies at the intersection of various industries involved in the production, transportation and distribution of goods. Players operating in the trucking industry have diversified their services, making the transition from goods transportation from source to end-point.
TechNavio predicts the global heavy truck market will witness 5% yearly growth between 2011 and 2015. Market growth will be fuelled by expansion in the global transportation market. Heavy truck demand from BRIC nations continues to grow on the back of strong economic growth in these regions. Cost of ownership represents one significant obstacle to market growth. Leading vendors currently operating in the global heavy truck market include Daimler, Dongfeng, China National Heavy Duty Truck Group, and China First Automobile Works.
Market & Truck Trends
Customer service is a key factor, providing trucking companies with an effective way of setting themselves apart from the competition.
Truck enterprises are also focusing on economic efficiencies to hold onto market share. Industry players seek to operate in harmony with other modes of transport to satisfy delivery demands, reports Global Industry Analysts.
Regional Market Share
In the Asia-Pacific region, the medium and heavy truck industry generated $95 billion in 2010, having recorded yearly 9% growth for the four preceding years, reports MarketLine. In terms of market consumption volumes, the industry benefited from 8% yearly growth over the same period to exceed 2.1 million units. Market growth is expected to accelerate to a yearly rate of almost 12% between 2010 and 2015, bringing the market to almost $166 billion.
The US medium and heavy truck sector was worth almost $22 billion in 2010, reports MarketLine. The sector’s yearly change rate was around -15% between 2006 and 2010. There was an annual decline in market consumption volume of 14% over the same four-year period, reaching just more than 392,000 units in 2010. Market expansion is expected to reach almost 1% a year for the five-year period ending 2015. The US medium and heavy truck industry is expected to generate almost $23 billion in 2015.
The medium and heavy truck sector in the UK represented a $2.8 billion industry in 2010. MarketLine estimates the industry recorded yearly change in the region of 10% between 2006 and 2010. The industry witnessed a yearly decrease rate of market consumption volumes of around -11% over the same four-year period, reaching 60,000 units in 2010. Market growth is forecast to accelerate at a yearly rate in excess of 6% between 2010 and 2015. The UK medium and heavy truck market has a forecast worth of more than $3.8 billion in 2015.