ResearchAndMarkets added a new report, “North America’s Class 6-8 Truck Market – Top 4 Truck Manufacturers – Annual Strategy Dossier – 2024 – Daimler (DTNA), Volvo (VTNA), PACCAR, Navistar (Traton),” to its offering.
The report provides insights and strategic analysis into the overarching strategy focus, as well as key strategies and plans for North America’s top Class 6-8 truck manufacturers. The report provides a detailed analysis on key industry OEMs, including key product portfolios and key truck platforms across market segments, financial analysis and SWOT framework analysis.
Trucking is headed for a soft landing and is poised to cool down over near term across traditional markets with projected softening of demand, after registering strong growth for 2022 and 2023, with order intake for new trucks declining owing to softening of freight rates as well as volumes across traditional markets while the industry OEMs focus upon and hustle to deliver previously ordered trucks to customers and fleet operators amid continued supply chain disturbances in a difficult, complex and uncertain global macroeconomic environment.
Trucking is poised to maintain status quo over near term across North America, in terms of order intake for the Class 6-8 segment, even after registering strong growth for 2022 and 2023, with order intake for new Class 8 trucks remaining steady while the vocational and medium truck segments remain strong. New truck registrations in North America continued to grow with 300,000 Class 8 trucks registered across North America for 2023 with replacement demand and infrastructure spending being key drivers.
However, the forecast for 2024 indicates a status-quo to a marginal decrease for Class 8 truck deliveries while fleet utilization remains at usual levels providing steady aftermarket revenues growth potential for the OEMs. Further, the global economy is projected to be heading towards a slowdown following continued monetary policy tightening by central banks globally over the recent years to check inflation, thereby creating a tight credit environment amid sustained geopolitical instability and conflicts with ongoing Israeli military operations in Gaza causing tensions and keeping the entire Middle East region as well as the entire world on the edge, amid the ongoing Russia-Ukraine war, which continues unabated and enters its third year in 2024
The trucking industry, however, continues to make active and steady progress towards energy transition geared towards sustainability for the long term with focus on electrification and hydrogenization of transportation. Further, ongoing integration of Connectivity-based services, Autonomous and Electrification technologies continues with steady progress being made towards ramping up production and roll out of electric and autonomous trucks across industry OEMs.
Further, stricter emission standards proposed by the EPA, under its heavy-duty truck and engine standards, which are likely to come into effect from 2027 onwards under the agency’s two-tiered approach and plans for the implementation of GHG 3 emissions by 2030, under the larger Clean Trucks Plan, are likely to further accelerate the transition towards zero-emission vehicles and technologies across the United States going forward.
The report also provides the likely market scenario for trucking in North America over near to medium term with an analysis of key market and technological trends, issues and challenges, market developments and potential growth opportunities which could be leveraged by the industry value chain. The report concludes by analyzing market evolution and projecting demand outlook for the North American Class 6-8 Truck Market for the near to medium term horizon.
For more information about this report visit https://www.researchandmarkets.com/r/ovhvak.
