Heavy Trucks Market Outlook: Size, Share, Trends & Growth Analysis (2024-2029)

The market report offers a detailed analysis segmented by Tonnage Type (8-11 Tons, 11-15 Tons, >15 Tons); by Class (Class 5, Class 6, Class 7, Class 8); by Fuel (Gasoline, Diesel, Electric, Hybrid, Natural Gas); by Application (Construction & Mining, Freight & Logistics, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook  

• The heavy trucks market is estimated to be at USD 232.65 Bn in 2024 and is anticipated to reach USD 318.48 Bn in 2029. 

• The heavy trucks market is registering a CAGR of 6.48% during the forecast period of 2024-2029. 

• The global heavy trucks market is driven by increased demand for freight transportation, infrastructure development, and advancements in heavy truck technology. The market is segmented into long-haul trucks, construction trucks, and specialized heavy-duty trucks. 

Request a free sample. 

Ecosystem  

• The participants in the global heavy trucks industry have a strong global presence and are at the forefront of innovation in electric and autonomous trucking technologies. 

• These companies are primarily increasingly focusing on sustainability, strategic alliances, R&D, and partnerships to gain a competitive edge in the market. 

• Several important entities in the heavy trucks market include China National Heavy Duty Truck Group Co., Ltd.; Tata Motors Ltd.; Mitsubishi Fuso Truck & Bus Corp.; Mack Trucks, Inc.; Peterbilt Motors Co.; and others. 

Ask for customization. 

Findings  

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 232.65 Bn
Market Size (2029)	USD 318.48 Bn
Growth Rate	6.48% CAGR from 2024 to 2029
Key Segments	Tonnage Type (8-11 Tons, 11-15 Tons, >15 Tons); Class (Class 5, Class 6, Class 7, Class 8); Fuel (Gasoline, Diesel, Electric, Hybrid, Natural Gas); Application (Construction & Mining, Freight & Logistics, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	China National Heavy Duty Truck Group Co., Ltd.; Tata Motors Ltd.; Mitsubishi Fuso Truck & Bus Corp.; Mack Trucks, Inc.; Peterbilt Motors Co.
Key Countries	The US; Canada; Mexico; Brazil; China; India; Japan; South Korea; The UK; Germany; Italy; France; UAE; Saudi Arabia; Egypt
Largest Market	North America

Get a free quote. 

Trends  

• Electrification of Heavy Trucks: There is a growing trend towards the electrification of heavy trucks, driven by environmental concerns and regulatory pressures. In 2023, Volvo Trucks announced the launch of its fully electric heavy-duty truck range in Europe, catering to the increasing demand for zero-emission freight transportation. 

• Adoption of Autonomous Driving Technology: The integration of autonomous driving technology in heavy trucks is gaining traction. In 2023, Tesla’s Semi, equipped with advanced self-driving capabilities, began trials in the United States, showcasing the potential for autonomous long-haul trucking to reduce driver fatigue and improve safety. 

• Alternative Fuels: The industry is witnessing a shift towards alternative fuels such as hydrogen and natural gas. In 2023, Hyundai launched its XCIENT Fuel Cell truck in Europe, powered by hydrogen fuel cells, as part of a broader effort to reduce carbon emissions and dependence on fossil fuels. 

Speak to analyst. 

Catalysts  

• Development Projects: The global rise in infrastructure development projects is a key driver for the heavy trucks market. In 2023, the U.S. government’s 1.2 trillion USD infrastructure plan, which includes significant investments in highways, bridges, and public transport, increased the demand for heavy trucks used in construction and logistics. 

• Growing E-commerce: The expansion of the e-commerce sector is driving the demand for efficient freight transportation. In 2023, the surge in online shopping, especially in North America and Europe, led to increased investments in logistics fleets, including heavy trucks, to ensure the timely delivery of goods. 

• Industrialization: Rapid industrialization in emerging economies is driving the need for heavy trucks for construction, manufacturing, and distribution. In 2023, India’s push for urban infrastructure development under its Smart Cities Mission led to increased demand for heavy trucks in the construction sector. 

Inquire before buying. 

Restraints  

• Driver Shortages: The trucking industry continues to face a shortage of qualified drivers, which impacts the operation of heavy trucks. In 2023, a report by the American Trucking Associations highlighted an ongoing shortage of over 60,000 drivers in the U.S., exacerbating challenges in the logistics sector. 

• Infrastructure Limitations: The lack of adequate infrastructure, such as charging stations for electric trucks and refueling stations for hydrogen-powered trucks, is a major challenge. In 2023, a survey by the International Energy Agency (IEA) revealed that the slow rollout of charging infrastructure is a key barrier to the widespread adoption of electric heavy trucks in Europe. 

• Emission Regulations: Adhering to increasingly stringent emission regulations across different regions can be challenging for manufacturers. In 2023, the implementation of new EU emission standards required heavy truck manufacturers to invest heavily in research and development to meet the compliance requirements, affecting their profit margins. 

Personalize this research. 

Hotspot  

Explore purchase options. 

Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Heavy Trucks Market (2018 – 2022)         2.2.    Global Heavy Trucks Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Heavy Trucks Market by Tonnage Type                3.1.1.    8-11 Tons                3.1.2.    11-15 Tons                3.1.3.    >15 Tons         3.2.    Global Heavy Trucks Market by Class                3.2.1.    Class 5                3.2.2.    Class 6                3.2.3.    Class 7                3.2.4.    Class 8         3.3.    Global Heavy Trucks Market by Fuel                3.3.1.    Gasoline                3.3.2.    Diesel                3.3.3.    Electric                3.3.4.    Hybrid                3.3.5.    Natural Gas         3.4.    Global Heavy Trucks Market by Application                3.4.1.    Construction & Mining                3.4.2.    Freight & Logistics                3.4.3.    Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Heavy Trucks Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    China National Heavy Duty Truck Group Co., Ltd.         9.2.    Tata Motors Ltd.         9.3.    Mitsubishi Fuso Truck & Bus Corp.         9.4.    Mack Trucks, Inc.         9.5.    Peterbilt Motors Co.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

Know the research methodology. 

Heavy Trucks Market – FAQs 

1.  What is the current size of the heavy trucks market? 

Ans. In 2024, the heavy trucks market size is $232.65 Bn. 

2.  Who are the major vendors in the heavy trucks market?  

Ans. The major vendors in the heavy trucks market are China National Heavy Duty Truck Group Co., Ltd.; Tata Motors Ltd.; Mitsubishi Fuso Truck & Bus Corp.; Mack Trucks, Inc.; Peterbilt Motors Co. 

3.  Which segments are covered under the heavy trucks market segments analysis?  

Ans. The heavy trucks market report offers in-depth insights into Tonnage Type, Class, Fuel, Application, and Geography.