Hybrid Contract
Hybrid Truck Market Analysis to 2020 – Favorable Regulations and Fleet Purchases to Buoy the North American Market
Well before the global economic crisis crippled the world, the North American commercial trucking industry was striving to find a way out of dwindling margins and plummeting sales volumes. The medium and heavy truck market started feeling this downturn as early as 2007. The trucking industry, viewed as a linchpin to economic growth, was further deteriorated by the economic turmoil in 2008.
A confluence of factors from outside the commercial truck market impacted the industry. The huge changes to the financial market tightened the financing for new trucks, while the housing market downtrend and unpredictable oil prices, pushed consumers away from buying new vehicles. The economic downturn made a huge dent on sales volume of the trucking industry as the sale declined sharply from past levels.
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In anticipation of the US Environmental Protection Agency 2007 emissions mandate, which took effect in the US and Canada at the beginning of 2007, the truck makers had big pre-buy in 2006 — resulting in exceptionally good sales figures for that year. But due to cyclical decline in the truck market sales were weak, and the situation aggravated with the weakening housing market at the end of 2006. With the falling freight market volumes, the sales of new heavy trucks also dropped significantly. Furthermore, the global financial crisis hit during the fourth quarter of 2008, and the subsequent economic slowdown led to further market contraction.
Sales of Class 8 trucks have been the hardest hit. The sales of the Class 8 trucks segment, which includes single-unit and tractor-trailer equipment typically used for long-haul freight transportation, decreased by 48.3% in 2007 from their 2006 levels due to the introduction of more stringent emissions standards. Class 8 trucks equipped with more advanced diesel emission-control technologies raised the vehicle price in 2007. The Class 8 trucks market could not recover in 2008 due to the worsening economic climate and further declined by 33.6% in 2009 from their 2007 levels. The trucking industry is experiencing its deepest recession in recent years and business is not expected to pick up soon. However, the forecast for commercial truck sales until 2012 indicates that all market segments are expected to grow between 5% and 10% in 2010.
GBI Research’s new report “Hybrid Truck Market Analysis to 2020 – Favorable Regulations and Fleet Purchases to Buoy the North American Market” provides an in-depth analysis on the development hybrid truck market in the North America. This report examines the current and forecast market for hybrid trucks, including Medium- and Heavy-duty trucks. It provides detailed coverage of the market drivers along with in-depth analysis of the latest technology. It also examines Hydraulic based hybrids, Electric hybrids and advanced battery technology. Furthermore it details the latest OEM Technologies, OEM Market Share and strategies by manufacturer. The success of hybrid technology in light-weight passenger cars has set stage for penetration of hybrid propulsion technologies into commercial truck market. The volatility of fuel prices, stringency of emission standards and government incentives to adopt green technologies are pushing the hybrid truck market. All the major truck manufacturers and hybrid system developers in the North America are on board with the technology. Some forward-thinking organizations — FedEx Express, UPS and Coca Cola — have adopted hybrid trucks into their fleets; other are certain to follow suit.
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About the Author
GBI Research is a market-leading provider of business intelligence reports. GBI Research covers worldwide markets and issues, supplies actionable data and forecasts and is driven by industry leaders’ insights. GBI Research provides a broad spectrum of reports across the healthcare and energy industries and its online offering is easy to navigate – a comprehensive resource for business information needs.
Headquartered in the UK, the company has branches in the US and Asia, and provides world class client support and service.
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