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Semi-Truck Market Share

Report ID: GMI11151
Published Date: Aug 2024
Report Format: PDF

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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

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of semi-truck reached USD 141.7 billion in 2023 and is set to register over 5.2% CAGR from 2024-2032, due to the rising globalization and the expansion of international trade worldwide.

The diesel segment is expected to reach over USD 173.9 billion by 2032, owing to its superior energy density, which provides enhanced power and efficiency for heavy-duty applications

North America market is expected to reach over USD 83.6 billion by 2032, attributed to extensive transportation infrastructure and high demand for freight services in the region.

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, and Navistar International Corporation, are some of the major semi-truck companies worldwide.