USD 247.41 billion
Heavy-Duty Trucks Market Size, Share, and Growth Analysis
Heavy-Duty Trucks Market By Type (Complete Vehicle, Incomplete Vehicle), By Weight Limit (8000-11000 Kg, 11000-15000 Kg), By Truck Class, By Fuel Type, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20G2063 |
Region:
Global |
Published Date: March, 2025
Pages:
191
|Tables:
117
|Figures:
72
Format -
Heavy-Duty Trucks Market Insights
Global Heavy-Duty Trucks Market size was valued at USD 247.41 billion in 2023 and is poised to grow from USD 262.25 billion in 2024 to USD 417.99 billion by 2032, growing at a CAGR of 6.0% during the forecast period (2025-2032).
High investments in infrastructure development and growing demand for freight transportation are slated to boost the sales of heavy-duty trucks over the coming years. Growing availability of heavy-duty trucks with better fuel efficiency and the launch of new heavy-duty trucks with better features are also slated to boost market development in the future. High demand for cold-chain logistics is also estimated to bolster the demand for refrigerated heavy-duty trucks on a global level. Increasing emphasis on improving supply chains and logistics around the world are also slated to boost development of new road routes for freight transportation thereby favoring the global heavy-duty trucks market growth. However, high costs of ownership, stringent emission regulations, shortage of skilled truck drivers, fluctuations in fuel prices, and supply chain disruptions are slated to have a negative impact on heavy-duty truck sales across the forecast period and beyond.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Construction and Mining
Fastest Growth
Freight and Logistics
Growth Rate
6.0% CAGR
Global Heavy-Duty Trucks Market ($ Bn)
Country Share for North America Region (%)
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Heavy-Duty Trucks Market Segments Analysis
Global Heavy-Duty Trucks Market is segmented by Type, Weight Limit, Truck Class, Fuel Type, Application and region. Based on Type, the market is segmented into Complete Vehicle, Incomplete Vehicle and Semitrailer Tractor. Based on Weight Limit, the market is segmented into 8000-11000 Kg, 11000-15000 Kg and 15000 Kg & Above. Based on Truck Class, the market is segmented into Class-6, Class-7 and Class-8. Based on Fuel Type, the market is segmented into Diesel, Natural Gas, Gasoline, Hybrid, Electric and Fuel Cell. Based on Application, the market is segmented into Real Estate Development, Infrastructure Construction, Freight Market and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Tonnage
The 10 to 15 tons segment is estimated to account for a prominent chunk of the global heavy-duty trucks market share in the future. High versatility of heavy-duty trucks of this tonnage is expected to help this segment maintain a dominant stance. Growing use of heavy-duty trucks with 10 to 15 tons capacity in multiple construction, e-commerce, and freight transportation applications is also estimated to present new opportunities for market players. These types of trucks can be easily maneuvered and are highly suitable for operations on long highways as well as tight streets of urban settlements, which also bolsters the dominance of this segment.
Meanwhile, the demand for heavy-duty trucks with a tonnage capacity of more than 15 tons is slated to rise at a notable pace over the coming years. The highly impressive load-bearing capacity of heavy-duty trucks under this segment makes them perfect for long-haul applications. Increasing number of long-haul providers and growing demand for high load capacity trucks for mining and construction operations are also estimated to boost the sales of heavy-duty trucks falling under the more than 15 tons capacity segment. However, high costs of ownership, low fuel efficiency, and high amount of emissions from these types of heavy-duty trucks are expected to hurt the share of this segment to a certain extent in the future.
Analysis by Application
The construction and mining segment is estimated to account for the highest share of the global heavy-duty trucks industry going forward. Growing investments in infrastructure development activity and surging demand for mined metals and minerals are helping this segment lead the sales of heavy-duty trucks on a global level. The launch of new mining operations to support industrialization is also expected to bolster the demand for heavy-duty trucks in the future. The emphasis of construction and mining companies on the expansion of their freight transportation fleets is also expected to cement the dominance of this segment in the long run.
On the other hand, the demand for heavy-duty trucks in freight and logistics is slated to rise at a notable pace in the future. Rapid expansion of the e-commerce industry and growing demand for consumer goods around the world are slated to bolster the adoption of heavy-duty trucks in this segment. High load carrying capacity, long-haul capabilities, and high versatility are some key features of heavy-duty trucks that are helping this segment generate new opportunities. Demand for refrigerated heavy-duty trucks for cold chain logistics operations and transportation of perishable goods is also slated to boost market development via this segment through 2032.
Global Heavy-Duty Trucks Market By Application
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Heavy-Duty Trucks Market Regional Insights
The North American region is estimated to lead the global heavy-duty trucks industry over the coming years. The presence of a developed road network, innovations in heavy-duty trucks design, and presence of massive long-haul fleets are helping this region bring in the most revenue. Canada and the United States are slated to emerge as the most opportune markets in the North American region going forward. The presence of leading heavy-duty trucks manufacturers and increasing use of heavy-duty trucks in military and defense applications are also slated to cement the dominance of this region across the forecast period and beyond.
The sales of heavy-duty trucks in the Asia Pacific region are slated to rise at a noteworthy pace over the coming years. High emphasis on infrastructure development, launch of new mining and construction projects, and rapid expansion of the e-commerce industry are helping generate new opportunities via this region. Rapid urbanization and industrialization in countries such as India and China are also expected to boost demand for heavy-duty trucks in the Asia Pacific. The presence of leading heavy-duty truck manufacturers such as Tata, Ashok Leyland, Mitsubishi, and BharatBenz is also estimated to create a lucrative business scope in the long run.
Global Heavy-Duty Trucks Market By Region
- Largest
- Fastest
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Heavy-Duty Trucks Market Dynamics
Drivers
High Demand for Freight Transportation
- Rapidly increasing demand for goods and products around the world on the back of e-commerce expansion is bolstering the demand for freight transportation solutions. Heavy-duty trucks play a crucial role in freight transportation, enabling the efficient movement of goods across long distances as supply chain networks expand to accommodate rising consumer demands.
Surge in Infrastructure Development Activity
- Growing urbanization and industrialization have resulted in a major increase in investments in road, rail, and industrial infrastructure development on a global level. Heavy-duty trucks play a vital role in transportation of construction materials and other materials required in infrastructure development projects thereby favoring the global heavy-duty trucks market outlook as well.
Restraints
Shortage of Skilled Truck Drivers
- The heavy-duty trucking and long-haul industries are currently facing a major shortage of skilled truck drivers on a global level. Aging skilled truck drivers and lack of interest in truck driving as a profession among younger generations are expected to hurt revenue generation for companies across the global heavy-duty trucks market forecast and beyond.
High Initial Investments and Maintenance Costs
- Heavy-duty trucks require substantial upfront investments and the high maintenance costs associated with the same are also expected to increase the overall cost of ownership for end users. Engine overhauls, tire replacements, and regulatory compliance may incur additional costs, which is expected to impede the sales of heavy-duty trucks in price sensitive markets and small fleet companies.
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Heavy-Duty Trucks Market Competitive Landscape
Heavy-duty truck manufacturers should focus on improving the versatility and fuel efficiency of their products to stand out from the competition. Developing and providing vehicles powered by batteries and hydrogen can also help companies comply with rising emphasis on sustainability. Targeting the freight transportation industry can offer lucrative returns for all companies as per global heavy-duty trucks market analysis.
Top Player’s Company Profiles
- Daimler AG (Germany)
- Volvo Group (Sweden)
- PACCAR Inc. (United States)
- Navistar International Corporation (United States)
- Traton SE (Germany)
- Tata Motors Limited (India)
- Ashok Leyland Limited (India)
- China National Heavy Duty Truck Group Co., Ltd. (CNHTC) (China)
- Dongfeng Motor Corporation (China)
- Isuzu Motors Limited (Japan)
- Hino Motors, Ltd. (Japan)
- MAN Truck & Bus SE (Germany)
- Scania AB (Sweden)
- Iveco S.p.A. (Italy)
- Mack Trucks, Inc. (United States)
- Hyundai Motor Company (South Korea)
- BYD Company Limited (China)
- Paccar Australia Pty Ltd (Australia)
- Ford Motor Company (United States)
Recent Developments
- In January 2025, Volvo Trucks, a leading manufacturer of heavy-duty trucks announced the launch of first-ever heavy-duty electric truck in Qatar. Volvo FH Electric can travel up to 300 km per charge and delivers 666 horsepower. The truck was launched through a collaboration with Domasco.
- In November 2023, Eicher Trucks & Buses, a leading supplier of commercial vehicles launched a range of heavy-duty trucks called Eicher Non-Stop Series. The new range of vehicles are equipped with highly powerful yet fuel efficient engines to deliver enhanced performance for fleet owners.
- In August 2024, BharatBenz, a leading provider of trucks and buses in India announced the launch of a new range of heavy-duty trucks. The new Rigid range is powered by a 6.7-liter diesel engine available in multiple configurations as per customer’s requirements and application.
Heavy-Duty Trucks Key Market Trends
- Emphasis on Reducing Emissions: heavy-duty truck manufacturers should invest in the development of battery-electric and hydrogen fuel-cell heavy-duty trucks to reduce emissions from the trucking industry. Imposition of stringent emission control mandates and availability of government incentives for electrification are making this indispensable heavy -duty trucks market trend for all companies through 2032.
- Development of Lightweight and Aerodynamic Truck Designs: Heavy-duty truck manufacturers are focusing on reducing vehicle weight and improving aerodynamics to enhance fuel efficiency. The use of materials such as aluminum and composite fibers coupled with an aerodynamic design philosophy can help heavy-duty truck companies stand out from the competition whilst staying compliant with sustainability requirements.
Heavy-Duty Trucks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising infrastructure development activity around the world and growing demand for freight transportation are slated to be the key drivers for the market going forward. On the contrary, shortage of skilled truck drivers on a global level and high costs of ownership are slated to slow down and impede the sales of heavy-duty trucks in the future. Asia Pacific is estimated to emerge as the fastest growing market for heavy-duty truck companies in the world owing to robust industrialization and urbanization in countries such as India and China. Development of trucks with lightweight and aerodynamic design to enhance fuel efficiency and reduce emissions can help market players boost their business scope through 2032 and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 247.41 billion |
| Market size value in 2032 | USD 417.99 billion |
| Growth Rate | 6.0% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Heavy-Duty Trucks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Heavy-Duty Trucks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Heavy-Duty Trucks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Heavy-Duty Trucks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Heavy-Duty Trucks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Heavy-Duty Trucks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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