Trucks - NAFTA | Statista Market Forecast

In 2024, the Trucks market is projected to reach a total of 522.40k vehicles unit sales.
Looking ahead, the market is expected to exhibit a compound annual growth rate (CAGR) of 2.25% from 2024 to 2030, resulting in a projected market volume of 596.90k vehicles units by 2030.
This suggests a potential growth opportunity for the Trucks market.
Taking an international perspective, it is noteworthy that China is anticipated to dominate the market with the highest number of sales, reaching 3.74m vehicles units in 2024.
This highlights the significance of the Chinese market in the global Trucks market industry.
NAFTA's truck market is experiencing a surge in demand due to the increased need for transportation of goods across North America.

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.

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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 NAFTA is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in NAFTA are evolving, with a growing demand for more fuel-efficient and environmentally friendly vehicles.

Customers are increasingly looking for trucks that offer better fuel economy and lower emissions, as well as advanced safety features and technology. This shift in preferences is pushing manufacturers to invest in research and development to meet these demands and stay competitive in the market. Trends in the market are also shaping the development of the Trucks market in NAFTA.

One notable trend is the increasing popularity of electric and hybrid trucks. As governments and consumers become more concerned about the environmental impact of traditional combustion engine vehicles, the demand for electric and hybrid trucks is on the rise. This trend is driven by factors such as government incentives, stricter emission regulations, and the desire for sustainable transportation solutions.

Another trend in the market is the growing adoption of autonomous technology in trucks. Autonomous trucks have the potential to improve safety, efficiency, and productivity in the transportation industry. With advancements in technology and ongoing research and development efforts, autonomous trucks are becoming more feasible and attractive to fleet operators.

This trend is expected to continue driving the growth of the Trucks market in NAFTA. Local special circumstances also play a role in the development of the Trucks market in NAFTA. For example, the infrastructure and road conditions in different countries within NAFTA can impact the demand for certain types of trucks.

Countries with well-maintained highways and long-haul transportation needs may have a higher demand for heavy-duty trucks, while countries with urban areas and shorter delivery distances may have a higher demand for medium-duty and light-duty trucks. Underlying macroeconomic factors, such as GDP growth, trade policies, and consumer spending, also influence the development of the Trucks market in NAFTA. A strong economy and favorable trade policies can stimulate demand for trucks, as businesses invest in expanding their fleets to meet growing transportation needs.

Additionally, consumer spending plays a significant role in the demand for trucks, as individuals and businesses make purchasing decisions based on their financial situation and economic outlook. Overall, the Trucks market in NAFTA is experiencing growth and development driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Manufacturers and industry players are adapting to these factors to meet the evolving demands of customers and stay competitive in the market.

As technology continues to advance and environmental concerns become more prominent, the Trucks market in NAFTA is likely to witness further changes and innovations in the coming years.

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.