Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2024
Companies covered: 20
Tables & Figures: 200
Countries covered: 21
Pages: 175
Download Free PDF
Trucks Market
Get a free sample of this report
Get a free sample of this report Trucks Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Trucks Market Size
The global trucks market size was valued at USD 7.5 trillion in 2024 and is estimated to register a CAGR of 7.2% between 2025 and 2034. The global growth of e-commerce is driving the trucks industry by increasing the need for transportation and logistics. According to Statista, in 2023, e-commerce made up over 19% of global retail sales and is expected to rise to over 22% by 2027.
E-commerce companies rely on fast and reliable delivery systems to meet customer demands for quick shipping. This has increased the demand for light-duty and medium-duty trucks, which are well-suited for last-mile and regional deliveries. The expansion of online retail platforms has also grown the logistics network, requiring more trucks for deliveries in both urban and rural areas. The focus on efficient delivery processes continues to drive market growth.
Increasing government investments in roads, bridges, and ports are driving the demand for trucks. In the fiscal year 2024, the Indian government allocated 3.3% of GDP to the infrastructure sector with major focus on the transport and logistics segments. Better infrastructure improves trucking efficiency, enabling faster and cheaper cargo transport. This encourages businesses to rely more on trucks for moving goods, boosting demand. Additionally, well-maintained infrastructure reduces truck wear and tear, extending their lifespan and further increasing their truck market demand.
Furthermore, as cities grow and new urban areas develop, the need for specialized trucks such as dump trucks and crane trucks is increasing. These vehicles are essential for construction projects, helping to move heavy materials and transport equipment efficiently. This demand is especially strong in Asia Pacific, where rapid urban growth in countries including China and India is driving infrastructure projects and boosting the need for construction trucks. Additionally, the focus on smart city developments and transportation hubs is further increasing the demand for trucks that can handle large and complex projects.
Trucks Market Trends
Technological advancements are boosting the trucks industry by improving fuel efficiency, safety, and connectivity, leading to better overall performance. Features such as advanced telematics and autonomous driving systems provide real-time data, helping fleet managers optimize routes, save fuel, and improve safety. Advanced driver assistance systems (ADAS) reduce accidents and improve driver performance.
The move toward electrification lowers reliance on fossil fuels and cuts emissions. Innovations in trailer tracking and predictive maintenance help identify issues early, reducing downtime and extending the life of trucks. Real-time data analytics further improve maintenance schedules, increase efficiency, and lower costs, making trucks eco-friendlier and more cost-effective in a competitive and regulated market.
Electric trucks are expected to grow significantly in the e-commerce delivery market by addressing sustainability and cost-efficiency needs. E-commerce companies are adopting electric vehicles to meet environmental goals and lower operating costs. For instance, in August 2023, Eicher Trucks, part of VE Commercial Vehicles Limited (VECV), partnered with Amazon to add 1,000 electric trucks with different payload capacities to Amazon's delivery operations over the next five years.
These trucks will be used by Amazon's transport service partners. Additionally, lower maintenance and fuel costs make electric trucks a cost-effective option for last-mile delivery, which is growing quickly due to the rise of e-commerce, and the driving growth in the truck market.
Furthermore, truck manufacturers are launching electric trucks to target the e-commerce logistics market. For instance, in December 2024, Daimler India Commercial Vehicles (DICV) started testing its light-duty electric truck, the eCanter, in India. DICV, a part of Daimler Truck AG, the global leader in truck manufacturing, had earlier announced plans to launch the eCanter in India within 6-12 months. The third-generation eCanter will be assembled locally and is aimed at the e-commerce logistics market. The launch marks BharatBenz’s entry into the 3.5 to 7.5-tonne truck segment.
Governments across the world are introducing stricter rules to reduce emissions and improve safety in the trucking industry. For instance, Europe’s Euro VI standards and U.S. EPA regulations require truck manufacturers to lower emissions and improve fuel efficiency. To comply, companies must invest in advanced technologies such as selective catalytic reduction (SCR) systems, diesel particulate filters (DPFs), and electric or hydrogen-powered drivetrains.
These changes support sustainability but also increase production costs, which may be passed on to customers. Additionally, different regulations in various regions make it challenging for manufacturers and fleet operators in international markets, as they must adapt vehicles to meet multiple compliance requirements.
Trucks Market Analysis
Based on propulsion, the market is divided into gasoline, diesel, electric, natural gas and FCEV. In 2024, the diesel segment held a market share of over 85% and is expected to cross USD 9.5 trillion by 2034. Diesel-powered trucks lead the market for long-haul and heavy-duty uses because they are fuel-efficient and produce high torque.
These features make them ideal for industries such as construction, mining, and logistics, where heavy loads need to be moved over long distances. Diesel engines are durable, reducing maintenance costs for operators. Diesel trucks also benefit from a well-established global refueling network. In regions including North America and Asia-Pacific, diesel is the main fuel for commercial vehicles due to its availability in urban, rural, and industrial areas.
Based on application, the trucks market is categorized into logistics & transportation, construction & infrastructure, retail & e-commerce, mining and others. The logistics & transportation segment held a market share of around 45% in 2024. Globalization and cross-border trade have expanded international supply chains. Heavy-duty trucks are essential for moving goods across borders and ensuring bulk deliveries are on time. Regions such as Asia-Pacific and Europe, with strong trade networks, are seeing high demand for trucks in logistics and freight transport.
Additionally, the growing need to transport perishable goods such as food, medicines, and flowers is increasing demand for trucks with refrigeration units. Cold chain logistics is expanding due to higher consumption of fresh and frozen foods and the healthcare sector's need to move vaccines and biopharmaceuticals. These temperature-controlled trucks are becoming essential for the supply chain as demand for perishable and healthcare products rises.
Asia Pacific trucks market accounted for 55% of the revenue share in 2024. Asia-Pacific is experiencing major infrastructure growth due to urbanization and government investments in projects such as highways, metro systems, and smart cities. Countries including China, India, and Indonesia are leading this trend, increasing demand for heavy-duty and construction trucks.
China is the largest producer and consumer of trucks, driven by its large industrial sector and infrastructure projects. The government’s focus on improving rural and urban connectivity has boosted demand for heavy-duty trucks in construction and logistics. China is also quickly adopting electric trucks, supported by government incentives and local manufacturing capabilities.
Europe’s strict emission rules, such as Euro VI, are pushing the use of low-emission and zero-emission trucks. This has increased demand for electric, hybrid, and hydrogen-powered trucks, especially in Germany, France, and the UK. The logistics industry in Europe is focusing on sustainability, with businesses choosing eco-friendly trucks to meet environmental regulations and reduce their carbon footprint. This is driving demand for advanced truck technologies in the region.
The growth of e-commerce giants including Amazon and Walmart has sharply increased the need for trucks for last-mile delivery and regional freight in the region. The US government’s infrastructure modernization efforts, such as the Infrastructure Investment and Jobs Act, are also driving demand for construction trucks. Heavy-duty trucks are essential for transporting materials and equipment, boosting the market in North America.
Trucks Market Share
Daimler Trucks, Volvo Group and Paccar hold a market share of around 10% in the trucks industry. Daimler Trucks is investing in electric and hydrogen-powered vehicles to meet the growing demand for sustainable transportation. Its eActros and GenH2 models target urban and long-haul applications. The company is also building charging and refueling infrastructure through partnerships. In emerging markets such India, Brazil, and Southeast Asia, Daimler is localizing production and offering cost-efficient models to meet rising demand driven by economic growth and infrastructure development.
Volvo Group is advancing autonomous vehicle technology with projects such as Volvo Vera and partnerships in self-driving solutions for logistics and mining. It uses AI and telematics to improve fleet management and offers services such as remote diagnostics and predictive maintenance to enhance vehicle uptime and customer satisfaction. Paccar is growing its financing and leasing services to make truck ownership easier, focusing on markets in North America and Europe.
Trucks Market Companies
Major players operating in the trucks industry include:
Trucks Industry News
The trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and shipment (units) from 2021 to 2034, for the following segments:
Click here to Buy Section of this Report
Market, By Class
Market, By Propulsion
Market, By Truck
Market, By Application
The above information is provided for the following regions and countries: