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Tanker Truck Market Share

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

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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

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.