Class-8 Truck Market - Global Forecast 2025-2032

The Class-8 Truck Market is navigating significant technological shifts, competitive pressures, and regulatory changes, with industry leaders and disruptors seeking new strategies for sustainable growth.

Market Snapshot: Class-8 Truck Market

The Class-8 Truck Market grew from USD 79.91 billion in 2024 to USD 83.61 billion in 2025. Forecasts indicate sustained expansion, with the market expected to reach USD 116.86 billion by 2032, representing a CAGR of 4.86%. This growth reflects changing demand patterns, deepening digitalization, and broadening regulatory frameworks influencing truck production and deployment in key regions.

Scope & Segmentation

• Truck Types: On-Highway Trucks (Long Haul, Short Haul); Vocational Trucks (Cement Mixers, Dump Trucks, Refuse Trucks, Tow Trucks, Utility Trucks)
• Propulsion Types: Diesel, Electric (Battery Electric, Fuel Cell Electric), Natural Gas (Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG))
• Transmission Options: Automatic, Manual
• Engine Power Ratings: More Than 300 Hp, Upto 300 Hp
• End-Use Applications: Agriculture & Forestry, Construction, Freight & Logistics, Mining, Oil & Gas, Utilities / Public Services, Waste Management
• Regional Coverage: Americas (United States, Canada, Mexico, Brazil, Argentina, Chile, Colombia, Peru), Europe, Middle East & Africa (United Kingdom, Germany, France, Russia, Italy, Spain, Netherlands, Sweden, Poland, Switzerland, United Arab Emirates, Saudi Arabia, Qatar, Turkey, Israel, South Africa, Nigeria, Egypt, Kenya), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Thailand, Malaysia, Singapore, Taiwan)
• Key Companies Analyzed: Volvo Group AB, TRATON SE, PACCAR Inc., IVECO S.p.A, Isuzu Motors Limited, Hino Motors Ltd., FAW Group Corporation, Dongfeng Motor Group Co., Ltd., Daimler Truck Holding AG, Ashok Leyland Ltd., Autocar LLC, BYD Company Limited, Eicher Motors Limited, Mahindra & Mahindra Limited, Nikola Corporation, Tata Motors Limited, The Lion Electric Co.

Key Takeaways

• Technological innovation is rapidly transforming operational models, with fleets evaluating multiple powertrain options, including electrification and hybrid solutions, to address shifting regulatory and sustainability priorities.
• Connectivity and advanced telematics are enabling closer integration between OEMs, suppliers, and operators, supporting predictive maintenance, efficient route planning, and data-driven fleet management.
• Decarbonization strategies are evolving through both battery and fuel-cell adoption, with ongoing investment in infrastructure and component localization to mitigate supply chain risk and meet diverse performance needs.
• Subscription- and pay-per-use models align fleet costs with utilization, incentivizing both uptime guarantees and flexible ownership structures across the value chain.
• Regional dynamics influence technology uptake and product demand; for example, electric trucks are scaling in China, hydrogen pilots are advancing in Europe, and tailored platforms address unique logistics and resource challenges in Africa and South America.
• Collaboration between OEMs, software providers, and energy infrastructure partners drives competitive advantage by fostering resilient supply chains and value-centric service delivery.

Tariff Impact and Supply Chain Realignment

• Tariff changes, especially in 2025, elevated the costs of core truck components such as steel, aluminum, battery cells, and electronic controls.
• Manufacturers expedited nearshoring and localization strategies to manage input cost volatility and supply bottlenecks, spurring investment in dual-sourcing and reinforcing North American component ecosystems.
• Exchange rate fluctuations added complexity, shaping both regional procurement and pricing strategies within contracting processes.

Methodology & Data Sources

This analysis uses a robust mix of primary and secondary research. In-depth interviews with executives from OEMs, suppliers, and fleets form the core dataset. Quantitative inputs are drawn from financial filings, association reports, and regulatory documents. Peer review and expert triangulation ensure accuracy and objectivity across all segments of the class-8 truck market.

Why This Report Matters

• Offers actionable insights for leaders aiming to navigate transformative technology and policy shifts in the commercial truck sector.
• Equips procurement, product, and operations executives with regional perspectives and segmentation clarity, critical for strategic planning and investment decisions.

Conclusion

The class-8 truck sector is moving through a period of fundamental change. Adapting strategies and investing in innovation will be essential for stakeholders seeking opportunities and sustainable growth in this evolving market.

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