The global truck industry plays a critical part in shaping up the world’s economy through transport efficiency. Major factors driving the global truck market are international trade, industrialization and emergence of e-commerce industry. The truck market is broadly segmented into light, medium, heavy, heavy combination and multi combination trucks.
Light trucks, also known as light-duty trucks, have the payload capacity of 8,500 pounds and less. These trucks are used to move materials from one place to another, to transport people from one destination to another and for off-street or off-highway operations. Light trucks include various products such as pick- ups, vans and others.
The light trucks market is segmented into Light Commercial Vehicles (LCVs), light buses and coaches. LCV segment dominates the light truck market, followed by light buses and coaches. LCVs are further segmented by fuel type and applications. On the basis of fuel type, LCVs are categorised into gasoline and diesel; however, LCV segments on the basis of applications include bus, truck, crossovers and vans.
Medium trucks, which are larger than light trucks, have two axles and payload capacity of 200,000 pounds. The medium trucks market holds the largest share of the overall truck sales.
The medium truck market is experiencing a revolution in terms of technology, with focus on fuel efficiency and alternative fuels has increased. Continuous improvements in engines, aerodynamics, tires and transmissions are enabling the conventional vehicles to be more efficient and clean. Medium and heavy trucks market is witnessing growing adoption of electronically controlled transmissions, such as automatic transmissions (ATs) and automated manual transmissions (AMTs), due to growing shortage of skilled drivers and increasing trend for automated driving in developed countries. The emerging trend of connected trucks through integration of telematics in medium trucks is opening up the possibilities for GPS tracking, navigation, safety analytics and electronic logging of hours of service in the truck industry.
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