Medium and Heavy Commercial Vehicles Market Report 2026

The medium and heavy commercial vehicles market size has grown strongly in recent years. It will grow from $363.36 billion in 2025 to $395.33 billion in 2026 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to freight transportation growth, infrastructure development, diesel engine dominance, urbanization impact, logistics sector expansion.

The medium and heavy commercial vehicles market size is expected to see strong growth in the next few years. It will grow to $547.55 billion in 2030 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to emission regulations, electrification incentives, smart fleet management, demand for fuel efficiency, growth of construction activity. Major trends in the forecast period include shift toward electric mhcvs, adoption of telematics and fleet analytics, expansion of vocational truck demand, growth of alternative fuel vehicles, focus on total cost of ownership.

The growing e-commerce sector is anticipated to drive the expansion of the medium and heavy commercial vehicles market. The surge in e-commerce is attributed to increasing internet penetration, the convenience of online shopping, and technological advancements, which were further accelerated by the COVID-19 pandemic. Medium and heavy commercial vehicles play a crucial role in e-commerce by enabling the efficient transport of large volumes of goods over long distances, thus ensuring timely deliveries and optimizing supply chains. For example, in May 2024, a report from the Census Bureau of the Department of Commerce, a US-based governmental agency, indicated that e-commerce sales reached approximately $1.11 trillion in 2023. In the first quarter of 2024, total retail sales were estimated at $1.82 trillion, with e-commerce sales increasing by 8.5% (±1.1%) compared to the same period in 2023, while total retail sales grew by 2.8% (±0.5%). Hence, the rise in e-commerce activities is fueling the growth of the medium and heavy commercial vehicles market.

Key players in the medium and heavy commercial vehicle market are concentrating on developing advanced products, such as high-payload capacity trucks, to meet evolving market demands and improve fuel efficiency, performance, and sustainability. High-payload capacity trucks are designed to carry substantial cargo loads, often exceeding the standard limits for their category. For instance, in October 2023, Ashok Leyland, an India-based commercial vehicle manufacturer, introduced the Ecomet Star 1915 truck with a Gross Vehicle Weight (GVW) of 18.49 tons in the Intermediate Commercial Vehicle (ICV) segment. The truck offers an impressive payload capacity of 12.91 tons, suitable for heavy-duty applications. It is equipped with a robust 110 kW (150 hp) H4 engine producing 450 Nm of torque, ensuring strong performance for long-distance travel. Additionally, it features a newly designed, wider 2.34-meter load body as a standard, enhancing loading efficiency.

In March 2024, Morgan Truck Body LLC, a US-based manufacturer specializing in dry freight and refrigerated truck bodies, acquired Transit Truck Bodies Inc. for an undisclosed amount. This acquisition expands Morgan Truck Body's North American footprint to 14 locations and leverages Transit Truck Bodies' expertise, strengthening Morgan's capability to deliver innovative truck body solutions across the continent. Transit Truck Bodies Inc. is a Canada-based manufacturer of truck bodies.

Major companies operating in the medium and heavy commercial vehicles market report include Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, Hyundai Motor Company, Daimler Truck AG, AB Volvo, Tata Motors Limited, PACCAR Inc, Isuzu Motors Limited, Mitsubishi Motors Corporation, Dongfeng Motor Corporation, Scania AB, Iveco S.p.A., Mahindra & Mahindra Limited, MAN SE, Beiqi Foton Motor Co. Ltd., Ashok Leyland Limited, Mack Trucks Inc., Force Motors Limited, UD Trucks Corporation, Oy Sisu Auto Ab.

Asia-Pacific was the largest region in the medium and heavy commercial vehicles market in 2025 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the medium and heavy commercial vehicles market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medium and heavy commercial vehicles market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The medium and heavy commercial vehicles market consists of sales of delivery vans, refrigerated trucks, stake trucks, dump trucks, heavy haulage trucks, and heavy-duty buses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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