Heavy Duty Trucks Market Size

The global heavy duty trucks market size was valued at USD 311.4 billion in 2024 and is estimated to register a CAGR of 4.2% between 2025 and 2034. The market growth is being driven by increasing initiatives and collaborations between regions aimed at extending the reach and adoption of Class 8 trucks. As global commerce thrives, the demand for efficient cross-border transportation of goods has surged.

A notable example occurred in April 2024 when Bali Express and San Diego Gas & Electric 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 first-ever semi-truck crossing into Mexican territory, symbolizing a pivotal step in the binational region’s pursuit of a net-zero future.

Initiatives such as trade agreements and infrastructure development projects have streamlined cross-border movement, increasing the demand for heavy-duty trucks to meet transportation requirements. Regional collaborations have further fueled this demand by promoting interoperability and standardization across transportation networks, facilitating seamless cross-regional trade. This synergy not only strengthens the Class 8 truck market but also drives economic growth by improving connectivity and trade efficiency on a global scale.

Moreover, rapid technological advancements are reshaping the heavy-duty truck market. Innovations such as autonomous driving systems, telematics, and connectivity solutions 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, ensure driver safety, and reduce operational costs. The integration of cutting-edge technologies is driving demand for newer models and fostering a culture of innovation and adaptation within industry.

Heavy Duty Trucks Market Trends

The heavy-duty truck industry is experiencing dynamic trends fueled by a surge in modifications and product launches from leading manufacturers. To meet evolving customer demands and regulatory requirements, companies are prioritizing innovation and customization. Features such as autonomous driving capabilities, telematics systems, and improved fuel efficiency are becoming standard offerings.

Additionally, the rise of electric and alternative fuel-powered Class 8 trucks is transforming the industry landscape, underscoring a growing commitment to sustainability. These advancements not only improve the performance and safety of heavy-duty trucks but also revolutionize goods transportation. With leading manufacturers pushing the boundaries of technology and design, the heavy-duty truck market is poised for significant transformation and growth.

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

Despite its growth, the heavy-duty truck market faces several challenges that hinder its development. One major restraint is fuel price volatility, which significantly impacts operating costs for fleet operators. Economic uncertainties and geopolitical tensions further exacerbate this volatility, making it difficult for businesses to forecast expenses accurately. Additionally, stringent environmental regulations require truck manufacturers to invest heavily in research and development to meet emission standards, increasing the overall cost of vehicles.

Heavy Duty Trucks Market Analysis

Based on class, the market is categorized into class 7 and class 8. The class 8 segment accounted for over 80% market share in 2024. Class 8 trucks hold the largest share in the heavy-duty truck market due to their unparalleled capabilities and versatility in handling the most demanding transportation tasks. With a gross vehicle weight rating (GVWR) of over 33,000 pounds, these trucks are designed for heavy hauling and long-distance freight operations, making them indispensable in industries such as logistics, construction, mining, and agriculture.

Their ability to transport substantial loads efficiently over extended distances has made them a cornerstone of global supply chains. Additionally, Class 8 trucks are at the forefront of technological advancements, integrating features such as autonomous driving systems, telematics, and fuel-efficient engines, which appeal to fleet operators seeking to optimize performance and reduce costs.

Based on fuel, the heavy duty truck market is divided into diesel, natural gas, hybrid electric and others. In 2024, the diesel segment held a market share of over 75%. 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.

Asia Pacific heavy duty trucks market accounted for 60% of the revenue share in 2023. Rapid industrialization and urbanization in countries like China and India are driving the need for robust transportation infrastructure to support the movement of goods. The growing expansion of the e-commerce and logistics sectors has significantly increased the demand for heavy-duty trucks for freight transportation. Government initiatives focused on infrastructure development and economic growth further strengthen this demand. As the Asia-Pacific region continues to rise as a global economic powerhouse, the heavy-duty truck market is expected to remain robust.

In the U.S., the rapid growth of e-commerce has heightened the need for efficient freight transportation, fueling demand for heavy-duty trucks. Additionally, the expansion of key industries such as manufacturing, construction, and energy has necessitated the movement of goods nationwide. Infrastructure projects and urban development also play a critical role in driving demand for these vehicles. Technological advancements, particularly in fuel efficiency and safety features, make heavy-duty trucks increasingly appealing to fleet operators. Furthermore, government incentives for adopting fuel-efficient and low-emission vehicles are contributing to the growing demand for modern heavy-duty trucks.

Heavy Duty Trucks Market Share

PACCAR Inc, SCANIA, MAN, Navistar, Volvo, and Daimler Trucks hold a significant market share of over 45% in the heavy-duty trucks industry. Daimler and PACCAR 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.

Heavy Duty Trucks Market Companies

Major players operating in the heavy-duty vehicle rental industry include:

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

Heavy Duty Trucks 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.
  

The heavy-duty vehicle rental market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Mn) and shipment (Unit) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Class

• Class 7
  • Axle type
    • 4X2
    • 6X2
    • 6X4
• Class 8
  • Axle type
    • 4X2
    • 6X2
    • 6X4
  • Cab type
    • Day cab
    • Sleeper cab

Market, By Fuel

• Diesel
• Natural gas
• Hybrid electric
• Gasoline

Market, By Horsepower

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

Market, By Application

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

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
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia