Heavy Duty Truck Market

Heavy Duty Truck Market Outlook (2024 to 2034)

The global heavy duty truck market is evaluated at US$ 194.82 billion in 2024. According to projections by Fact.MR in its latest market study, worldwide sales of heavy-duty trucks are forecasted to increase at a CAGR of 4.6% and reach US$ 305.46 billion by 2034-end.

Ever-expanding volume of domestic and foreign trade in key business domains is augmenting the need for efficient transporting facilities. Increasing industrial activities and growing demand from end-use industries for carrying out logistics activities are increasing the adoption of heavy duty trucks, including forklifts, tractors, and commercial trailers.

An upsurge in the demand for heavy commercial vehicles across all major sectors, such as agriculture, mining, construction, and logistics, is driving global heavy duty truck market growth. Rise in international and domestic trading activities across the world is increasing the use of heavy-duty trucks for product transportation purposes.

Government authorities across the world are imposing stringent regulations that aim to reduce harmful gas emissions. As such, manufacturers are increasing the production of electric- and hybrid-powered heavy duty trucks. Heavy duty truck manufacturers are also focusing on lessening the high costs associated with heavy duty trucks by shifting to remanufacturing techniques and use of cost-effective material.

• The North American heavy duty truck market size is estimated at US$ 50.26 billion in 2024.
• East Asia is projected to account for 33.7% of the global heavy duty truck market share by 2034.

Report Attribute	Detail
Heavy Duty Truck Market Size (2024E)	US$ 194.82 Billion
Forecasted Market Value (2034F)	US$ 305.46 Billion
Global Market Growth Rate (2024 to 2034)	4.6% CAGR
South Korea Market Value (2034F)	US$ 13.58 Billion
Dump Truck Demand Growth Rate (2024 to 2034)	4.8% CAGR
Key Companies Profiled	Daimler; Fiat Chrysler Automobiles; Ford Motor Company; Freightliner; Nissan; Oshkosh Corporation; Dongfeng; Eicher Motors Limited; General Motors; Kenworth; Tata Motors; Toyota; Paccar; Peterbilt; Scania; Navistar; Volvo.

Why are Heavy Duty Trucks So Important in Supply Chains?

“High Use of Trucks for Construction and Logistic Activities”

Ever-widening prospects of the automotive industry in emerging economies, owing to the availability of essential resources, along with favorable FDI policies, are highly anticipated to boost the production of heavy duty trucks in these regions. Extension of road networks along with increasing international sourcing of heavy duty truck components are set to positively influence their demand growth. Heavy duty truck manufacturers are looking to increase their profit margins by diversifying their business operations.

Smart city initiatives and growing need for infrastructure development are driving the use of tractors and dump trucks. Several countries in the Asia Pacific region are seeing increasing investments in smart city projects by their governments, which is creating profitable opportunities for heavy duty truck suppliers. In North America and Europe, many countries need infrastructure development, which is set to increase the use of heavy duty trucks for various purposes.

“e-Commerce Boom Increasing Application of Freight Trucks for Logistic Purposes”

The global heavy duty truck industry is currently witnessing a complete change in manufacturing concept. Autonomous trucks, electric trucks, and driverless trucks are set to have a huge influence on the revenue growth of manufacturers. Rapidly evolving logistic sector is driving the use of trucks such as transportation trucks, refrigerated trucks, and freight trucks.

Boom of the e-Commerce industry is directly driving the need for heavy duty trucks such as semi-trailers, flatbeds, dry vans, reefers, and box trucks. Furthermore, globalization, coupled with the growing need for efficient supply chains to transport goods across the world is further increasing the demand for heavy duty trucks.

“Introduction of Automated, Electric, and Hybrid Trucks”

Growing preference for hybrid and electric engines is expected to drive the demand for advanced heavy duty trucks over the forecast period. Manufacturers of heavy duty trucks are investing huge amounts in the production of battery-powered trucks due to evolving customer demands.

Companies are aiming to offer highly efficient heavy duty trucks that are low in cost, highly effective, eco-friendly, and can provide maximum mileage. Thus, rising investments in heavy duty trucks are expected to contribute significantly to the overall market growth during the forecast period.

Introduction of automated trucks is one of the leading heavy duty truck market trends to watch out for. Automated trucks are set to be highly effective for transportation and logistics purposes. Automated trucks with smart sensors and algorithms are contributing to error-free driving on the road. With no to less human help required, automated trucks are set to exhibit high demand in the coming ten years.

Which Aspects Should Heavy Duty Truck Manufacturers Should Focus On?

“High Cost of Heavy Duty Trucks and Inadequate Presence of Charging Stations”

Even though the market for heavy duty trucks is advancing, some aspects may hamper their sales growth. Electric trucks or battery-powered trucks are expensive compared to traditional trucks. This can be attributed to their advanced battery and fast charging technologies. Such advancements increase the overall cost of trucks, leading to low adoption by budget-constrained users.

Another factor hampering heavy duty truck market growth is the lack of uniform and standardized charging stations. Inadequate infrastructure and low availability of charging stations in some regions are affecting the market for electric heavy duty trucks.

Start-up Ecosystem

• Locomation is a United States-based start-up that offers a truck platooning platform 'Autonomous Relay Convoy™'. The truck can be assembled into a connected convey and act as a lead truck from a single human-driven truck.
• CogniMine an Israeli start-up that offers automated solutions for mining vehicles. The company’s Autonomous Mission Kit (AMK) drives the mining vehicle to perform autonomously.

Country-wise Analysis

Why is the United States an Opportunistic Market for Heavy Duty Truck Companies?

“Integration of Advanced Technologies Increasing Demand for Automated Heavy Duty Trucks”

Attribute	United States
Market Value (2024E)	US$ 34.12 Billion
Growth Rate (2024 to 2034)	4.2% CAGR
Projected Value (2034F)	US$ 51.44 Billion

Increasing emphasis on incorporating advanced technologies in the domestic automotive industry is leading to the mushrooming demand for autonomous and self-driven heavy duty trucks in the United States. Integration of advanced driver-assistance system (ADAS) technologies for monitoring and prevention of accidents is one of the notable factors driving the usage of heavy duty trucks that would prevent the loss of human life and goods. Furthermore, the expanding food industry is boosting the adoption of refrigerated trucks in the country.

Why is China a Huge Market for Heavy Duty Truck Suppliers?

“Rising Import Export Activities Boosting Use of Heavy Duty Trucks”

Attribute	China
Market Value (2024E)	US$ 35.52 Billion
Growth Rate (2024 to 2034)	5.2% CAGR
Projected Value (2034F)	US$ 58.98 Billion

Ongoing industrial activities in China are driving high demand for heavy duty trucks. China is known as a major industrial hub across the globe. The booming logistics sector is increasing the use of freight trucks in China. Increasing investment by the Chinese government in road improvement and manufacturing units is further increasing the adoption of heavy duty trucks.

Category-wise Analysis

Which Class of Truck is Widely Preferred to Carry Out Daily Business Operational Activities?

“Class 8 Heavy Duty Trucks Popular Due to Their High Load-Carrying Ability”

Attribute	Class 8
Segment Value (2024E)	US$ 121.18 Billion
Growth Rate (2024 to 2034)	4.6% CAGR
Projected Value (2034F)	US$ 189.99 Billion

Class 8 heavy duty trucks are highly utilized due to their high load-carrying capacities and availability in various models to serve a wider consumer base. The growing efficiency of commercial trucks and cost-effectiveness per weight are driving the use of heavy duty trucks for transportation purposes.

Why is Usage Tractors and Haulers So High?

“Apart from Agricultural Use Tractors/Haulers Useful in Construction and Transportation”

Attribute	Tractors/Haulers
Segment Value (2024E)	US$ 60.2 Billion
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 87.97 Billion

Expanding food and beverage industry across the world is driving farmers’ attention to focus on increasing the overall production of crops. The advancements in farming techniques are increasing the demand for smart agricultural technologies and machinery including tractors. Modern tractors are effective and efficient in carrying out difficult agricultural activities.

Apart from farming, tractors are also used in construction projects, brick kilns, and road-making purposes. Furthermore, the rising transportation activities are increasing the use of haulers, especially to transport vehicles such as cars and others. The surge in large-scale enterprises such as mining and construction are expected to boost the sales of tractors/haulers in the coming 10 years.

Competitive Landscape

Key players in the heavy duty truck market are set to earn high profits due to the growing popularity of electric and autonomous trucks. Leading companies are investing in R&D for the development of advanced heavy duty trucks. North America and Europe are lucrative markets for electric and autonomous truck suppliers. Industry giants are also adopting strategies such as mergers, collaborations, and geographical expansions to boost their market reach.

• In 2022, Orange EV introduced the e-TRIEVER™, the 3rd generation of its electric yard trucks.
• In July 2021, Daimler Truck, the Traton Group, and the Volvo Group came together to install public charging networks for electric heavy duty and long-haul trucks across Europe.

Fact.MR provides detailed information about the price points of key manufactures of heavy duty trucks positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Heavy Duty Truck Market Research

• By Class :

  • Class 7
  • Class 8
  • Others

• By Fuel :

  • Diesel
  • Natural Gas
  • Hybrid
  • Electric
  • Gasoline

• By Application :

  • Logistics
  • Construction
  • Agriculture
  • Defence
  • Mining
  • Others

• By Truck Type :

  • Box/Cab Trucks
  • Dump Trucks
  • Flatbed Trucks
  • Tractors/Haulers
  • Refrigerated Trucks
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa