The heavy-duty truck market in Europe will register a compound annual growth rate of about 3 percent by 2023, according to ResearchAndMarkets.com’s “Heavy-Duty Trucks Market in Europe 2019-2023.”
Electrification of vehicles (EVs) has always complemented the technological advancement of autonomous vehicles mainly because many technologies are commonly used in both the EVs and autonomous vehicles. For instance, unlike conventional HD trucks, electric HD trucks are lighter and easy to control using autonomous technology because of a limited number of moving parts, according to the report.
Eastern Europe is expected to account for a significant portion of the adoption of HD trucks in Europe during the forecast period. Factors such as the increase in manufacturing activities and improvement in road infrastructure are driving the demand for HD trucks in Eastern European countries.
The HD truck manufacturing is a capital-intensive process for truck manufacturers. Components such as braking systems, suspension systems and hauling and steering cylinders require a high level of precision during the manufacturing process, which increases the manufacturing costs. An increase in the price of the raw materials has resulted in a subsequent increase in the manufacturing cost of trucks, the report states.
For more information about the report, CLICK HERE.