Heavy Duty Trucks Global Market Report 2024

The heavy duty trucks market size has grown strongly in recent years. It will grow from $215.54 billion in 2023 to $229.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The historical growth in the heavy-duty truck industry can be attributed to various factors, including the expansion of industrial operations, a rise in freight demand, increasing adherence to pollution standards, advancements in vehicle safety, and growing demand from end-users.

The heavy duty trucks market size is expected to see strong growth in the next few years. It will grow to $278.6 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The anticipated growth in the forecast period for the heavy-duty truck industry can be attributed to a surge in demand for powerful vehicles, an increasing need for products in specific sectors, the expansion of both domestic and foreign trade, compliance with stringent emission regulations, and a rise in purchasing power. Key trends expected in this period include a surge in electrification, advancements in telematics and connectivity, the adoption of weight reduction technologies, the development of last-mile delivery solutions, and an increased focus on predictive maintenance.

The heavy-duty truck market is poised for growth due to an upsurge in infrastructure development and construction activities. These endeavors encompass the planning, financing, and execution of fundamental physical systems vital for societal well-being. Heavy-duty trucks play a pivotal role in these ventures by facilitating the transportation of materials, equipment, and goods essential for construction projects. Notably, in November 2023, the Office for National Statistics reported a significant increase in construction value and new orders in Great Britain, emphasizing the robust momentum in infrastructure development. Private infrastructure, commercial ventures, and public non-housing projects have notably contributed to this growth trajectory.

Leading players in the heavy-duty truck market are advancing technological innovations to fortify their market presence. Notably, hydrogen-powered trucks equipped with hydrogen internal combustion engine (ICE) technology are garnering attention for their sustainability and operational benefits. These trucks offer a promising solution to environmental concerns while enhancing industry viability. For example, in February 2023, Ashok Leyland, in collaboration with Reliance Industries Limited, introduced the H2-ICE heavy-duty truck range powered by hydrogen. This clean and renewable energy source is poised to revolutionize green mobility, delivering nearly zero emissions, comparable performance to traditional diesel trucks, reduced noise levels, and cost-saving operational efficiencies.

In October 2023, Alamo Group Inc., a leading US-based manufacturer specializing in agricultural equipment and infrastructure maintenance machinery, completed the acquisition of Royal Truck & Equipment Inc. for an undisclosed sum. This strategic move is anticipated to fortify Alamo's presence within the infrastructure maintenance sector while unlocking fresh avenues for growth in the highway safety market. Royal Truck & Equipment Inc., recognized for its expertise in heavy-duty truck manufacturing, aligns seamlessly with Alamo's strategic objectives.

Major companies operating in the heavy duty trucks market report are Toyota Motor Corporation, Fait Chrysler Automobile, Mercedes-Benz Group, Ford Motor Company, General Motors, Nissan Motor Co., Ltd., Volvo AB, Traton Group, Tata Motors Limited, Paccar Inc., Peterbilt, Scania AB, Mahindra & Mahindra Limited, Isuzu Motors Limited, Dongfeng Motor Group, MAN.SE, Hino Motors Ltd., Oshkosh Corporation, Mitsubishi Fuso Truck and Bus Corporation, Eicher Motors Ltd, Ashok Leyland, Mack Trucks, Western Star Trucks, Inc., Navistar International Corporation.

North America was the largest region in the heavy duty trucks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heavy duty trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heavy duty trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Heavy-duty trucks, also known as heavy commercial vehicles, are robust vehicles primarily designed to carry loads independently without the need for a trailer. These trucks typically have a gross vehicle weight of approximately 15,000 kg or more, making them suitable for transporting heavy equipment, construction materials, and minerals.

The main types of heavy-duty trucks are rigid and articulated. A rigid truck is characterized by having the cab and the body situated on the same fixed chassis. These trucks come with various types of propulsions, including internal combustion (IC) engines, electric vehicles, and fuel cell electric vehicles (FCEVs). They find applications in diverse sectors such as construction and mining, as well as freight and logistics.

The heavy duty trucks market research report is one of a series of new reports that provides heavy duty trucks market statistics, including heavy duty trucks industry global market size, regional shares, competitors with a heavy duty trucks market share, detailed heavy duty trucks market segments, market trends and opportunities, and any further data you may need to thrive in the heavy duty trucks industry. This heavy duty trucks 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 heavy duty trucks market consists of sales of cement trucks, dump trucks, long-haul tractor-trailers, Class 7 and Class 8 Trucks. 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.


This product will be delivered within 3-5 business days.