Class 8 Truck Market Size - By Fuel (Diesel, Natural Gas, Hybrid Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Horsepower, By Axle, By Ownership, By Cab Type & Forecast, 2024 – 2032

Class 8 Truck Market Size

Class 8 Truck Market size was valued at USD 271.3 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. The market growth is driven by the rising initiatives and collaborations between regions aimed at expanding the reach of Class 8 trucks. As global commerce continues to flourish, the need for efficient transportation of goods across borders has intensified.
 

For instance, in April 2024, Bali Express and San Diego Gas & Electric jointly announced a groundbreaking achievement, the successful journey of a heavy-duty Class 8 electric freight truck from the United States to Mexico. This milestone marked the inaugural journey of a semi-truck into Mexican territory, symbolizing a pivotal moment in the binational region's journey toward achieving a net-zero future.
 

Initiatives such as trade agreements and infrastructure development projects have facilitated smoother cross-border movement, necessitating a higher demand for Class 8 trucks to meet transportation needs. Collaborations between regions have further fueled this demand as they foster interoperability and standardization in transportation networks, enabling seamless cross-regional trade. This synergy between regions not only boosts the Class 8 truck market but also contributes to economic growth by enhancing connectivity and trade efficiency on a global scale.
 

Rapid advancements in technology are reshaping the Class 8 truck industry. From autonomous driving systems to telematics and connectivity solutions, technological innovations are enhancing the efficiency, safety, and productivity of Class 8 trucks. Fleet operators are increasingly investing in vehicles equipped with advanced features to optimize fleet management, improve driver safety, and reduce operating costs. The integration of cutting-edge technologies is driving demand for newer models while fostering a culture of innovation and adaptation within the industry.
 

The Class 8 truck market faces several restraints that impact its growth and development. One significant restraint is the volatility of fuel prices, which can significantly affect operating costs for fleet operators. Economic uncertainties and geopolitical tensions can further exacerbate this volatility, making it challenging for businesses to forecast expenses accurately. Additionally, stringent environmental regulations require truck manufacturers to invest in costly research and development to meet emission standards, adding to the overall cost of vehicles.
 

Supply chain disruptions, such as those experienced during the COVID-19 pandemic, can also hinder market growth by delaying the production and delivery of trucks and components. Moreover, the cyclical nature of the trucking industry, coupled with fluctuations in freight demand, can create periods of oversupply or undersupply, impacting market stability.
 

Class 8 Truck Market Trends

The Class 8 truck industry is witnessing dynamic trends driven by the rising wave of modifications and product launches from leading companies. In response to evolving customer needs and regulatory demands, manufacturers are increasingly focusing on innovation and customization. Advanced features such as autonomous driving capabilities, telematics systems, and enhanced fuel efficiency are becoming standard offerings. Moreover, the emergence of electric and alternative fuel-powered Class 8 trucks is reshaping the industry landscape, reflecting a growing emphasis on sustainability.
 

These trends enhance the performance and safety of Class 8 trucks while revolutionizing how goods are transported. As leading companies continue to push the boundaries of technology and design, the Class 8 truck market is poised for further transformation and growth.
 

For instance, in April 2024, Volvo Trucks North America commenced accepting orders for its latest Class 8 VNL tractor. Production of this redesigned flagship model by the Volvo Group unit is slated to commence later in the summer of 2024, with customer deliveries scheduled to follow later in the year.
 

Class 8 Truck Market Analysis

Based on fuel, the market is divided into diesel, natural gas, hybrid electric and others. The diesel segment held a market share of over 75% in 2023. Diesel trucks remain the backbone of heavy-duty transportation, offering unmatched power, reliability, and range. Their robust performance makes them indispensable for long-haul freight transportation, construction, and various other industries requiring heavy-duty capabilities.
 

Moreover, the extensive infrastructure supporting diesel refueling stations contributes to their continued dominance in the market. While the industry is witnessing a gradual shift towards cleaner alternatives, the persistent demand for diesel trucks underscores their enduring relevance and importance in fulfilling the diverse transportation needs of businesses worldwide.
 

Based on the cab type, the Class 8 truck market is categorized into day cab, and sleeper cab. The sleeper cab segment held a market share of over 70% in 2023. Sleeper cabs provide drivers with comfortable resting spaces during extended journeys, enabling them to comply with mandatory rest periods while maximizing productivity. Businesses value sleeper cabs for their ability to attract and retain drivers by prioritizing their comfort and well-being. Moreover, with the globalization of supply chains and the need for goods to be transported across vast distances, sleeper cabs have become indispensable for ensuring the efficient and timely delivery of goods, driving sustained demand in the market.
 

Asia Pacific dominated the global class 8 truck market with a major share of over 60% in 2023. Rapid industrialization and urbanization in countries like China and India are fueling the need for robust transportation infrastructure to support the movement of goods. Additionally, the expansion of e-commerce and logistics sectors is increasing the demand for heavy-duty trucks for freight transportation. Government initiatives aimed at infrastructure development and economic growth further boost the demand for Class 8 trucks. As the region continues to emerge as a global economic powerhouse, the demand for Class 8 trucks in the Asia-Pacific market could remain strong.
 

The strong growth in e-commerce has increased the need for efficient freight transportation, pushing demand for heavy-duty trucks, thus favoring the U.S. class 8 truck market. Additionally, the ongoing expansion of industries such as manufacturing, construction, and energy has necessitated the movement of goods across the country. Infrastructure projects and urban development also drive the need for these trucks. Technological advancements in fuel efficiency and safety features make these trucks more attractive to fleet operators. Moreover, government incentives for fuel-efficient and low-emission vehicles contribute to the increasing demand for modern Class 8 trucks.
 

Class 8 Truck Market Share

Daimler and Traton held significant market share of over 25% market share in 2023. These industry giants continue to strengthen their foothold through strategic partnerships and technological innovations, particularly in electric and autonomous driving technologies. Their proactive acquisitions have enabled them to expand their product offerings, making them more adaptable to evolving market demands. By investing heavily in R&D, these companies not only lead in developing sustainable truck solutions but also align with stringent global emission standards.
 

Collaborations with technology firms and logistics companies enhance the integration of their trucks into sophisticated fleet systems, thereby increasing the efficiency of transport and logistics operations. Their dedication to sustainability, through reducing carbon footprints and enhancing fuel efficiency, meets both consumer preferences and regulatory requirements. This strategic combination of innovation, collaboration, and market adaptation secures Daimler and Volvo’s leadership positions in the rapidly evolving market.
 

Class 8 Truck Market Companies

Major companies operating in the class 8 truck industry are:

• Daimler
• Freightliner
• Navistar
• Isuzu Motors
• Kenworth
• Mack Trucks
• MAN
• Peterbilt
• Scania AB
• Volvo Trucks
   

Class 8 Truck Industry News

• In April 2024, Volvo Group plans to construct a heavy-duty truck manufacturing facility in Mexico, adding to its existing production in the U.S. With this development, the OEM could become the final major player in the U.S. Class 8 market to operate a manufacturing facility in Mexico by 2026.
   
• In November 2023, Hyzon Motors expressed intentions to initiate testing of its next-generation Class 8 hydrogen fuel cell electric trucks with U.S. customers in the first quarter of 2024.
   
• In September 2023, ElectraMeccanica and Tevva, prospective merger partners, are aiming to introduce a Class 8 hybrid electric and hydrogen-powered truck in the U.S. by 2027.
   

The class 8 truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) and shipment (Units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Fuel

• Diesel
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others 
• Natural gas
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others
• Hybrid electric
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others
• Others
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others

Market, By Cab Type

• Day cab
• Sleeper cab

Market, By Application

• Freight delivery
• Utility services
• Construction & mining
• Others

Market, By Axle

• 4x2
• 6x4
• 6x2

Market, By Horsepower

• Below 300HP
• 300HP - 400HP
• 400HP - 500HP
• 500HP & Above

Market, By Ownership

• Fleet operator
• Independent operator

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Belgium
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Vietnam
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • South Africa
  • UAE
  • Saudi Arabia
  • Iran
  • Turkey
  • Rest of MEA