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Tanker Truck Market Analysis

  • Report ID: GMI11444
  • Published Date: Sep 2024
  • Report Format: PDF

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.
 

Tanker Truck Market Revenue Share, By Propulsion, (2023)

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 Tanker Truck Market Size, 2021- 2032 (USD Billion)

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.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of tanker truck reached USD 131.6 billion in 2023 and is set to register over 4.7% CAGR from 2024-2032, due to the rising demand for chemicals and fuels across various industries worldwide.

The 5,000 to 10,000 gallons segment held over 33% share in 2023, owing to its optimal balance between load capacity and operational efficiency.

North America market held over 33% share in 2023, attributed to well-developed infrastructure and robust logistics and transportation industry in the region.

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, are some of the major tanker truck companies worldwide.

Tanker Truck Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 180
  • Countries covered: 21
  • Pages: 180
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