Global sales of heavy trucks are expected to grow at a compound annual growth rate (CAGR) of 4.87% during the period between 2011 and 2015, according to a new report.
TechNavio's Global Heavy Truck Market 2011-2015 report revealed that the main factor which will drive the market includes increasing growth of the Global Transportation market which has been witnessing a rise in demand from the BRIC countries due to steady economic growth.
TechNavio's Automotive team analyst said the increasing demand for low-cost trucks that can be priced 20% lower than similar trucks has led the various truck manufacturers to introduce low-cost truck models.
"The global volume of production in the Low-cost Truck market is expected to grow enormously by 2015," analyst said.
"With the rising demand for low-cost trucks from customers, truck manufacturers have introduced 28 new low-cost truck models and platforms in the forecast period, which will further enhance the Global Heavy truck market."
Chief vendors ruling the heavy truck market include China First Automobile Works Group, Dongfeng Motor, China National Heavy Duty Truck Group, and Daimler AG.
