Heavy Duty Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Heavy Duty Truck Market Sale Statistics Have Been Segmented by Tonnage Type (10 15 Tons and More Than 15 Tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecast for the Heavy-Duty Truck Market in Value (USD Billion) for the Above-Mentioned Segments.

Heavy Duty Trucks Market Size

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Heavy-Duty Trucks Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 7.40 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Medium

Major Players

Heavy-Duty Trucks Market  Major Players

*Disclaimer: Major Players sorted in no particular order


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Heavy Duty Trucks Market Analysis

The Heavy Duty Trucks Market is expected to register a CAGR of 7.40% during the forecast period.

Currently, The heavy-duty trucks market is valued at USD 204.56 billion and it is expected to reach USD 313.95 billion in the next five years.

Amid the COVID-19 pandemic, major OEMs experienced a significant decline in the heavy-duty trucks market. The transportation industry completely shut down due to the pandemic, creating new challenges for the cargo and production houses to shift their goods from one place to another. Severe disturbances in global logistics and supply chain systems during the pandemic caused in decline in the production of heavy-duty trucks. However, the market is expected to grow during the forecast period as OEMs are trying to restart production by bringing heavy investments to the market.

Over the long term, the rising regulations on vehicle emissions, advancement in vehicle safety, and rapidly growing logistics, retail, and e-commerce sectors are expected to drive demand for new and advanced trucks across the world. Growing demand for powerful vehicles with higher carrying capacity to handle weights and strong suspension systems, as well as rising need for fuel-efficient trucks, may further boost the demand in the market. For example, the US National Highway Traffic Safety Administration set new standards for fuel economy for heavy-duty truck engines driven by diesel, natural gas, and substitute fuels.

Asia-Pacific exhibits the fastest economic growth rates in the world. The region is expected to be a major market propelling the global construction industry, with growing construction activities in India and ASEAN countries. North America may register considerable growth in the heavy-duty trucks market due to the presence of major manufacturers, such as Freightliner, Kenworth, International, Peterbilt, Volvo, and Mack, with the surging freight demand in the region.

Heavy Duty Trucks Market Trends

Hybrid and Electric Heavy-duty Trucks to Have Positive Impact on the Market

The high market growth in the hybrid electric segment will be driven by the stringent emission norms established by the governments. The European Commission (EC) is also developing new software solutions to determine fuel consumption and CO2 emissions. In response to these policy changes across North America and Europe, the market players are introducing new models of hybrid electric and fully electric heavy-duty trucks.

North America, India, and Japan are some of the prominent regions saw positive sales for electric trucks in coming years owing to the expanding infrastructure and constantly growing need of freight loading. However, most countries across the globe in 2019 have witnessed decline in truck sales owing to the slowdown in economy, which was further continued during 2020 due to the outbreak of COVID-19.

Companies such as Tesla, BYD, Volvo, and Mercedes-Benz are launching electric truck models to replace diesel and gasoline-powered models in the coming years. For instance,

  • January, 2022 : Volvo Truks launched Volvo VNR electric truck with longer range. Volvo VNR Electric had an operating range of up to 240 km (150 miles). The company launched an enhanced version of the class 8* electric truck, with an operational range of up to 440 km (275 miles) and increased energy storage of up to 565kWh. The improved performance is due to improved battery design and a new six battery package option, among other things.

With the shifting consumer preferences, development of charging infrastructure, availability of fast-charging station, and subsidiary benefits on electric vehicles over conventional internal combustion engine trucks, the demand for electric trucks for freight operation is expected to grow, and the market may experience an exponential upward trajectory during the forecast period.

Heavy-duty Trucks Market :  Heavy-duty Truck Registrations - Volume in Units, by Fuel type, Europe, 2020-2021

Asia-Pacific Likely to Have Major Influence on Overall Market

The expansion of the heavy-duty trucks industry in Asia-Pacific over the study period was due to the increasing product sales, with a huge presence of reputed players in the region. The easy availability of a workforce at reduced wages and access to abundant raw materials at lower costs may boost the construction and automotive sectors, resulting in huge product penetration in Asia-Pacific. Countries like Thailand, China, India, Malaysia, and Indonesia are projected to contribute sizeably to the regional market's revenue over the forecast period.

The growing government regulations to improve electric vehicle adoption and robust expansion adopted by OEMs and suppliers in the region to accommodate rising demand from the automotive industry in China are expected to create a positive outlook for the market during the forecast period. For instance,

  • The government of China is encouraging people to adopt electric vehicles. The country has already made plans to phase out diesel fuel, which runs the current generation of tractors and construction equipment. The country is planning to completely ban diesel and petrol vehicles by 2040.

The state governments of India are including electric buses in their fleets to convert their ICE fleet of buses and reduce the operational cost while also reducing carbon emissions and improving the air quality. For instance,

  • March, 2021 : The Delhi government approved a proposal to procure 300 new low-floor electric (AC) buses to increase the number of buses in the city. The upcoming buses will likely be inducted into the Delhi Transport Corporation (DTC). The first lot of 118 buses were expected to arrive in October 2021, an addition of 100 buses in November 2021, 60 buses in December 2021, and the remaining 20 buses by January 2022.
Heavy-Duty Trucks Market - Growth Rate By Region (2022-2027)

Heavy Duty Trucks Industry Overview

The market is neither fragmented nor consolidated. The heavy-duty truck market accommodates major regional players and new players, providing equal opportunities. Manufacturers of heavy-duty trucks are engaged in developing effective supplier relations to ensure the timely delivery of high-quality products to meet the growing consumer demand.

  • January 2022: Ford Motor Company began the production of an all-electric van, an e-Transit, which has an all-electric powertrain and claims zero tailpipe emissions.
  • September 2021: Tata Motors announced its plans to invest over USD 1 billion, or an amount exceeding INR 7,500 crore, over the next 4-5 years to recreate its roadmap for the commercial vehicle business, a major part of which comprises electric vehicles, especially buses.

Some of the major players dominating the market include Volvo Trucks, Daimler Trucks, Isuzu Motors Ltd, PACCAR Inc., Tata Motors, and FAW Group Corp.

Heavy Duty Trucks Market Leaders

  1. AB Volvo

  2. Daimler AG

  3. PACCAR Inc.

  4. Tata Motors Limited

  5. Traton Group

*Disclaimer: Major Players sorted in no particular order

Heavy-duty Trucks Market Concentration
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Heavy Duty Trucks Market News

  • November, 2022: The Volvo Group, Mack Trucks' parent company, and Pilot Company have agreed to establish public charging infrastructure for medium- and heavy-duty customers in North America. Pilot Company will install high-performance charging infrastructure at select Pilot and Flying J travel centers across the United States, while The Volvo Group will provide expertise in determining which locations should be prioritized for charging infrastructure based on current and anticipated BEV truck adoption, customer charging requirements, and funding availability from the federal and state governments.
  • September, 2022: At its plant in Sete Lagoas, Brazil, Iveco announced the commencement of the production of its Hi-Way heavy truck with a natural gas (CNG) powertrain. The truck is powered by a 460 horsepower FPT Cursor 13 engine with six cylinders. Meritor supplied the Hi-Way's rear axle, and the ZF Traxon gearbox has 12 speeds.
  • March, 2022 : The three leading commercial vehicle manufacturers, Traton Group, Daimler Truck, and Volvo Group, signed a binding agreement to create a joint venture (JV) to install and operate a high-performance public charging network for battery electric, heavy-duty long-haul trucks, and coaches across Europe.

Heavy Duty Trucks Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value - USD billion)

    1. 5.1 Tonnage Type

      1. 5.1.1 10 to 15 tons

      2. 5.1.2 More than 15 tons

    2. 5.2 Class

      1. 5.2.1 Class 5

      2. 5.2.2 Class 6

      3. 5.2.3 Class 7

      4. 5.2.4 Class 8

    3. 5.3 Fuel Type

      1. 5.3.1 Gasoline

      2. 5.3.2 Diesel

      3. 5.3.3 Electric

      4. 5.3.4 Alternative Fuels

    4. 5.4 Application Type

      1. 5.4.1 Construction and Mining

      2. 5.4.2 Freight and Logistics

      3. 5.4.3 Other Applications

    5. 5.5 Geography

      1. 5.5.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.5.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.5.4 Rest of the World

        1. South America

        2. Middle East & Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 AB Volvo

      2. 6.2.2 Daimler AG

      3. 6.2.3 Traton Group

      4. 6.2.4 PACCAR Inc.

      5. 6.2.5 Tata Motors Limited

      6. 6.2.6 Ashok Leyland

      7. 6.2.7 FAW Group Corporation

      8. 6.2.8 China National Heavy Duty Truck Group

      9. 6.2.9 Dongfeng Motor Corporation

      10. 6.2.10 Isuzu Motors Ltd


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Heavy Duty Trucks Industry Segmentation

Heavy-duty trucks can be defined as commercial vehicles that are an integral part of any commercial activities such as transportation, agriculture, construction, and other functions.

The Heavy-duty Trucks Market has been Segmented by Tonnage Type (10 - 15 tons and More than 15 tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). the report offers market size and forecast for the heavy-duty truck market in value (USD billion) for the above-mentioned segments.

Tonnage Type
10 to 15 tons
More than 15 tons
Class 5
Class 6
Class 7
Class 8
Fuel Type
Alternative Fuels
Application Type
Construction and Mining
Freight and Logistics
Other Applications
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa
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Heavy Duty Trucks Market Research FAQs

The Heavy Duty Trucks Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)

AB Volvo, Daimler AG, PACCAR Inc., Tata Motors Limited and Traton Group are the major companies operating in the Heavy Duty Trucks Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Heavy Duty Trucks Market.

The report covers the Heavy Duty Trucks Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Heavy Duty Trucks Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Rising demand for goods transportation, stricter emission regulations, and autonomous truck advancements are fueling the Heavy-Duty Truck market growth.

Heavy Duty Truck Industry Report

The heavy-duty trucks market is on a significant growth trajectory, fueled by stringent emission regulations, safety advancements, and the surge in logistics and e-commerce globally. With a rising demand for fuel-efficient, powerful vehicles with high carrying capacities, the market caters to the construction, mining, and logistics sectors. The shift towards hybrid and fully electric trucks, driven by environmental concerns and supportive government policies, especially in North America, Asia Pacific, and Europe, is notable. Asia Pacific, in particular, is poised for remarkable growth, thanks to its manufacturing prowess and raw material accessibility. Innovations like autonomous driving and improved fuel economy are pushing the market forward. Despite the hurdles of high costs, the industry's future looks promising, aiming for efficient, sustainable transportation solutions. Statistics for the heavy-duty trucks market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. heavy-duty trucks analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Heavy Duty Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)