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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.
Who are the major players in the heavy-duty vehicle rental industry?
The key players in the industry include Daimler, Freightliner, Navistar, Isuzu Motors, Kenworth, Mack Trucks, MAN, Peterbilt, Scania AB, and Volvo Trucks.
How much is the Asia Pacific heavy-duty trucks market worth?
The Asia Pacific market accounted for 60% of the revenue share in 2023, led by rapid industrialization, urbanization, and the expansion of e-commerce and logistics sectors in countries like China and India.
How big is the heavy-duty trucks market?
The market size of heavy-duty trucks reached USD 311.4 billion in 2024 and is set to grow at a 4.2% CAGR from 2025 to 2034, driven by increasing cross-border transportation demand and regional collaborations to promote Class 8 trucks.
What is the market share of diesel trucks in the heavy-duty trucks industry?
Diesel trucks held over 75% of the market share in 2024, as their power, reliability, and range make them indispensable for long-haul freight and heavy-duty applications.