The medium and heavy commercial vehicles market size has grown strongly in recent years. It will grow from $333.98 billion in 2024 to $363.36 billion in 2025 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to rising investments in infrastructure, growing urban areas, global trade expansion, increasing fuel efficiency regulations, and rising demand for logistics and supply chain needs.
The medium and heavy commercial vehicles market size is expected to see strong growth in the next few years. It will grow to $504.97 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing demand for commercial vehicles, an increase in disposable income, rapid growth in e-commerce, rising demand from the construction sector, and increased demand for material transportation. Major trends in the forecast period include the adoption of autonomous driving technologies, the integration of telematics systems, a focus on vehicle-to-everything (V2X) communication, growth in vehicle sharing and leasing models, and the development of alternative fuel sources.
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 are 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 2023 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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medium and heavy commercial vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Medium and heavy commercial vehicles (MHCVs) include trucks and buses with a gross vehicle weight (GVW) typically ranging from 6 to over 16 tons. These vehicles are mainly used for transporting goods or passengers over long distances and are employed in industrial or commercial settings.
The primary types of medium and heavy commercial vehicles are trucks, buses, and construction and mining equipment. Trucks in this category are large, motorized vehicles designed mainly for transporting goods and materials over long distances. They are crucial for logistics, construction, and various industrial uses. These vehicles are classified by gross vehicle weight into medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs). They use various propulsion types, including internal combustion (IC) engines, plug-in hybrid electric, battery electric, and alternative fuel-powered systems. The tonnage ranges from 3.5-7.5 tons, 7.5-16 tons, to over 16 tons, with applications spanning logistics and transportation, construction and mining, passenger transport, and defense and government.
The medium and heavy commercial vehicles market research report is one of a series of new reports that provides medium and heavy commercial vehicles market statistics, including medium and heavy commercial vehicles industry global market size, regional shares, competitors with a medium and heavy commercial vehicles market share, detailed medium and heavy commercial vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the medium and heavy commercial vehicles industry. This medium and heavy commercial vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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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Table of Contents
Executive Summary
Medium and Heavy Commercial Vehicles Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on medium and heavy commercial vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for medium and heavy commercial vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medium and heavy commercial vehicles market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Vehicle Type: Trucks; Buses; Construction and Mining Equipment2) By Gross Vehicle Weight: Medium Commercial Vehicles (MCV); Heavy Commercial Vehicles (HCV))
3) By Propulsion Type: Internal Combustion (IC) Engine; Plug-in Hybrid Electric; Battery Electric; Alternative Fuel Powered
4) By Tonnage: 3.5 - 7.5 Ton; 7.5 - 16 Ton; Above 16 Ton
5) By Application: Logistics and Transportation; Construction and Mining; Passenger Transportation; Defense and Government
Subsegments:
1) By Trucks: Light Trucks; Medium Trucks; Heavy-Duty Trucks; Vocational Trucks; Refrigerated Trucks2) By Buses: City Buses; Intercity Buses; School Buses; Tourist Buses; Electric Buses
3) By Construction and Mining Equipment: Excavators; Bulldozers; Dump Trucks; Loaders; Graders
Key Companies Mentioned: Volkswagen AG; Toyota Motor Corporation; Ford Motor Company; Mercedes-Benz Group AG; Hyundai Motor Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this 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
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | April 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 363.36 Billion |
Forecasted Market Value ( USD | $ 504.97 Billion |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
No. of Companies Mentioned | 23 |