Truck Market: Predicted Rapid Growth with Trends, Competition, and Opportunity Analysis

According to a TechSci Research report titled "Global Truck Market By Application Type, Truck Tonnage Capacity, Fuel Type, Vehicle Type, Region, Competition Forecast & Opportunities, 2026," the global truck market reached approximately USD 809.46 billion in 2020 and is projected to reach USD 1,238.84 billion by 2026, with a value-based compound annual growth rate (CAGR) of 7.50%. Trucks, also known as lorries, are motor vehicles designed for cargo transportation, specialized payloads, or other utilitarian tasks. They come in various sizes, power levels, and configurations, but most have body-on-frame construction, with a separate cabin from the payload area.

The growth of the truck market is driven by factors such as urbanization, construction activities, and the continuous improvement of road infrastructure. The demand for trucks for goods transportation is rising due to the increasing number of small-scale businesses and construction projects worldwide. The North America and Asia Pacific regions dominate the global truck market, accounting for over 80% of truck sales in 2020, and this trend is expected to continue in the coming years. These regions have a higher usage of trucks compared to other regions, providing wider access to hilly and remote areas, which contributes to the growth of the truck market in those regions. The global truck market can be segmented based on application, truck tonnage capacity, fuel type, vehicle type, company, and region. In terms of applications, logistics holds the largest share in the global truck market in 2020.

Browse more than 25 market data Figures and spread through 110 Pages and an in-depth TOC on “Global Truck Market."

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Trucks are classified into eight classes based on their gross vehicle weight rating (GVWR), with classes 1-2 considered light duty trucks, 3-6 as medium duty trucks, and 7-8 as heavy-duty trucks, according to the Federal Highway Administration (FHWA). The market can be segmented based on truck tonnage capacity from class 1 to class 8, with the light-duty Class 1 segment leading the global truck market and expected to continue its dominance in the future. In terms of fuel type, the market is divided into diesel, petrol/gasoline, CNG/LPG, electric, and hybrid trucks. Petrol/gasoline trucks accounted for the largest market share in terms of units sold in 2020, while diesel trucks closely competed with the dominant petrol/gasoline segment, which is expected to maintain its dominance in the forecast years. The increasing demand for goods transportation and the continuous improvement of road infrastructure, leading to better road connectivity, drive the sales of diesel fuel-based trucks globally in the forecast period.

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The global truck market is categorized into Light Duty, Medium Duty, and Heavy Duty based on vehicle type. Light Duty trucks accounted for the majority of the market share in 2020, as they are commonly used for transporting lightweight to medium-weight fast-moving consumer goods.

In 2020, there was a decline in truck sales compared to 2019 due to strict lockdown measures imposed by countries worldwide in the second and third quarters as a response to the COVID-19 pandemic. These lockdowns resulted in the temporary closure of all factories, including truck manufacturing facilities, leading to a loss in production for the truck market. Additionally, governments in affected countries implemented social distancing norms, which limited the number of workers allowed in the same facility, causing temporary disruptions in the workflow of truck manufacturing facilities. Nonetheless, the market is exhibiting positive signs of recovery and is expected to fully recover within approximately two years.

Some of the major players in the global truck market include Daimler AG, Tata Motors Limited, Dongfeng Motor Corporation, Navistar Inc, AB Volvo, Hino Motors Ltd, IVECO - a CNH Industrial Company, Paccar Inc, MAN SE, Scania AB, Ashok Leyland, Mahindra and Mahindra, Isuzu, Ford, Iveco, Kamaz, Kenworth, Freightliner, and others. Apart from these companies, other truck manufacturers are also intensifying their marketing efforts and expanding their product portfolios in the region to enhance their customer outreach.

“In 2020, North America accounted for the largest share, i.e., 56.66% in the global truck market. The region is expected to maintain its dominance over the next five years as well, with the United States being one of the leading truck manufacturing countries globally. However, Asia-Pacific is giving neck to neck competition. Moreover, increase in construction and logistics is boosting demand for trucks globally.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Truck Market By Application Type (Logistics, Construction, Mining, Others), By Truck Tonnage Capacity (Class1, Class2, Class3 Class4, Class5, Class6, Class7, Class8), By Fuel Type (Diesel, Petrol/Gasoline, CNG/LNG/LPG, Electric & Hybrid), By Vehicle Type (Light Duty, Heavy Duty, Medium Duty), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global truck market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global truck market.

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