According to a research report titled ‘Global Heavy Duty Commercial Vehicle Market (Value, Volume): Analysis By Tonnage (3.5-7.5, 7.5-16, Above 16), Propulsion. Fuel Type, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global heavy-duty commercial vehicle market was valued at USD 337.56 billion in 2020 and is projected to garner lucrative returns during the forecast period 2021-2026.
 

As per the research findings, recent technological developments in the automotive industry, increasing demand for consumer goods, and booming population are the primary factors boosting worldwide heavy-duty commercial vehicle industry growth.
 

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Furthermore, government policies favoring energy conservation, stringent environment protection standards, and rising consumer awareness regarding product quality are also spurring market growth. The rise in public and private sector investments in small and medium size enterprises is also expected to augment market size.
 

Additionally, the market is projected to undergo a remunerative period post the Covid-19 pandemic, as the demand for the heavy trucks has been witnessing an uptick since August 2020, and several leading manufacturers have recommenced production of trucks and electric vehicles.
 

Based on tonnage, global heavy-duty commercial vehicle market is arrayed into 3.5-7.5, 7.5-16, and above 16 tonnage categories. Among these, 7.5-16 tonnage vehicle segment growth is anticipated to bolster significantly over the analysis timeframe owing to increasing demand for trucks in the construction industry.
 

Moving on to propulsion segmentation, the industry is split into internal combustion engine (ICEs) vehicles and electric vehicles. Among these, ICE’s are majorly utilized in mobile applications and are the prominent power supply for vehicles such as aircraft, cars, trucks, and boats.
 

Considering the regional outlook, Asia Pacific heavy-duty commercial vehicle industry is estimated to sustain a remarkable growth trend during the forecast period. This can be ascribed to low production costs in Asian countries, rising industrialization, and increased investments by manufacturers in developing economies such as India and China. Furthermore, the positive prognosis of automobile and electronic industries, will further expand the regional market size.
 

Key contenders in global heavy-duty commercial vehicle market sphere are Nikola Corp., General Motor Company, Daimler A.G, Volvo Group, Tata Motors Ltd., Asia Motor Works Ltd., PACCAR Inc., Scania A.B, Mitsubishi Motors Corp., and Navistar International Corp.