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Prime Mover Magazine

Asia Pacific set to increase revenue share globally: Report

Cost of ownership is being reduced by product penetration driving new innovations to business models a new report has revealed.

The report released by Global Market Insights noted that improved safety and enhanced convenience levels for owners were factors boosting heavy-duty truck industry globally with the Asia Pacific region on track to hold its highest revenue share by 2024.

Increased manufacturing across the region and advances in production in China and India, where high availability of raw materials and low cost labour was abundant, were regarded as key contributing factors to that territory’s growth.

Market share for heavy-duty trucks would likely benefit from increased fleet sizes, which are set to support the construction and logistics segments. Industry growth was also anticipated in heavy commercial vehicles used in mining and agricultural applications through enhanced transmission features.

Prominent original equipment manufacturers in the heavy-duty truck market included local stalwarts Daimler, Volvo, Freightliner, Isuzu, PACCAR, MAN and Scania.

Increased availability of gas refuelling stations and superior mileage of natural gas will drive the industry as it looks to reduce carbon emissions. According to the report product sales will be further accelerated by government regulations associated with emission control as aging fleets are updated for subsequent conditional legislation.

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