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Trucks Market - By Class (Class 3, Class 4, Class 5, Class 6, Class 7, Class 8), By Propulsion Type (Gasoline, Diesel, Electric, Natural Gas, FCEV), By Type (Light-duty, Medium-duty, Heavy-duty), By Application, Forecast 2023 - 2032

  • Report ID: GMI6781
  • Published Date: Sep 2023
  • Report Format: PDF

Trucks Market Size

Trucks Market size was valued at USD 7.60 trillion in 2022 and is anticipated to register a CAGR of 9.1% between 2023 and 2032. Rising infrastructure investments in building and maintaining roads, bridges & ports to enhance transportation networks are propelling the market demand.

Trucks Market

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Improved infrastructure expands the reach and efficiency of trucking operations, enabling faster & more cost-effective cargo movement. This encourages businesses to utilize trucks for the transportation of goods, contributing to increased truck demand. Well-maintained infrastructure reduces wear & tear on trucks, extending their operational lifespan and further bolstering their market share.

Technological advancements are propelling the trucks market by enhancing fuel efficiency, safety, and connectivity. Features, such as advanced telematics, autonomous driving systems, advanced driver assistance system and electrification, are improving operational efficiency and reducing costs for trucking companies. Additionally, innovations in trailer tracking, predictive maintenance, and real-time data analytics are optimizing fleet management, making trucks more competitive and environment-friendly in an evolving industry landscape.

The high insurance premiums and maintenance costs can hinder the demand for trucks by increasing the operational expenses for trucking companies. These costs strain profitability and make it more challenging for businesses to expand their fleets. Additionally, high insurance premiums can deter new entrants into the industry and exacerbate driver shortages by making it less attractive as a career choice. This, in turn, can limit the overall growth potential of the market.

COVID-19 Impact

The COVID-19 pandemic had a mixed impacts on the trucks market. During lockdowns, there was a decline in demand for some trucking services, particularly in sectors including passenger transport and non-essential goods transportation. However, the pandemic also highlighted the essential role of trucks in delivering medical supplies and consumer goods, leading to increased demand in those segments. Supply chain disruptions and restrictions on manufacturing also affected truck production. Overall, the pandemic underscored the importance of the trucking industry but posed short-term challenges due to economic uncertainties and logistical disruptions.

Trucks Market Trends

Electric trucks for e-commerce delivery are expected to witness lucrative growth opportunities in the market by addressing sustainability and efficiency concerns. E-commerce companies are increasingly adopting electric delivery vehicles to meet environmental goals and reduce operating costs. For instance, in August 2023, Eicher Trucks, a division of VE Commercial Vehicles Limited (VECV), joined forces with Amazon to integrate as many as 1,000 emission-free electric trucks across diverse payload ranges into Amazon's delivery operations in the coming five years. These trucks will be deployed through Amazon's network of transport service partners. Additionally, lower maintenance and fuel costs make electric trucks an attractive choice for last-mile delivery, which has seen rapid expansion owing to the booming e-commerce, thereby contributing to the market progress.

Trucks Market Analysis

Trucks Market Size, By Type, 2021-2032, (USD Trillion)

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Based on type, the trucks market is categorized into light-duty, medium-duty, and heavy-duty. The light-duty segment accounted for over 85% of the business share in 2022 and is projected to grow by 2032. Collaborations among automotive companies to produce light-duty trucks are boosting segment expansion. These partnerships leverage collective expertise and resources to develop efficient, eco-friendly, and cost-effective light-duty trucks. For instance, in July 2022, Isuzu Motors, Toyota, Hino Motors, and Commercial Japan Partnership Technologies revealed their collaborative intention to co-create fuel cell electric trucks designed for the broader light-duty consumer market. This endeavor aims to support the realization of a hydrogen-based society and carbon neutrality by broadening customer choices and bolstering the demand for hydrogen as an energy source.

Trucks Volume Market Share, By Class, 2022

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Based on class, the trucks market is divided into class 3, class 4, class 5, class 6, class 7, and class 8. The class 3 segment accounted for over 90% of the market share in 2022. The launch of Class 3 electric commercial trucks is propelling growth within this market segment. These vehicles offer eco-friendly and efficient transportation solutions with substantial payload capacities. For instance, in August 2023, Mullen Automotive, a burgeoning Electric Vehicle (EV) manufacturer, unveiled its inaugural production vehicle, Mullen Three. This Class 3 electric truck is manufactured at Mullen's commercial vehicle assembly plant situated in Tunica, Mississippi. The vehicle is a low cab height electric truck in the Class 3 category, boasting an 11,000 gross vehicle weight rating, a turning radius of 38 feet, and exceptional visibility to facilitate maneuverability on narrow urban streets. Advancements in Class 3 EVs are attracting fleet operators and businesses looking to reduce operational costs and environmental impacts, thereby driving segment expansion in the overall market.

China Trucks Market Size, 2021-2032 ( USD Trillion)

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Asia Pacific led the trucks market with a major share of over 55% in 2022. Technological advancements in China's truck manufacturing sector are propelling the Asia Pacific market by offering innovative & cost-effective solutions. Chinese manufacturers are integrating advanced technologies, such as electric and autonomous driving systems, thereby enhancing the fuel efficiency and safety of these trucks. These competitive products are increasingly attractive to Asia Pacific buyers, stimulating regional demand. Additionally, China's role as a manufacturing hub for the Asia Pacific region ensures access to cutting-edge truck technologies, further augmenting market trends.

Trucks Market Share

Major players operating in the trucks market are

  • Scania
  • Daimler Cars
  • TuSimple, Inc.
  •  Hino Carss
  • Waymo (Alphabet Inc.)
  •  Tesla
  • AB Volvo
  •  PACCAR Inc.
  •  Navistar, Inc.
  •  Embark Carss, Inc.
  •  PlusAI, Inc.
  • Kodiak Robotics.

These major players are emphasizing strategic partnerships, launching new products, and investing significantly in research to drive market expansion. They intend to introduce innovative products and generate substantial market revenue through effective commercialization efforts.

Trucks Industry News:

  • In May 2023, Honda Motor Co., Ltd. and Isuzu Motors Limited reached an agreement wherein Honda will undertake the development and provision of the Fuel Cell (FC) system intended for heavy-duty FC trucks that Isuzu plans to launch in 2027.
  • In February 2023, Volvo Trucks introduced an enhanced gas-fueled truck capable of running on liquefied biogas, capable of providing long-distance transportation while simultaneously reducing CO2 emissions. The gas-powered models, Volvo FH and FM, are now available with a higher power output of 500 HP, in addition to the previously offered 420 and 460 HP engine options.

The trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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By Class, 2018 – 2032

  • Class 3
  • Class 4
  • Class 5
  • Class 6
  • Class 7
  • Class 8

By Propulsion Type, 2018 – 2032

  • Gasoline
  • Diesel
  • Electric
  • Natural gas
  • FCEV

By Type, 2018 – 2032

  • Light duty
  • Medium duty
  • Heavy duty

By Application, 2018 – 2032

  • Commercial
  • Industrial

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordics
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The trucks industry value was USD 7.6 trillion in 2022 and is anticipated to register around 9.1% CAGR between 2023 and 2032.

The light-duty segment accounted for over 85% of the market share in 2022 and is projected to grow by 2032 owing to the collaborations among automotive companies to produce efficient, eco-friendly, and cost-effective light-duty trucks.

Asia Pacific trucks market had a major share of over 55% in 2022 and is expected to grow by 2032 due to the technological advancements in China's truck manufacturing sector by offering innovative & cost-effective solutions.

Scania, Daimler Cars, TuSimple, Inc., Hino Carss, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc., Navistar, Inc., Embark Carss, Inc., PlusAI, Inc., and Kodiak Robotics.

Trucks Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 645
  • Countries covered: 21
  • Pages: 200
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