According to the research report titled ‘Global Heavy Duty Commercial Vehicle Market (Value, Volume): Analysis By Tonnage (3.5-7.5, 7.5-16, Above 16), Propulsion (IC Engine Vehicle, EV). Fuel Type, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global heavy duty commercial vehicle market was worth USD 337.56 billion in 2020.
 

The expansion of global heavy duty commercial vehicle market is attributed to a positive outlook for the automobile sector, as well as rising industrialization across developed and emerging economies. Furthermore, rising consumer demand for trucks, and governmental and private sector investment in small and medium-scale enterprises are expected to drive the industry trends in the forthcoming years.
 

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Strict regulatory standards for environment preservation, favorable government policies on energy conservation, rising consumer awareness about product quality, along with reduced maintenance costs are further propelling the market share.
 

Moreover, technological developments in automotive vertical, population growth, and increased consumer goods demand are poised to augment heavy duty CV market during 2021-2026.
 

The worldwide heavy duty commercial vehicle industry is expected to record a boom post the COVID-19 outbreak, owing to soaring demand for heavy trucks from various manufacturers.
 

In terms of fuel type, the industry is branched into diesel, gasoline, and alternative fuel type. Based on propulsion, the marketplace is divided into electric vehicle and IC engine vehicle.
 

On the basis of tonnage, the demand for 7.5-16 tonnage vehicle is poised to grow significantly, owing to increasing usage of trucks in construction sector, and swift industrialization.
 

Considering the regional landscape, Asia Pacific held significant market share in the recent past, on account of rising demand for heavy trucks, and is anticipated to grow further in the coming years due to rapid industrialization that is encouraging manufacturers to invest in China and India.
 

The key players in global heavy duty commercial vehicle market are Asia Motor Works Ltd., Mitsubishi Motors Corporation, Navistar International Corporation, Tata Motors Limited, Scania AB, Volvo Group, PACCAR Inc., General Motors Company, Daimler AG, and Nikola Corporation.