Semi-Truck Market Size - By Truck Class (Class 6, Class 7, Class 8), By Propulsion (Diesel, Natural Gas, Electric, Hybrid), By Body (Tractor-Trailer, Straight Truck, Dump Truck, Van Truck), By Application, By End-user Industry & Forecast, 2024 - 2032

Semi-Truck Market Size

Semi-Truck Market size was valued at USD 141.7 billion in 2023 and is projected to grow at a CAGR of over 5.2% between 2024 and 2032. Rising globalization and the expansion of international trade are primary drivers of the market's growth. As global trade increases, the demand for efficient and reliable freight transportation solutions has intensified, leading to greater reliance on semi-trucks for long-haul and cross-border shipping.
 

Additionally, semi-trucks are crucial in connecting ports, manufacturing hubs, and distribution centers, facilitating the seamless movement of goods across continents. The rise of e-commerce and just-in-time delivery models further underscores the need for robust transportation networks, where semi-trucks play an indispensable role. Moreover, the development of new trade routes and infrastructure investments in emerging markets enhances the demand for semi-trucks, driving market growth and encouraging innovation in truck design and logistics solutions.
 

In January 2024, based on insights released by the United Nations issued in "World Urbanization Prospects 2024" study, approximately 70% of the world population is expected to live in cities, with urban populations increasing by 2.3 billion over the following 30 years. Such rapid urbanization will put a strain on overall international trade, and it demands the proper transportation of logistics and goods from one place to another, thereby fuelling the demand for the market.
 

Moreover, the expansion of e-commerce and last-mile delivery significantly drives the semi-truck market by increasing the demand for efficient and scalable transportation solutions. As e-commerce grows, it requires a robust logistics infrastructure to handle large volumes of goods and ensure timely deliveries. Semi-trucks play a crucial role in transporting goods from distribution centers to regional hubs, supporting the high demand for fast and reliable delivery services. The rise in online shopping has led to a greater emphasis on optimizing supply chains and enhancing freight capabilities, further boosting the need for semi-trucks to manage and streamline the flow of products across longer distances.
 

This trend supports market growth by driving higher sales and investments in semi-truck fleets. For instance, in March 2023, the Indian government announced plans to invest significantly in improving road infrastructure to facilitate smoother transportation of goods across urban centers and international borders. This initiative aims to support the growing e-commerce sector in the country and meet the increasing demand for consumer goods in urban areas.
 

Small and medium-sized businesses face a significant barrier in the semi-truck market due to the high initial costs of semi-trucks. These trucks, often priced in the hundreds of thousands of dollars, require a substantial upfront investment. This financial burden can be particularly challenging for companies with limited capital. In addition to the purchase price, businesses must also consider financing, insurance, and maintenance expenses.
 

Such high initial costs can impede fleet expansion and slow the adoption of newer, technologically advanced models. As a result, many businesses may turn to the used truck market or alternative transportation solutions. This trend not only limits the growth potential of the new semi-truck segment but also creates challenges for manufacturers aiming to increase sales.
 

Semi-Truck Market Trends

Semi-trucks are witnessing significant technological advancements in autonomous technology. Integrating technologies such as advanced driver-assistance systems (ADAS) and fully autonomous driving is transforming the industry by enhancing safety, efficiency, and cost-effectiveness. These technologies reduce human error, resulting in fewer accidents and lower insurance premiums. They optimize fuel consumption and route planning, improving overall efficiency and reducing downtime.
 

Additionally, the shortage of qualified truck drivers has accelerated the adoption of autonomous trucks, which can operate continuously without the need for rest, thereby increasing productivity. As regulations evolve to accommodate autonomous vehicles and technological reliability improves, the adoption of autonomous semi-trucks is expected to grow, driving market expansion and attracting significant investment from both manufacturers and logistics companies.
 

For instance, in May 2024, Volvo and Aurora unveiled their first production-ready autonomous semi-truck, the Volvo VNL Autonomous, at the ACT Expo in Las Vegas. This collaboration, which began three years ago, combines Volvo's manufacturing expertise with Aurora's advanced autonomous driving technology. The truck is powered by Aurora Driver, a Level 4 autonomous driving system equipped with high-resolution cameras, imaging radars, and a LiDAR sensor capable of detecting objects up to 400 meters away. This technology has been extensively tested, accumulating billions of virtual miles and 1.5 million miles on public roads.
 

Semi-Truck Market Analysis

Based on propulsion, the market is segmented into diesel, natural gas, electric, and hybrid. In 2023, the diesel segment accounted for a market share of over 77% and is expected to exceed USD 173.9 billion by 2032. This segmentation holds the largest share in the semi-truck market due to its superior energy density, which provides enhanced power and efficiency for heavy-duty applications. Diesel engines, known for their higher torque, are essential for hauling substantial loads over long distances, making them the preferred choice for long-haul and heavy-duty trucks.
 

Additionally, the globally established infrastructure for diesel fuel distribution ensures easy refuelling, even in remote areas. These engines have a longer lifespan and require less frequent maintenance, further increasing their appeal in the commercial trucking industry. Despite the rise of alternative fuels, the combination of power, efficiency, and infrastructure support keeps diesel as the dominant propulsion method in the semi-truck market, especially in regions with extensive freight transportation needs.
 

Based on the truck class, the market is divided into class 6, class 7, and class 8. The class 8 segment held around 69% market share in 2023. These trucks dominate the semi-truck market due to their capability to handle the most demanding transportation needs, making them essential for long-haul and heavy-duty applications. With a Gross Vehicle Weight Rating (GVWR) exceeding 33,000 pounds, these trucks are designed to transport large and heavy loads across vast distances, making them indispensable in industries such as logistics, construction, and mining.
 

The robust performance, durability, and capacity of Class 8 trucks make them ideal for long-distance freight, a core component of global supply chains. Additionally, ongoing infrastructure projects and the rising demand for efficient transportation solutions further drive the adoption of Class 8 trucks, reinforcing their leading position in the market. Their versatility and ability to generate higher revenue per mile significantly contribute to their large market share.
 

North American semi-truck market accounted for 37% of the revenue share in 2023 and is expected to exceed USD 83.6 billion by 2032. The extensive transportation infrastructure and high demand for freight services in the region have secured a significant share in the market. The U.S., with leading manufacturers such as PACCAR and Navistar, is the largest contributor. The region's emphasis on long-haul transportation and stringent emission regulations drives the demand for advanced, fuel-efficient trucks.
 

Additionally, the growth of e-commerce and the need for efficient logistics solutions further boost the market. Further, the well-established supply chains and continuous infrastructure development in North America support market growth.
 

Moreover, stringent emission regulations shape Europe's semi-truck market, driving the adoption of fuel-efficient and electric trucks. Key markets such as Germany, France, and the UK lead in demand, supported by robust logistics networks and a focus on sustainable transportation. The presence of major manufacturers such as Daimler, Volvo, and MAN further strengthens the region's market position. Additionally, the push for green energy and advancements in automation and connectivity significantly influence market growth in Europe. As these trends continue, the market is expected to grow steadily across these geographies.
 

The semi-truck market in the Asia Pacific region is growing rapidly due to expanding industrial activities, infrastructure development, and increasing demand for efficient freight transportation. Significant investments in road networks and logistics by key contributors such as China, India, and Japan are driving this growth. The rise of e-commerce and manufacturing in the region further boosts the demand for semi-trucks. Additionally, government initiatives to improve transportation infrastructure and the growing focus on emission standards are accelerating the adoption of advanced, fuel-efficient, and electric semi-trucks in the Asia Pacific market.
 

Furthermore, the semi-truck market in the MEA and Latin America regions is experiencing growth, driven by infrastructure development, construction projects, and expanding trade activities. In Latin America, Brazil and Mexico are key markets, benefiting from industrial growth and increasing demand for freight transportation. In the MEA region, countries such as Saudi Arabia and South Africa are driving growth, particularly in the construction and mining sectors, where durable and efficient trucks are essential.
 

Semi-Truck Market Share

Volvo Group, Daimler AG, and Paccar Inc. held a significant market share of over 9% in 2023. Volvo Group focuses on electrification, autonomous technology, and connectivity in the semi-truck industry. The company is developing electric trucks and investing in the necessary charging infrastructure. Additionally, Volvo is advancing autonomous solutions to enhance safety and efficiency. Their connected services optimize fleet management and minimize downtime.
 

Daimler AG emphasizes sustainability through electrification, with plans to introduce battery-electric and hydrogen fuel cell trucks. They are also investing in autonomous driving technology and digital solutions to improve operational efficiency. Daimler leverages partnerships and acquisitions to accelerate innovation in these areas.
 

Paccar Inc. prioritizes the development of electric and autonomous trucks, alongside traditional diesel models. They are investing in advanced manufacturing technologies, including connected vehicle services. Paccar is also enhancing its global parts distribution network and expanding its financial services to support customers.
 

Semi-Truck Market Companies

Major players operating in the semi-truck industry are:

• Volvo Group
• Daimler AG
• Paccar Inc.
• Tata Motors Limited
• Iveco S.p.A.
• Hyundai Motor Company
• Isuzu Motors Ltd.
• MAN Truck & Bus AG
• Ashok Leyland
• Navistar International Corporation
   

Semi-Truck Industry News

• In August 2024, Virginia Transportation Corp. launched an all-electric semi-truck pilot program in Alabama, specifically designed to transport newly manufactured Honda vehicles from the Lincoln plant to the CSX railhead for global shipment. This initiative involves a coalition that includes Peterbilt, Alabama Power, and the Alabama Clean Fuels Coalition, which will evaluate the performance of the Peterbilt 579EV model. This program marks a significant step in transitioning from traditional diesel-powered transportation to cleaner, electric alternatives, reflecting ongoing efforts to enhance sustainability in the automotive supply chain.
   
• In August 2023, Windrose, a Chinese electric truck manufacturer, announced plans to establish an assembly plant for its semi-trucks in the United States, specifically in Georgia. This move is seen as a direct challenge to Tesla's Semi, which is also targeting the same market segment. Each Windrose electric truck will feature a battery capacity exceeding 700 kWh, allowing for a range of over 670 kilometres (approximately 418 miles) when fully loaded at 49 tonnes.
   

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

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Market, By Truck Class

• Class 6
• Class 7
• Class 8

Market, By Propulsion

• Diesel
• Natural Gas
• Electric
• Hybrid

Market, By Body

• Tractor-Trailer
• Straight Truck
• Dump Truck
• Van Truck

Market, By Application

• Long-Haul
• Regional
• Local
• Vocational

Market, By End-User Industry

• Logistics & Transportation
• Construction
• Agriculture
• Mining
• Others

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

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA