According to the recent 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 Market Study Report LLC, global heavy duty commercial vehicle market garnered a valuation of USD 337.56 billion in 2020 and is expected to showcase robust growth over 2021-2026.
 

As per the report findings, strict regulatory standards for environmental conservation, favorable government policies on energy saving, positive prognosis of the automobile and electronic sectors, and continual industrialization across developed and emerging economies are promoting global heavy duty commercial vehicle market growth.
 

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Furthermore, escalating demand for consumer goods, and government and private sector investment in small and medium-scale enterprises are expected to significantly add to the industry progression in the future.
 

The market is also predicted to observe considerable growth post the COVID-19 crisis, owing to a minor spike in demand for large trucks in August 2020, with various major manufacturers starting production of trucks and electric vehicles.
 

With respect to tonnage gamut, worldwide heavy duty commercial vehicle industry share from 7.5-16 segment is projected to witness noteworthy hike over the next five years, creditable to mounting demand for trucks in construction, and rapid industrialization necessitating the use of heavy trucks for several manufacturing processes.
 

Speaking of propulsion type, IC engine vehicle segment is projected to gain traction over 2021-2026, attributable to the wide usage of ICEs in mobile applications. They are the primary power source for vehicles like boats, aircrafts, cars, and trucks.
 

Elaborating on geographical ambit, Americas, Asia Pacific, and Europe are the leading contributors to the overall market remuneration. Experts claim that Asia Pacific is slated to emerge as a lucrative avenue over the forecast period as manufacturers are increasingly investing in Asian economies such as India and China because of low production costs and rapid industrialization.
 

The company profile section hosted in the global heavy duty commercial vehicle market report covers several renowned players, namely, Asia Motor Works (AMW) Ltd., Mitsubishi Motors Corporation, Navistar International Corporation, Tata Motors Ltd., Scania AB, Volvo Group, PACCAR Inc., General Motors Company (GM), Daimler AG, and Nikola Corporation.