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Trucks Market Size

Report ID: GMI6781
Published Date: Sep 2023
Report Format: PDF

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Trucks Market Size

Trucks Market size was valued at USD 7.60 trillion in 2022 and is anticipated to register a CAGR of 9.1% between 2023 and 2032. Rising infrastructure investments in building and maintaining roads, bridges & ports to enhance transportation networks are propelling the market demand.

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Improved infrastructure expands the reach and efficiency of trucking operations, enabling faster & more cost-effective cargo movement. This encourages businesses to utilize trucks for the transportation of goods, contributing to increased truck demand. Well-maintained infrastructure reduces wear & tear on trucks, extending their operational lifespan and further bolstering their market share.

Technological advancements are propelling the trucks market by enhancing fuel efficiency, safety, and connectivity. Features, such as advanced telematics, autonomous driving systems, advanced driver assistance system and electrification, are improving operational efficiency and reducing costs for trucking companies. Additionally, innovations in trailer tracking, predictive maintenance, and real-time data analytics are optimizing fleet management, making trucks more competitive and environment-friendly in an evolving industry landscape.

Trucks Market Report Attributes
Report Attribute	Details
Base Year:	2022
Trucks Market Size in 2022:	USD 7.60 Trillion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.1%
2032 Value Projection:	USD 16.11 Trillion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	645
Segments covered:	Class, Propulsion Type, Type, Application, Region
Growth Drivers:	Rising need to transport raw materials and finished goods Rising truck manufacturing in North America Expanding e-commerce sector in Asia Pacific Limited truck drivers in Europe Increasing adoption of self-driving technologies in Latin America and the Middle East & Africa
Pitfalls & Challenges:	High cost of insurance premiums and maintenance Safety & security concerns

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The high insurance premiums and maintenance costs can hinder the demand for trucks by increasing the operational expenses for trucking companies. These costs strain profitability and make it more challenging for businesses to expand their fleets. Additionally, high insurance premiums can deter new entrants into the industry and exacerbate driver shortages by making it less attractive as a career choice. This, in turn, can limit the overall growth potential of the market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The trucks industry value was USD 7.6 trillion in 2022 and is anticipated to register around 9.1% CAGR between 2023 and 2032.

The light-duty segment accounted for over 85% of the market share in 2022 and is projected to grow by 2032 owing to the collaborations among automotive companies to produce efficient, eco-friendly, and cost-effective light-duty trucks.

Asia Pacific trucks market had a major share of over 55% in 2022 and is expected to grow by 2032 due to the technological advancements in China's truck manufacturing sector by offering innovative & cost-effective solutions.

Scania, Daimler Cars, TuSimple, Inc., Hino Carss, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc., Navistar, Inc., Embark Carss, Inc., PlusAI, Inc., and Kodiak Robotics.