Press Release

Truck Market to Grow with a CAGR of 5.25% through 2030

The global truck market is driven by e-commerce growth, infrastructure development, and demand for efficient logistics, emphasizing electric and autonomous technologies to enhance productivity and sustainability.

According to TechSci Research report, “Truck Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F”, The Global Truck Market was valued at USD 853.01 Billion in 2024 and is expected to reach USD 1159.54 Billion by 2030 with a CAGR of 5.25% during the forecast period. The global truck market is expanding due to increasing urbanization, and the rise of e-commerce, which has driven demand for efficient and timely delivery solutions. Infrastructure development across emerging economies is also a key factor, with governments investing heavily in road networks to improve freight transport. Additionally, rising environmental concerns have led to a growing emphasis on electric and hybrid trucks, aiming to reduce emissions and meet global sustainability goals. Technological advancements, such as autonomous driving and telematics, are transforming the industry, enabling better route optimization, fleet management, and safety measures. Major manufacturers are focusing on integrating these technologies to enhance productivity and minimize operating costs. However, challenges such as fluctuating fuel prices, high initial costs for electric trucks, and regulatory hurdles remain. The overall outlook is positive, with the market expected to grow as companies prioritize innovation and efficiency in freight transportation.

The expansion of global trade and cross-border commerce is driving the demand for trucks in freight transportation. As supply chains become more interconnected, trucks are essential for efficiently moving goods between ports, distribution centers, and end destinations. The rise in demand for heavy-duty trucks for long-haul transportation, coupled with increased industrial production and export-import activities, supports this growth. Trucks remain a vital link in multimodal transportation systems, ensuring seamless connectivity across rail, sea, and air freight networks, thus catering to the rising need for reliable and flexible logistics solutions worldwide.

The exponential growth of e-commerce is profoundly impacting the trucking industry, driving demand for faster and more efficient logistics solutions. Companies are adapting to the changing landscape by optimizing their supply chains to meet consumer expectations for rapid delivery. This trend includes investing in technology to streamline operations, enhancing last-mile delivery capabilities, and utilizing smaller trucks for urban environments. As e-commerce continues to expand, trucking companies must innovate and adapt their strategies to effectively meet the challenges and opportunities presented by this growing segment, solidifying their role in the evolving logistics landscape.


Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Global Truck Market. 

 

The Truck Market is segmented into Class, Fuel Type, End User Industry, and region.

Based on class, Class 8 trucks are the fastest-growing segment in the global truck market, driven by increasing demand for heavy-duty vehicles for logistics, transportation, and construction. These trucks, which include large semi-trucks and articulated vehicles, are essential for long-distance freight hauling and the transportation of goods across countries. The growth of e-commerce, coupled with expanding trade activities, has fueled the demand for Class 8 trucks, as they play a critical role in supply chains. Furthermore, advancements in technology, such as electric powertrains and autonomous driving features, are making Class 8 trucks more efficient, sustainable, and cost-effective, attracting more investments. As global infrastructure projects continue to expand and transportation needs increase, the Class 8 segment is expected to remain the dominant and fastest-growing category in the truck market.

Based on region, Asia-Pacific is the fastest-growing region in the global truck market, driven by rapid industrialization, urbanization, and growing infrastructure projects across key countries like China, India, and Japan. The region's increasing demand for logistics, transportation, and construction services is fueling the need for commercial vehicles, particularly heavy-duty trucks. The rise of e-commerce and international trade in Asia-Pacific has significantly boosted freight transportation requirements, leading to higher demand for trucks. Additionally, government investments in infrastructure development and transportation networks further contribute to the region's growth. Technological advancements, including the adoption of electric and autonomous trucks, are also gaining momentum in Asia-Pacific, enhancing fuel efficiency and reducing emissions. As a result, Asia-Pacific is poised to remain the largest and fastest-growing region in the global truck market for the foreseeable future.


Major companies operating in global Truck market are:

  • Daimler Truck AG
  • Volvo Group
  • PACCAR Inc
  • MAN TRUCK & BUS SE
  • Scania CV AB
  • International Motors, LLC
  • ISUZU MOTORS LIMITED
  • Hino Motors, Ltd
  • Ford Motor Company
  • Tata Motors Ltd


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The global truck market is experiencing significant growth, driven by increasing demand for transportation, logistics, and infrastructure development across various industries. Trucks, essential for freight hauling and distribution, are key to global trade and the movement of goods. The market is segmented into light-duty, medium-duty, and heavy-duty trucks, with the growing e-commerce sector and expanding international trade fueling the need for commercial vehicles“, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"Truck Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Class (Class 3, Class 4, Class 5, Class 6, Class 7, Class 8), By Fuel Type (Gasoline, Diesel, Electric, Natural Gas, Alternative Fuel), By End User Industry (Agriculture, Mining and Construction, Logistics and Transportation, Others), By Region & Competition,, 2030F”, has evaluated the future growth potential of global Truck Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Truck Market.

 

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