Tanker Truck Market Size - By Capacity, By Propulsion, By Material, By Type, By Application & Forecast 2024 - 2032

Tanker Truck Market Size

The global tanker truck market size was valued at USD 131.6 billion in 2023 and is projected to grow at a CAGR of over 4.7% between 2024 and 2032. The rising demand for chemicals and fuels across various industries drives the growth of the market. Sectors such as oil & gas, manufacturing, agriculture, and construction depend on tanker trucks for the efficient and safe transportation of chemicals, fuels, and other bulk liquids.
 

As global industrial activities expand, particularly in emerging economies, the need for specialized tanker trucks to transport hazardous and non-hazardous materials increases. Additionally, the growth in petrochemical production and rising energy demands intensify fuel distribution logistics, further boosting the demand for tanker trucks. Stringent regulations ensuring safe transportation also support the market, increasing the need for modern, compliant tanker vehicles equipped with advanced safety features.
 

Moreover, rising population and urbanization in developing cities are driving the growth of the tanker truck market. These cities increasingly demand essential resources, such as water, fuel, and construction materials, which are commonly transported by tanker trucks. As urban areas expand, they require vast amounts of construction materials for infrastructure development and consistent access to water and fuel for their growing populations.
 

This heightened demand underscores the importance of reliable tanker truck services across various sectors, including construction, municipal water supply, and oil & gas. Additionally, expanding industrial activities and urban infrastructure in these regions necessitate efficient logistics. This, in turn, amplifies the demand for tanker trucks to transport bulk liquids and materials, making urbanization a pivotal growth driver in this market.
 

In January 2024, the United Nations issued "World Urbanization Prospects 2024" study, which predicts that by 2050, approximately 70% of the world population will live in cities, with urban populations increasing by 2.3 billion over the following 30 years. Rapid urbanization will put a strain on overall international trade, and it demands the proper transportation of goods from one place to another, fueling the demand for the market.
 

The rising cost of fuel presents a significant challenge to the tanker truck market, directly increasing operational expenses for fleet owners and logistics providers. Tanker trucks, especially those used for long-distance transportation of liquids such as fuel, chemicals, and water, heavily depend on diesel fuel, which is subject to price fluctuations. As fuel costs rise, transportation expenses escalate, reducing profit margins for industries reliant on these trucks.
 

Additionally, frequent fuel price hikes can decrease demand for tanker trucks, as companies seek more fuel-efficient transportation alternatives or limit long-haul operations. This issue also slows the adoption of new vehicles, particularly in emerging markets, further restraining growth.
 

Tanker Truck Market Trends

Technological advancements in tanker truck design and systems are significantly driving growth in the tanker truck industry by enhancing vehicle efficiency, safety, and performance. Innovations such as advanced telematics enable real-time monitoring of truck operations, including fuel usage, location tracking, and maintenance needs, thereby improving operational efficiency. Automated safety systems, like anti-rollover technologies and advanced braking systems, enhance driver safety, which is crucial when transporting hazardous materials such as fuel or chemicals.
 

The introduction of fuel-efficient engines and hybrid/electric propulsion technologies helps reduce operational costs and environmental impact, addressing growing regulatory pressures for lower emissions. Additionally, innovations in tank materials and insulation technologies improve the safety and longevity of trucks, making them more appealing to fleet operators. Collectively, these technological developments boost the market’s attractiveness and expansion potential.
 

For instance, in October 2023, Volvo Trucks introduced the "Volvo Connect" fleet management platform to support the tanker truck industry. This advanced technology offers real-time insights into the condition and performance of trucks, transforming the management capabilities of tanker fleets. Through a comprehensive suite of services including analytics and reports on crucial factors, such as fuel consumption, idle time, vehicle speed, seat belt usage, and location data, Volvo Connect ensures optimal performance and heightened operational efficiency.
 

Tanker Truck Market Analysis

Based on capacity, the market is segmented into less than 1,000 gallons, 1,000 to 5,000 gallons, 5,000 to 10,000 gallons, and more than 10,000 gallons. In 2023, the 5,000 to 10,000 gallons segment accounted for a market share of over 33% and is expected to exceed USD 67.5 billion by 2032. The 5,000 to 10,000 gallons capacity segment holds the highest market share in the tanker truck market due to its optimal balance between load capacity and operational efficiency. This size range is highly favored in industries such as oil & gas, chemicals, and water transportation, as it provides sufficient volume for large-scale deliveries while remaining maneuverable on various road types.
 

These trucks can efficiently transport substantial quantities of liquids, such as fuel, water, or industrial chemicals, without requiring frequent trips, which reduces operational costs and improves productivity. Additionally, many regulatory frameworks favor this capacity range for safety and efficiency, especially in urban areas or on long-haul routes. As industries seek cost-effective solutions for bulk transportation, the 5,000 to 10,000 gallons category remains the preferred choice for many logistics companies.
 

Based on propulsion, the tanker truck market is divided into diesel, electric, natural gas, and hybrid. The diesel segment held around 68% market share in 2023. The diesel segment dominates the market due to several key factors. Diesel engines, known for their superior torque and power, are ideal for heavy-duty tasks such as transporting large volumes of liquids or bulk materials. Industries like oil & gas, chemicals, and water supply rely on diesel-powered tanker trucks for long-haul transportation, valuing their reliability and fuel efficiency. The global establishment of diesel infrastructure ensures convenient refuelling in both urban centers and remote locations.
 

While there is a noticeable shift towards alternative fuels, diesel trucks maintain their dominance due to their proven performance, durability, and widespread availability. Additionally, advancements in clean diesel technologies have mitigated environmental concerns, supporting the continued use of diesel engines in this market.
 

North America region accounted for a tanker truck market share of over 33% in 2023 and is expected to exceed USD 66 billion by 2032. The region's well-developed infrastructure and robust logistics and transportation industry ensure consistent demand for tanker trucks. Additionally, rising fuel transportation needs and increasing regulatory requirements for safer, more environmentally friendly vehicles accelerate market growth. The adoption of advanced technologies for fuel efficiency and safety features further propels the market's expansion in North America.
 

Europe plays a pivotal role in the tanker truck market, driven by strong demand from the oil & gas, chemical, and food & beverage sectors. Germany, France, and the UK lead the market due to their established logistics infrastructure, stringent environmental regulations, and increasing adoption of advanced fuel-efficient trucks. The region is also shifting towards electric and hybrid tanker trucks as part of its decarbonization efforts. Additionally, the presence of key manufacturers like Volvo, MAN, and DAF further strengthens the market in Europe.
 

The Asia Pacific tanker truck market is witnessing substantial growth, driven by rapid industrialization, expanding infrastructure projects, and increasing demand in sectors such as oil and gas, chemicals, and agriculture. Key countries like China, India, and Japan dominate the market, with rising fuel and liquid transport needs due to urbanization and construction activities. Additionally, increased investments in the region's logistics and transportation infrastructure are further boosting demand for tanker trucks. The push for sustainability and evolving regulatory frameworks are also promoting the adoption of more efficient and environmentally friendly tanker trucks.
 

Brazil and Mexico are key contributors to Latin America's tanker truck market, driven by the oil & gas and mining sectors. Increasing industrial activities and infrastructure projects boost the demand for tanker trucks to transport fuels, chemicals, and water. In the Middle East & Africa (MEA), the oil & gas sector primarily drives the market. Countries such as Saudi Arabia, the UAE, and South Africa lead the demand for heavy-duty tanker trucks. Additionally, industrial expansion, infrastructure development, and growing water transportation needs support market growth in these regions.
 

Tanker Truck Market Share

Volvo Trucks, Hyundai Motor Company, and Tata Motors held a significant market share of over 10% in 2023. Volvo Trucks is dedicated to developing sustainable solutions, focusing on electric tanker trucks to enhance fuel efficiency and reduce emissions. They integrate advanced driver-assistance systems (ADAS) to improve safety. By partnering with logistics firms, Volvo optimizes fleet management through telematics and connected services, helping fleet operator’s lower operational costs and increase productivity.
 

Hyundai is expanding its presence in the tanker truck market by promoting hydrogen fuel cell technology, aiming for zero emissions and energy-efficient long-haul transportation. The company invests in smart truck features to enhance safety and operational efficiency. Hyundai also collaborates with global energy companies to establish a comprehensive hydrogen infrastructure, encouraging adoption in the logistics sector.
 

Tata Motors leverages its strong domestic presence and expanding global network to offer fuel-efficient tanker trucks, focusing on durability and reliability. The company advances connected vehicle technology to improve fleet management, predictive maintenance, and safety features. Tata also explores alternative fuels like CNG and electric models to meet increasing environmental and regulatory demands.
 

Tanker Truck Market Companies

Major players operating in the tanker truck industry are:

• Hyundai Motor Company
• Isuzu Motors Limited
• IVECO S.p.A.
• MAN Truck & Bus AG
• Mercedez (Daimler)
• Navistar International Corporation
• Paccar Inc.
• Scania AB
• Tata Motors
• Volvo Trucks
   

Tanker Truck Industry News

• In April 2024, Arquus secured a significant contract with the French Defence Procurement Agency (DGA) to produce 70 new-generation tanker trucks for the French military. This contract marks a crucial step in modernizing the logistical capabilities of the French Army and Air and Space Force. The first batch of 70 vehicles is expected to be delivered starting in 2026. This order is part of a broader program to provide a total of 376 new-generation tankers by 2030.
   
• In February 2024, ArcBest announced the acquisition of two Santa Rosa-based firms specializing in wine logistics, which includes wine trucking and warehousing services. This strategic purchase is aimed at enhancing ArcBest's capabilities in the wine distribution sector, particularly focusing on direct-to-consumer (DTC) shipments and wine club services. The acquisition includes a fleet of tanker trucks designed for transporting wine. These vehicles are essential for maintaining the quality and integrity of the wine during transit, especially when dealing with temperature-sensitive products.
   

The tanker 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 Capacity

• Less than 1,000 gallons
• 1,000 to 5,000 gallons
• 5,000 to 10,000 gallons
• More than 10,000 gallons

Market, By Propulsion

• Diesel
• Electric
• Natural gas
• Hybrid

Market, By Material

• Stainless stee
• Aluminum
• Carbon steel
• Composite

Market, By Type

• Single-axle tankers
• Multi-axle tankers
• Articulated tankers

Market, By Application

• Oil & gas
• Chemicals
• Food and beverages
• Water
• Industrial liquids
• Dry bulk goods

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

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