Commercial Truck Market Size & Share 2024 to 2032
Market Size by Fuel (Diesel, Natural Gas, Hybrid Electric), by Application (Freight Delivery, Utility Services, Construction & Mining), by Ownership (Fleet Operator, Owner Operator), by Class & Forecast.
Report ID: GMI9241
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Published Date: April 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Commercial Truck Market Size
Commercial Truck Market size was valued at USD 9 trillion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032. The market growth is driven by the expansion of service range regions by leading companies. As businesses broaden their reach into new territories, the need for efficient transportation of goods grows in tandem. Leading companies are strategically positioning themselves to cater to these expanding markets, thereby driving the demand for commercial trucks.
Commercial Truck Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
These trucks play a crucial role in facilitating the movement of goods across vast distances, ensuring timely delivery and uninterrupted supply chains. With the expansion of service areas, companies require reliable, durable, and high-capacity trucks to meet their transportation needs. Consequently, manufacturers are experiencing a surge in orders for commercial trucks, leading to increased production and innovation in the industry. This trend underscores the vital role commercial trucks play in the global economy's expansion and connectivity.
The commercial truck market is experiencing a surge in demand driven by rising profits reported from leading companies across multiple sectors. As businesses in various industries see increased profitability, they are expanding their operations, leading to a greater need for the transportation of goods. These companies rely on commercial trucks to transport their products efficiently and reliably. With rising profits, companies are investing in upgrading their fleets or expanding their logistics networks, further fueling the demand for commercial trucks.
Additionally, the growth in e-commerce and online retail has led to an increased demand for transportation services, as more goods need to be delivered to consumers. This trend has boosted the need for commercial trucks to handle last-mile delivery and logistics operations effectively. As a result, manufacturers of commercial trucks are experiencing a surge in orders, leading to increased production and innovation in the industry. This demonstrates the pivotal role commercial trucks play in facilitating economic growth across various sectors.
For instance, in April 2024, Daimler India Commercial Vehicles (DICV) showcased that it is focusing on the services segment to drive growth, aiming for 25% of revenue from this sector, according to a senior company official. This emphasis on services, currently contributing 7-10% of revenues, followed a strong performance in fiscal year 2023.
The commercial truck market faces several restraints that impact its growth and development. One significant restraint is regulatory challenges, including stringent emissions standards and safety regulations, which increase manufacturing costs and limit the availability of certain truck models. Economic uncertainties, such as fluctuating fuel prices and trade tensions, also pose challenges for truck manufacturers and fleet operators, affecting investment decisions and demand.
Additionally, supply chain disruptions, like material shortages and transportation bottlenecks, can hinder production and delivery schedules, impacting the availability of trucks in the market. Moreover, the increasing popularity of alternative transportation modes, such as rail and maritime shipping, presents competition for the trucking industry. These restraints underscore the complex dynamics shaping the market and the need for strategic adaptation to overcome them.
Commercial Truck Market Trends
Commercial truck industry trends are heavily influenced by rising subsidiary programs from leading regions. These programs, often initiated by governments or industry leaders, aim to stimulate the adoption of commercial trucks through incentives, subsidies, and infrastructure investments. For instance, in regions like Europe and North America, there's a growing emphasis on electrification and clean energy, leading to subsidies for electric and hybrid trucks. Similarly, programs promoting fuel efficiency, safety standards, and technological advancements are shaping the market.
Furthermore, emerging markets are witnessing increased investment in transportation infrastructure, driving demand for commercial trucks. These trends indicate a shift towards sustainability, innovation, and efficiency in the commercial truck industry, reflecting the broader global economic and environmental priorities.
For instance, in April 2024, Norway introduced a new funding program for electric commercial vehicles, providing monthly awards. Initially, the business development agency Enova will subsidize the acquisition of 108 heavy-duty electric vehicles with either battery-electric or fuel-cell drives.
Commercial Truck Market Analysis
Based on application, the market is divided into freight delivery, utility services, construction & mining, and others. The freight delivery segment held a market share of over 30% in 2023. These trucks are the backbone of global logistics, transporting goods across vast distances efficiently and reliably. With the growth of e-commerce and traditional retail, the demand for freight delivery services has surged, necessitating a corresponding increase in the number of commercial trucks.
From transporting raw materials to delivering finished products, commercial trucks play a vital role in keeping supply chains moving smoothly. As businesses strive to meet consumer demands for fast and reliable delivery, the demand for commercial trucks continues to grow, underpinning their significance in the modern economy.
Based on the fuel, the commercial truck market is categorized into diesel, natural gas, hybrid electric, and others. The diesel segment held a market share of over 83% in 2023. Diesel-powered trucks dominate the market due to their high fuel efficiency, long-range capabilities, and robust performance. Despite increasing interest in alternative fuels like electricity and natural gas, diesel continues to be the primary choice for truck operators globally. Its widespread availability, established infrastructure, and lower cost compared to alternatives maintain its stronghold in the market.
Additionally, diesel engines are continuously evolving to meet stricter emissions standards, ensuring their relevance in the commercial trucking industry. Thus, diesel fuel remains a key driver of demand in the market.
Asia Pacific dominated the global commercial truck market with a major share of over 60% in 2023. As economies in Asia-Pacific continue to grow rapidly, there is an increasing need for the transportation of goods across various industries. Infrastructure development projects, urbanization, and expanding manufacturing sectors are driving the demand for commercial trucks.
Additionally, the rise of e-commerce and online retail in countries like China, India, and Southeast Asian nations is further boosting demand for freight transportation services. As a result, manufacturers are witnessing a surge in orders for commercial trucks in the Asia-Pacific region, highlighting its pivotal role in the global commercial truck market.
The US economy heavily relies on the transportation of goods, and commercial trucks are the backbone of this logistics network. From delivering goods across states to facilitating international trade, trucks play a crucial role. With the growth of e-commerce and manufacturing sectors, the demand for freight transportation services has soared. Additionally, the need for specialized trucks, such as those for construction and agriculture, continues to drive demand. The US government's investments in infrastructure further support the market. Consequently, the demand for commercial trucks in the US remains consistently high.
Commercial Truck Market Share
Ford, Daimler and Traton held significant market share of over 25% market share in 2023. These manufacturers continuously innovate to meet the specific needs of the market, developing trucks with advanced technology, improved fuel efficiency, and enhanced safety features. Companies invest heavily in research and development to create trucks that comply with regulatory standards and customer requirements.
Additionally, marketing strategies target fleet operators and logistics companies, highlighting the benefits of their products. By focusing on the unique demands of the market, companies ensure a steady demand for their products and maintain their competitiveness in this dynamic industry.
Commercial Truck Market Companies
Major companies operating in the commercial truck industry are:
Commercial Truck Industry News
The commercial truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Fuel
Market, By Class
Market, By Application
Market, By Ownership
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
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GMI archive
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