Trucks - Canada | Statista Market Forecast

In 2024, the Trucks market in Canada is projected to reach a total of 48.49k vehicles unit sales.
Looking ahead, the market is expected to grow at a compound annual rate of 2.46% (CAGR 2024-2030), resulting in a projected market volume of 48.49k vehicles units by 2030.
This growth potential is further supported by the forecasted production of 44.44k vehicles units in 2030.
From an international standpoint, it is worth noting that the highest sales volume in 2024 is anticipated China, with a total of 3.74m vehicles units.
This highlights the significant market presence and demand for Trucks market in the Chinese market.
Canada's truck market is experiencing a surge in demand for electric and hybrid vehicles due to the country's commitment to reducing greenhouse gas emissions.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in Canada has been experiencing steady growth in recent years. Customer preferences in the market are shifting towards more fuel-efficient and environmentally friendly vehicles.

This trend is driven by increasing awareness of the impact of carbon emissions on the environment and the rising cost of fuel. In addition, customers are also looking for trucks that offer advanced safety features and technology. One of the key trends in the market is the growing demand for electric trucks.

With the government's push for clean energy and the availability of government incentives, more customers are opting for electric trucks. These vehicles not only reduce carbon emissions but also offer lower operating costs in the long run. As a result, several truck manufacturers are investing in the development of electric truck models to cater to this growing demand.

Another trend in the market is the increasing popularity of light-duty trucks. These trucks are versatile and can be used for both personal and commercial purposes. They offer better fuel efficiency compared to heavy-duty trucks and are more maneuverable in urban areas.

Customers are also attracted to the spacious interiors and advanced technology features offered by light-duty trucks. Local special circumstances in Canada also contribute to the development of the Trucks market. The country's vast geography and harsh weather conditions make trucks an essential mode of transportation for many industries, such as agriculture, construction, and mining.

The need for reliable and durable trucks that can withstand these conditions drives the demand in the market. Underlying macroeconomic factors also play a role in the growth of the Trucks market in Canada. The country's strong economy and stable job market have led to increased consumer spending power.

This, coupled with low-interest rates, has made it easier for customers to finance the purchase of trucks. Additionally, the government's investment in infrastructure projects has created a demand for trucks in the construction and transportation sectors. In conclusion, the Trucks market in Canada is experiencing growth due to changing customer preferences, including a shift towards more fuel-efficient and environmentally friendly vehicles.

The increasing popularity of electric trucks and light-duty trucks is driving the market. Local special circumstances, such as the country's geography and weather conditions, also contribute to the demand for trucks. Furthermore, underlying macroeconomic factors, such as a strong economy and government investments, play a role in the market's development.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.