Heavy Duty Truck Manufacturing Market

Heavy Duty Truck Manufacturing Market Outlook (2024 to 2034)

The global heavy duty truck manufacturing market is projected to reach a value of US$ 373.16 billion in 2024 and thereafter forecasted to touch a valuation of US$ 950.71 billion by the end of 2034. Demand is projected to rise at a CAGR of 9.8% between 2024 and 2034.

Sales of heavy duty trucks are increasing in countries where industrialization projects are growing. These vehicles are essential to long-distance transporting commodities and raw materials in industries, such as mining, agriculture, manufacturing, and others.

The heavy duty truck manufacturing market growth is further driven by the rising demand for effective supply chains in these areas. Purchasing rate of heavy duty trucks is directly influenced by the rising industrial output and infrastructure spending in several countries.

Several market players are focusing on expanding their manufacturing plants to increase production capacity, as per the heavy duty truck manufacturing industry analysis. For instance, Volvo Group declared on its official page that they are going to open a new heavy truck manufacturing plant in Mexico in addition to its United States.

The plant is going to support Mack truck sales in Mexico and Latin America as well as the expansion goals of Volvo Trucks and Mack Trucks in the United States and Canada. Operation of the new plant is estimated to begin in 2026.

Key Market Growth Drivers

• Demand for effective transportation solutions is increasing due to the growth of the e-Commerce industry, especially in long-haul and last-mile logistics. When transporting massive quantities of commodities via supply chain networks, heavy-duty trucks play a crucial role.
• Companies involved in courier and delivery services are investing in heavy duty trucks to satisfy the growing demand from customers for quicker deliveries.
• Heavy duty truck manufacturing is evolving because of innovations, such as telematics, autonomous driving systems, electric & hybrid powertrains, and others.
• Ongoing innovations are helping manufacturing companies to lower maintenance costs, increase fuel efficiency, and guarantee adherence to strict pollution regulations, contributing to the expanding heavy duty truck manufacturing market size.
• One of the key heavy duty truck manufacturing market trends is the increasing support of several governments and regulatory agencies to companies that produce greener automobiles.
• Fleet businesses are finding these trucks more enticing because of features, such as connected vehicle technology, which help improve fleet administration and operational efficiency.

Report Attribute	Detail
Heavy Duty Truck Manufacturing Market Size (2024E)	US$ 373.16 Billion
Forecasted Market Value (2034F)	US$ 950.71 Billion
Global Market Growth Rate (2024 to 2034)	9.8% CAGR
North America Market Value (2024E)	US$ 53.14 Billion
East Asia Market Growth Rate (2024 to 2034)	10.1% CAGR
Heavy Duty Diesel Trucks Segment Value (2034F)	US$ 610.22 Billion
Long-Distance Freight Operators Segment Value (2034F)	US$ 512.87 Billion
Key Companies Profiled	Daimler AG; Volvo Group; PACCAR Inc.; Navistar International; MAN SE; Scania AB; Tata Motors; IVECO; Hino Motors; Isuzu Motors; Daimler India Commercial Vehicles (DICV)

Why is Heavy Duty Truck Manufacturing Output Growing at Notable Growth Rate?

“Increasing Focus of Fleet Companies on Replacing Outdated Trucks with Advanced Ones”

Fleet managers are replacing outdated trucks with more modern, technologically advanced versions as a way to upgrade their vehicle inventories. Several fleet companies are focusing on reducing maintenance expenditures for aged vehicles, meeting strict pollution and regulatory standards, increasing fuel efficiency, and other aspects.

This increasing focus is contributing to the rising sales volume of heavy duty trucks. More dependability, lower operating costs, and improved performance are provided by contemporary heavy-duty vehicles outfitted with advanced engines, telematics, and driver-aid technologies. These advantages maintain steady demand in the market for heavy-duty truck production by increasing operators' profitability and guaranteeing adherence to environmental rules.

What’s Hindering the Market Growth for Heavy Duty Truck Manufacturing?

“Increasing Competition from Rail and Maritime Freight”

The increasing adoption of rail and maritime freight solutions is becoming a restraining factor for market expansion. Due to this, manufacturers' worry is rising, particularly in areas where these modes of transportation are more cost-effective or environmentally sustainable.

For example, rail transport handles large volumes of goods over long distances at lower costs and with fewer emissions compared to trucks. Similarly, maritime freight offers an eco-friendly alternative for bulk shipments, especially for international trade.

As businesses seek to reduce transportation costs and meet sustainability goals, the preference for these alternatives limits the growth potential of heavy-duty truck companies, particularly in fields, such as long-haul freight and bulk goods transportation.

Country-wise Insights

The East Asia region is analyzed to hold a significant heavy duty truck manufacturing market share in 2024. A growing number of infrastructural projects in China and South Korea is positively affecting the market expansion in the region, as mentioned in the heavy duty truck manufacturing industry outlook.

In addition, East Asia is an important market for electric and hybrid heavy-duty vehicles because of growing environmental concerns driving the need for greener transportation options.

What Makes China a Prominent Market for Heavy Duty Truck Manufacturers?

“Crucial Role in Well-established Industries, Including Electronics, Automotive, and Others”

Attribute	China
Market Value (2024E)	US$ 105.75 Billion
Growth Rate (2024 to 2034)	11.1% CAGR
Projected Value (2034F)	US$ 302.21 Billion

The continuous industrialization and manufacturing growth in China are primary factors contributing to the increasing demand for heavy duty trucks. The requirement for effective transportation of components, raw materials, and finished goods is increasing as the country continues to maintain its reputation as a key manufacturing hub. The efficient and economical transportation of commodities between factories, industrial locations, and distribution hubs is done by heavy-duty trucks.

With the growth of advanced manufacturing sectors, such as electronics, automotive, and construction materials, there is a greater demand for trucks capable of handling the heavier and bulkier loads associated with these industries.

Which Trends are Influencing the Demand Growth for Heavy Duty Trucks in the United States?

“Utilization Increasing from e-Commerce Companies for Efficient Goods Transportation”

Attribute	United States
Market Value (2024E)	US$ 47.6 Billion
Growth Rate (2024 to 2034)	9.3% CAGR
Projected Value (2034F)	US$ 115.48 Billion

Demand for heavy duty trucks is increasing in the United States because of the rising e-Commerce industry, as mentioned in the heavy duty truck manufacturing industry analysis. Heavy duty trucks are becoming an important part of long-distance logistics for companies involved in e-Commerce. These businesses need to move products over long distances in a timely and dependable manner as online buying continues to grow in the United States.

To transport heavy loads and guarantee on-time delivery throughout the country, heavy-duty trucks are necessary. These trucks are essential to the seamless operation of e-Commerce supply chains as consumer expectations for speedy delivery times are increasing demand for them due to the need for faster, more efficient transportation.

Category-wise Insights

Based on product and service, the demand for heavy duty gasoline trucks is projected to increase at a 10.1% CAGR throughout the assessment period (2024 to 2034). Developments in engine technology that increase fuel efficiency and lower emissions are contributing to the growing demand for heavy-duty gasoline vehicles.

Why is the Preference for Heavy Duty Diesel Trucks Increasing?

“High Preference from Logistics, Construction, and Fright Companies”

Attribute	Heavy Duty Diesel Trucks
Segment Value (2024E)	US$ 230.8 Billion
Growth Rate (2024 to 2034)	10.2% CAGR
Projected Value (2034F)	US$ 610.22 Billion

Heavy duty diesel trucks are in high demand in comparison with other types because of their reliability, durability, fuel efficiency, and other factors. Due to these properties, they are considered the perfect choice for long-haul and heavy-duty transportation.

Diesel engines possess strength and endurance that are required by industries, such as logistics, construction, and freight. Even though several people are interested in vehicles that use alternative fuels, diesel trucks still prevail because of their ability to endure heavy loads and the fact that they are cheaper than electric or hybrid trucks.

As opined in Fact.MR published heavy duty truck manufacturing industry outlook, diesel trucks have a more developed refueling infrastructure, which means less downtime and more convenience for drivers. These reasons are responsible for the continuous interest in heavy-duty diesel trucks in the sectors, including, manufacturing, mining, and others.

Why is the Demand for Heavy Duty Trucks Rising from Long-Distance Freight Operators?

“Becoming Backbone of Long-Haul Operations Due to Reliability and Efficiency Factors”

Attribute	Long-Distance Freight Operators
Segment Value (2024E)	US$ 179.06 Billion
Growth Rate (2024 to 2034)	11.1% CAGR
Projected Value (2034F)	US$ 512.87 Billion

Long-distance freight operators hold a sizable portion of the global market revenue. Demand for heavy-duty trucks is increasing from this segment due to the critical role long-distance freight operators play in the transportation of cargo across large areas, often between regions or countries.

Heavy-duty trucks are indispensable for long-haul operations which depend on their, reliability, fuel efficiency, and load capacity to transport a large number of goods over long road networks.

Other factors responsible for this segment’s leading positions are the rising global trade, increasing use of e-Commerce platforms, and expansion of supply chains that need efficient transportation solutions.

Competitive Landscape

Key players in the heavy duty truck manufacturing market are focusing on producing vehicles that are both fuel-efficient and ecologically beneficial, such as electric and hybrid models to meet strict pollution standards in several countries.

To improve operational effectiveness and driver safety, automakers are equipping their cars with advanced technologies, such as telematics, networked systems, and autonomous driving capabilities. These innovations are enhancing fleet management, which saves maintenance expenses and increases end-user and manufacturer profitability.

• In November 2024, Tata Motors unveiled the Prima 4440.S AMT in Saudi Arabia, their first truck with an automatic manual transmission (AMT). The truck, introduced at the Heavy Equipment and Trucks (HEAT) Show in Dammam, is made to satisfy the region's strict transportation requirements while putting the comfort and productivity of its drivers first.
• In August 2024, a new line of BharatBenz heavy-duty trucks was introduced to the Indian market by Daimler India Commercial Vehicles (DICV), a wholly-owned subsidiary of Daimler Truck AG ("Daimler Truck"). In addition to several current payload applications, the new truck line is available with new payload applications, such as bulker, bitumen, petroleum, oil, and lubricants (POL).

Fact.MR provides detailed information about the price points of prominent heavy duty truck manufacturers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Heavy Duty Truck Manufacturing Market Research

• By Product & Service :

  • Heavy Duty Diesel Trucks
  • Heavy Duty Gasoline Trucks
  • Buses, Firefighting Trucks & Other Vehicles
  • Special Purpose Trucks

• By Major Market :

  • Long-Distance Freight Operators
  • Short-Distance Freight Operators
  • Bus Operators
  • Militaries
  • Local Governments

• By Region :

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