Report Description

The North American truck market is projected to expand in the coming years due to a variety of factors, including robust replacement demand, infrastructure expansion, technological progress (e.g., telematics, electric vehicles, etc.), and government incentives.

North America Truck Market Scope

The truck market of North America is segmented into class type, fuel type, application type, and by country. Based on the class type, the market is divided into class 1, class 2, class 3, class 4, class 5, class 6, class 7, class 8, class 9, and class 10. These classes are divided based on the gross vehicle weight of the trucks. Further, based on fuel type, the market is segmented into diesel, CNG, and others (like, methanol blended fuels, electric, hydrogen, etc.). Based on the application type, the market is divided into logistics, construction, mining, and others (like e-commerce, FMCG, etc.). And lastly, the truck market in North America is divided into countries which comprises of Canada, United States, and Mexico.

North America Truck Market Overview

The North American trucking industry has been an integral part of the national economy for many years; however, the sector is undergoing a rapid transformation due to the emergence of new technologies and evolving consumer preferences. From the emergence of autonomous trucks to the development of supply chain management based on blockchain technology, the outlook for trucking in the future is both promising and captivating. Additionally, electric trucks are emerging technologies that have the potential to transform the trucking sector. Electric trucks run on battery instead of diesel fuel, thus reducing emissions and saving fuel costs. Furthermore, electric trucks require less maintenance due to the reduced number of moving parts compared to traditional diesel trucks.

North America Truck Market Drivers

The demand for trucks is increasing in North America owing to the growth of the logistics industry in that region. And trucks are an integral part of the logistics industry. In the logistics world, road transportation plays a vital role in connecting the final mile of delivery, and to accomplish this, trucks play a crucial role. When it comes to business logistics, it's all about shifting stuff from one place to another. That means getting raw materials to where they need to go, getting finished goods to where they're needed, getting inventory to where it needs to go, and so on. It's usually made up of a bunch of different parts, like customer service, predicting demand, storing stuff, handling materials, keeping track of inventory, processing orders, and getting stuff from place to place. There is an increasing demand from the emerging economies for foreign goods which is leading to the growth of the logistics industry. Moreover, the North American Free Trade Agreement (NAFTA) has encouraged the trade between the US, Mexico, and Canada by reducing tariffs on imports and exports. Thus, this has helped in increasing the demand for commercial trucks in North America.

The demand for trucks in North America is also led by the infrastructural development in the triad countries. The US and Canada’s government has recently announced federal budget initiative regarding the development of clean energy. Separate battery storage and subsectors, such as Clean Hydrogen, Carbon Capture & Storage (CCS), Pumped-Storage Hydro and Renewable Natural Gas are expected to see further growth, particularly considering US tax credit transferability and the refundability of Canadian tax credits. Further, the US economy depends highly upon road networks such as highways, bridges, roads, ports, etc. The infrastructure Investments and Jobs Act 2021 has provided funding to repair the ageing infrastructure in the country which is directly helping the growth of trucks.

Government and other regulatory bodies are continuously imposing the emission regulations in the automotive industry due to environmental concerns and transition towards electric vehicles. These regulations are forcing the increase in the replacement of trucks in North America. This scenario is further enhanced by the ageing vehicles in the region. Therefore, all these factors are leading to the increase in replacement trucks in the market.

North America Truck Market Trends

The trucking industry in North America is going through rapid digitalization which includes connectivity and telematics. In the trucking world, telematics is being used to gather data using a combination of sensors, GPS, and on-board diagnostic codes. This data usually includes things like driver behavior, where the truck is, how often it moves, what kind of activity it's doing, how much fuel it's using, and more. It's all managed on software platforms, so managers can keep an eye on their company's assets from anywhere. Plus, advanced systems offer data on each driver's vehicle utilization rate, so fleets can rank drivers based on how much they're using. Keeping an eye on idling drivers and coaching them as needed can help reduce fuel wastage. After all, fuel is one of the biggest costs of running a fleet. Cutting down on idling will help you save money on fuel bills, which in turn will help you save on operating costs. Plus, telematics helps fleet managers spot vehicle maintenance issues before they lead to breakdowns or other problems. By scheduling preventive maintenance, companies can extend the life of their assets.

Due to the increasing need for logistics services due to the growth of e-commerce and retail, as well as manufacturing, supply chain companies and logistics providers are getting involved in swapping out their vehicles for more eco-friendly ones. Moreover, it has been observed that electric trucks are helping the logistics industry in reducing huge operational cost as compared to diesel trucks. Governments all over the world are urging vehicle manufacturers to cut carbon emissions from the combustion of diesel fuel and address greenhouse gas emissions, thus encouraging vehicle manufacturers to invest in the development of electric trucks. As a result, governments are offering incentives in the form of programs and schemes to manufacture battery electric trucks. This is expected to drive market growth. Governments are also encouraging the buying of electric mobility through tax credits and other incentives. Hence, with the adoption of the emission regulation for fossil fuel powered vehicles, it has increased the burden of vehicle manufacturers, in particular commercial vehicle manufacturers. This is driving the market growth of electric trucks. Strict emission standards imposed on fossil fuel powered commercial vehicles are significantly driving the electric truck market growth.

North America Truck Market Challenges

In addition to inflation, the volatile oil market is also a major contributor to our increasing gas prices. While oil and gas prices started to spike due to the COVID-19 pandemic, prices are now on the rise because as people resume their daily work commute and go out more on nights and weekends, demand for gas increases. The gas shortage has only made what was already a challenging job even more so. Trucking — which is a labor-intensive industry with long hours and a high turnover rate — is the vital circulatory system of the economy, moving consumer goods from warehouses to their destination, the consumer’s home. The higher prices and fuel shortage, even temporary, make it much more difficult for truck drivers to deliver goods to consumers. As consumer spending increases, the economy will need more truck drivers, specially to help mitigate the current gasoline shortage. In addition, the current geopolitical tensions, trade wars, and the Russia-Ukraine conflict are further exacerbating the volatility in oil prices, which is having a huge impact on the truck market here in North America.

Driver shortage is a significant problem in both Canada and USA. This is due to an aging workforce and fewer workers entering the workforce opting for this type of work, choosing a different lifestyle. This is leading to a driver shortage that is making it very difficult for carriers to find skilled drivers. As the number of professional drivers decreases and the demand for drivers increases, carriers are forced to offer more competitive wages and better benefits to retain their current drivers or hire new drivers.

Market Opportunities

The truck market in North America presents several opportunities for growth and innovation to its stakeholders. The North American truck market is experiencing a period of rapid growth due to the increasing urbanization and the ongoing pressure from governments to improve infrastructure. This has opened a wide range of opportunities for Original Equipment Manufacturers (OEMs) and new market entrants to bid for various projects, as well as providing a platform for innovation and development within the trucking sector. To reduce carbon emissions, improve efficiency, and address the challenges posed by the industry, truck OEMs are investing heavily in electrification and alternative fuels. Additionally, the electrification phase has resulted in the emergence of various auxiliary industries, providing further opportunities for investors and new companies in the sector. All these factors will create numerous opportunities in the coming years.

Market Segmentation

The North America truck market is analyzed on three fronts: class type, fuel type, application type and region. Based on class type, the market is segmented into Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, and Class 8. Based on fuel type, the market is segmented into Diesel, CNG, and Others. Based on region, the market is divided into North, South, East, and West.

Company Profiles

Daimler Truck North America LLC, PACCAR Inc., Volvo Trucks North America Inc., ISUZU Commercial Truck of America Inc., Ford Motor Company, Mack Trucks Inc., Navistar International Corporation, General Motors, Hino Motors Ltd, and FCA US LLC are some of the major players in the North America truck market.


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Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Class Type

Fuel Type

Application type

Region

Country Scope

Canada, United States, Mexico

Key Companies Profiled

Daimler Truck North America LLC, PACCAR Inc., Volvo Trucks North America Inc., ISUZU Commercial Truck of America Inc., Ford Motor Company, Mack Trucks Inc., Navistar International Corporation, General Motors, Hino Motors Ltd, FCA US LLC

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, North America truck market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • North America Truck Market, By Class Type:
    • Class1
    • Class2
    • Class3
    • Class4
    • Class5
    • Class6
    • Class7
    • Class8
  • North America Truck Market, By Fuel Type:
    • Diesel
    • CNG
    • Others
  • North America Truck Market, By Application Type:
    • Logistics
    • Construction
    • Mining
    • Others
  • North America Truck Market, By Country:
    • Canada
    • United States
    • Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America truck market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The North America truck market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.         By End-User

4.2.2.         By Age

4.2.3.         By Occupation

4.3.  Brand Awareness

4.4.  Challenges Faced by Customers

5.    North America Truck Market Outlook

5.1.  Market Size & Forecast

5.1.1.         By Value

5.2.  Market Share & Forecast

5.2.1.         By Class Type Market Share Analysis (Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, and Class 8)

5.2.2.         By Fuel Type Market Share Analysis (Diesel, CNG, Others)

5.2.3.         By Application Type Market Share Analysis (Logistics, Construction, Mining, Others)

5.2.4.         By Country Market Share Analysis

5.2.4.1. Canada Market Share Analysis

5.2.4.2. United States Market Share Analysis

5.2.4.3. Mexico Market Share Analysis

5.2.5.         By Company Market Share Analysis

5.3.  North America truck market Mapping & Opportunity Assessment

5.3.1.         By Class Type Market Mapping & Opportunity Assessment

5.3.2.         By Fuel Type Market Mapping & Opportunity Assessment

5.3.3.         By Application Market Mapping & Opportunity Assessment

6.    Canada Truck Market Outlook

6.1.  Market Size & Forecast          

6.1.1.         By Value

6.2.  Market Share & Forecast

6.2.1.         By Class Type Market Share Analysis

6.2.2.         By Fuel Type Market Share Analysis

6.2.3.         By Application Type Market Share Analysis

7.    United States Truck Market Outlook

7.1.  Market Size & Forecast          

7.1.1.         By Value

7.2.  Market Share & Forecast

7.2.1.         By Class Type Market Share Analysis

7.2.2.         By Fuel Type Market Share Analysis

7.2.3.         By Application Type Market Share Analysis

8.    Mexico Truck Market Outlook

8.1.  Market Size & Forecast          

8.1.1.         By Value

8.2.  Market Share & Forecast

8.2.1.         By Class Type Market Share Analysis

8.2.2.         By Fuel Type Market Share Analysis

8.2.3.         By Application Type Market Share Analysis

9.    Market Dynamics

9.1.  Drivers

9.2.  Challenges

10.  Impact of COVID-19 on North America Truck Market

10.1.              Impact Assessment Model       

10.1.1.      Key Segments Impacted

10.1.2.      Key Regions Impacted

11.  Market Trends & Developments

12.  Porter’s Five Forces Model

12.1.              Competitive Rivalry

12.2.              Bargaining Power of Buyers

12.3.              Bargaining Power of Suppliers

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Policy & Regulatory Landscape

15.  India Economic Profile

16.  Competitive Landscape

16.1.              Company Profiles

16.1.1.      Daimler Truck North America LLC

16.1.1.1.              Company Details

16.1.1.2.              Product & Services

16.1.1.3.              Financials (As Per Availability)

16.1.1.4.              Key market Focus & Geographical Presence

16.1.1.5.              Recent Developments

16.1.1.6.              Key Management Personnel

16.1.2.      PACCAR Inc.

16.1.2.1.              Company Details

16.1.2.2.              Product & Services

16.1.2.3.              Financials (As Per Availability)

16.1.2.4.              Key market Focus & Geographical Presence

16.1.2.5.              Recent Developments

16.1.2.6.              Key Management Personnel

16.1.3.      Volvo Trucks North America Inc.

16.1.3.1.              Company Details

16.1.3.2.              Product & Services

16.1.3.3.              Financials (As Per Availability)

16.1.3.4.              Key market Focus & Geographical Presence

16.1.3.5.              Recent Developments

16.1.3.6.              Key Management Personnel

16.1.4.      ISUZU Commercial Truck of America Inc.

16.1.4.1.              Company Details

16.1.4.2.              Product & Services

16.1.4.3.              Financials (As Per Availability)

16.1.4.4.              Key market Focus & Geographical Presence

16.1.4.5.              Recent Developments

16.1.4.6.              Key Management Personnel

16.1.5.      Ford Motor Company

16.1.5.1.              Company Details

16.1.5.2.              Product & Services

16.1.5.3.              Financials (As Per Availability)

16.1.5.4.              Key market Focus & Geographical Presence

16.1.5.5.              Recent Developments

16.1.5.6.              Key Management Personnel

16.1.6.      Mack Trucks Inc.

16.1.6.1.              Company Details

16.1.6.2.              Product & Services

16.1.6.3.              Financials (As Per Availability)

16.1.6.4.              Key market Focus & Geographical Presence

16.1.6.5.              Recent Developments

16.1.6.6.              Key Management Personnel

16.1.7.      Navistar International Corporation

16.1.7.1.              Company Details

16.1.7.2.              Product & Services

16.1.7.3.              Financials (As Per Availability)

16.1.7.4.              Key market Focus & Geographical Presence

16.1.7.5.              Recent Developments

16.1.7.6.              Key Management Personnel

16.1.8.      General Motors

16.1.8.1.              Company Details

16.1.8.2.              Product & Services

16.1.8.3.              Financials (As Per Availability)

16.1.8.4.              Key market Focus & Geographical Presence

16.1.8.5.              Recent Developments

16.1.8.6.              Key Management Personnel

16.1.9.      Hino Motors Ltd

16.1.9.1.              Company Details

16.1.9.2.              Product & Services

16.1.9.3.              Financials (As Per Availability)

16.1.9.4.              Key market Focus & Geographical Presence

16.1.9.5.              Recent Developments

16.1.9.6.              Key Management Personnel

16.1.10.    FCA US LLC

16.1.10.1.            Company Details

16.1.10.2.            Product & Services

16.1.10.3.            Financials (As Per Availability)

16.1.10.4.            Key market Focus & Geographical Presence

16.1.10.5.            Recent Developments

16.1.10.6.            Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Type

18. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The United States constitutes the maximum sales among the three countries i.e., Canada, United States, and Mexico.

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North America truck market is anticipated to grow with an impressive CAGR during the forecast period on account of surging infrastructural development, construction activities, and logistics industry.

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Some of the trends in the trucking industry is the use of telematics in the trucks, and electrification, especially the trucks involved in the logistics industry.

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The key players in the North America truck market are Daimler Truck North America LLC, PACCAR Inc., Volvo Trucks North America Inc., ISUZU Commercial Truck of America Inc., Ford Motor Company, Mack Trucks Inc., Navistar International Corporation, General Motors, Hino Motors Ltd, and FCA US LLC

profile

Srishti Verma

Business Consultant
Press Release

North America Truck Market to be Led by Diesel Engines through 2028

Oct, 2023

Increasing logistics industry, infrastructural development, construction activities, technological advancements, and government initiatives for emission regulations are driving the North America truc