Global Truck Market to Grow at 3%-4% Annually until 2020

According to Research and Markets, the global truck market is expected to grow at 3-4% annually through 202o.

The company notes that its report is a complete strategy dossier of seven key global truck-making companies against the backdrop of an evolving industry landscape; marked by a stark downturn across Western Europe and Latin American markets while the North American market shows early signs of stagnation after the significant sales growth momentum of 2012.

However, declining order intake and sales numbers has been a key concern for almost all key global players of-late with almost all major OEMs aligning production levels in-line with the demand consequently.

Almost, all key emerging economies on the other hand, especially China, grapple with inflationary pressures & are trying to stoke up economic growth momentum under a difficult, complex, challenging and uncertain Global Macroeconomic Environment. Most leading OEMs, however, continue with their focus on development of new platforms as well as sustainable alternate fuel based powertrain technologies aimed at enhanced operating economics, in addition, to continued efforts towards further strengthening and  deepening of existing presence across emerging markets in order to partially offset the ongoing demand slump in Western Europe and Latin America. Overall, the global truck market is projected to grow at 3%-4% annually over the medium term till 2020 with strong growth prospects over the long-term.

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