Commercial Truck Market Size

Commercial Truck Market Size

Commercial Truck Market size was valued at USD 9 trillion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032. The market growth is driven by the expansion of service range regions by leading companies. As businesses broaden their reach into new territories, the need for efficient transportation of goods grows in tandem. Leading companies are strategically positioning themselves to cater to these expanding markets, thereby driving the demand for commercial trucks.

To get key market trends

  Download Free Sample

These trucks play a crucial role in facilitating the movement of goods across vast distances, ensuring timely delivery and uninterrupted supply chains. With the expansion of service areas, companies require reliable, durable, and high-capacity trucks to meet their transportation needs. Consequently, manufacturers are experiencing a surge in orders for commercial trucks, leading to increased production and innovation in the industry. This trend underscores the vital role commercial trucks play in the global economy's expansion and connectivity.

The commercial truck market is experiencing a surge in demand driven by rising profits reported from leading companies across multiple sectors. As businesses in various industries see increased profitability, they are expanding their operations, leading to a greater need for the transportation of goods. These companies rely on commercial trucks to transport their products efficiently and reliably. With rising profits, companies are investing in upgrading their fleets or expanding their logistics networks, further fueling the demand for commercial trucks.

Additionally, the growth in e-commerce and online retail has led to an increased demand for transportation services, as more goods need to be delivered to consumers. This trend has boosted the need for commercial trucks to handle last-mile delivery and logistics operations effectively. As a result, manufacturers of commercial trucks are experiencing a surge in orders, leading to increased production and innovation in the industry. This demonstrates the pivotal role commercial trucks play in facilitating economic growth across various sectors.

For instance, in April 2024, Daimler India Commercial Vehicles (DICV) showcased that it is focusing on the services segment to drive growth, aiming for 25% of revenue from this sector, according to a senior company official. This emphasis on services, currently contributing 7-10% of revenues, followed a strong performance in fiscal year 2023.

The commercial truck market faces several restraints that impact its growth and development. One significant restraint is regulatory challenges, including stringent emissions standards and safety regulations, which increase manufacturing costs and limit the availability of certain truck models. Economic uncertainties, such as fluctuating fuel prices and trade tensions, also pose challenges for truck manufacturers and fleet operators, affecting investment decisions and demand.

Additionally, supply chain disruptions, like material shortages and transportation bottlenecks, can hinder production and delivery schedules, impacting the availability of trucks in the market. Moreover, the increasing popularity of alternative transportation modes, such as rail and maritime shipping, presents competition for the trucking industry. These restraints underscore the complex dynamics shaping the market and the need for strategic adaptation to overcome them.