Heavy Trucks Global Market Report 2024

The heavy trucks market size has grown strongly in recent years. It will grow from $217.23 billion in 2023 to $228.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth observed in the historic period can be credited to several factors, including industrialization and economic expansion, substantial infrastructure development, alterations in safety regulations, increased demand due to world wars and military needs, as well as the expansion of global trade.

The heavy trucks market size is expected to see strong growth in the next few years. It will grow to $282.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Forecasted growth is fueled by electrification advancements, emission-related regulations, autonomous trucking evolution, digital fleet management, and increased last-mile delivery demands. Anticipated trends include electric heavy trucks, autonomous trucking tech, telematics, alternative fuels, and advanced safety features.

The growth in demand for heavy trucks, particularly from sectors such as construction, mining, and others, is a key driver contributing to the expansion of the heavy trucks market. Executives from leading truck manufacturers have noted that an upswing in construction activities has positively impacted the sales of heavy vehicles, including tipper trucks and concrete mixers. In 2021, the American Trucking Association reported that the revenue of the trucking industry reached $875.5 billion. Furthermore, as of June 2021, there were approximately 4.06 million Class 8 trucks in operation, reflecting a 2.3% increase from the previous year. The anticipated rise in demand from end-users is expected to be a significant factor propelling the growth of the heavy trucks market in the forecast period.

The heavy trucks market is also poised for growth due to increasing regulations on vehicle emissions. These regulations, imposed by governments, set specific standards and requirements that dictate the maximum allowable levels of pollutants and greenhouse gases emitted by vehicles into the environment. Stringent emissions regulations drive manufacturers to develop environmentally friendly and compliant models. Such regulations also incentivize end-users to replace older trucks, creating a demand for new, sustainable heavy trucks that align with emissions standards, sustainability goals, and contribute to reducing carbon footprints. An illustrative example is the United States Environmental Protection Agency's (EPA) announcement in December 2022, finalizing the new rule on heavy-duty vehicles as part of the Clean Trucks Plan. This rule implements the most robust national clean air standards, aiming to reduce emissions from heavy-duty vehicles starting from the 2027 model year, with a focus on protecting public health and accelerating the transition to low-carbon and electric technologies. Consequently, the increasing emphasis on vehicle emissions regulations stands as a significant driver for the growth of the heavy trucks market.

The global COVID-19 outbreak has exerted a substantial impact on both the production and demand for heavy trucks, thereby presenting a restraining factor for the heavy trucks market during the forecast period. The pandemic prompted widespread and stringent containment measures, including social distancing protocols, remote working arrangements, and the temporary closure of numerous manufacturing units to curb the spread of the disease. These lockdown measures have resulted in disruptive effects on supply chains across various industries, particularly impacting the manufacturing of heavy trucks. S&P Global Inc., a financial information and analytics company, has highlighted the repercussions of the pandemic on the heavy-duty truck market. Global sales of heavy-duty trucks were anticipated to decline by 20% to 30% in 2020, reflecting the profound impact of COVID-19. Additionally, the recovery in sales, originally projected for 2021, is expected to face a delay of 10%. The widespread disruptions caused by the pandemic, encompassing both production and sales aspects, underscore the considerable negative influence of the COVID-19 outbreak on the growth trajectory of the heavy trucks market.

A noteworthy trend in the heavy trucks market is the integration of advanced driver-assistive technologies and safety features in vehicles. These technologies, including the Collision Mitigation System (CMS) and Lane Departure Warning System (LDWS), are aimed at reducing road accidents and enhancing overall vehicle safety. In 2022, Tata Motors, an Indian-based commercial vehicle manufacturer, took a pioneering step by introducing India’s first CNG-powered medium and heavy commercial vehicle truck. Alongside this, Tata Motors equipped its best-selling range of trucks, including the Prima, Signa, and Ultra models, with a new-age Advanced Driver Assistance System (ADAS). This system incorporates features such as a collision mitigation system, lane departure warning system, and driver monitoring system, contributing to improved driving comfort and safety.

Major players in the heavy trucks market are strategically investing in the development of electric trucks to gain a competitive edge. Electric truck development involves the design, engineering, and manufacturing of trucks powered by electricity, typically utilizing battery-electric or hydrogen fuel cell technology. Volvo Trucks, a Sweden-based motor vehicle manufacturing company, exemplifies this trend with the launch of an enhanced version of its Volvo VNR Electric in January 2022. This heavy-duty electric truck, designed for North America, boasts an extended range of up to 440 kilometers (275 miles) on a single charge - a notable 85% increase compared to the previous version. The improved range is attributed to advancements in battery design and the introduction of a new six-battery package. Moreover, the truck features a 250kW charging capability, enabling an 80% charge in 90 minutes for the six-battery configuration and 60 minutes for the four-battery version. This strategic emphasis on electric truck development underscores the industry's commitment to sustainability and aligning with the growing demand for eco-friendly transportation solutions.

In April 2021, Battle Motors, a U.S.-based company specializing in electric vehicles (EV), acquired Crane Carrier Company LLC, a manufacturer of construction trucks and garbage truck chassis, for an undisclosed sum. This strategic acquisition is poised to assist Battle Motors in advancing the electrification of Class 7 and 8 vocational trucks. Crane Carrier Company (CCC), the acquired entity, is based in the U.S. and is known for its expertise in manufacturing purpose-built Class 7 and 8 severe-duty trucks.

Major companies operating in the heavy trucks market report are Volkswagen AG, Kamaz Inc., Ford Motor Company, Ram Trucks, China National Heavy Duty Truck Group Co. Ltd., Daimler Truck AG, Traton SE, Volvo Group, Paccar Inc., Isuzu Motors Limited, Tata Motors Limited, Dongfeng Motor Corporation, Iveco S.p.A., Hino Motors Ltd., Sinotruk Hong Kong Limited, Oshkosh Corporation, Navistar International Corporation, Fuso Truck and Bus Corporation, Ashok Leyland Limited, Mack Trucks Inc., Eicher Motors Limited, Kenworth Truck Company, Peterbilt Motors Company, Sterling Trucks Corporation, Western Star Trucks Sales Inc., UD Trucks Corporation, Freightliner Trucks, MAN SE, Scania AB, First Automotive Works Ltd. North America was the largest region in the heavy trucks market in 2023. Asia-Pacific was the second-largest region in the heavy trucks market share. The regions covered in the heavy trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Primary types in this market include class 5, class 6, class 7, and class 8 trucks. Class 8 trucks specifically denote commercially used vehicles with substantial load capacity. Various fuel types such as diesel, natural gas, hybrid electric, and gasoline power these trucks, utilized across construction, mining, freight and logistics, and other industrial applications.

The heavy trucks market research report is one of a series of new reports that provides heavy trucks market statistics, including heavy truck industry global market size, regional shares, competitors with a heavy trucks market share, detailed heavy trucks market segments, market trends and opportunities, and any further data you may need to thrive in the heavy truck industry. This heavy trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the heavy trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The heavy trucks market consists of sales of 18-wheeler truck, refrigerator truck, dump truck, garbage truck, logging truck, concrete transport truck, tractor unit and tanker truck. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.