Trucks - North America | Statista Market Forecast

In 2024, the Trucks market in North America is projected to reach a total of 522.40k vehicles unit sales.
Looking ahead, it is expected that the market will experience a compound annual rate of 2.25% (CAGR 2024-2030), resulting in a projected market volume of 596.90k vehicles units by 2030.
This growth in unit sales showcases the potential for the Trucks market to expand.
Furthermore, the production of Trucks market in North America is anticipated to reach 651.40k vehicles units by 2030, further highlighting the market's potential for growth.
When considering the international landscape, it is noteworthy that China is expected to account for the majority of sales in 2024, with a projected figure of 3.74m vehicles units.
The demand for electric trucks in North America is steadily increasing due to stricter emission regulations and the push for sustainability.

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 North America has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in North America have been shifting towards larger and more powerful vehicles.

This can be attributed to the growing demand for trucks that can handle heavy-duty tasks and provide ample space for cargo. Additionally, customers are increasingly looking for trucks that offer advanced features such as enhanced safety systems, improved fuel efficiency, and connectivity options. In terms of market trends, there has been a rise in the adoption of electric and hybrid trucks in North America.

This trend is driven by increasing environmental concerns and the need for more sustainable transportation options. Government incentives and regulations promoting the use of electric vehicles have also contributed to the growth of this market segment. Furthermore, advancements in battery technology have made electric trucks more viable for commercial use, leading to increased adoption.

Another trend in the Trucks market in North America is the growing popularity of autonomous driving technology. This technology has the potential to revolutionize the trucking industry by reducing accidents, improving efficiency, and reducing labor costs. Companies are investing heavily in the development and testing of autonomous trucks, and several pilot programs have already been launched in North America.

Local special circumstances also play a role in shaping the Trucks market in North America. For example, the vast size of the region and the need for long-haul transportation create a demand for trucks with high fuel efficiency and long range capabilities. Additionally, the presence of large manufacturing industries in North America drives the demand for trucks used in the transportation of raw materials and finished goods.

Underlying macroeconomic factors also contribute to the development of the Trucks market in North America. Economic growth, industrial production, and construction activities are key drivers of truck sales. As the economy expands, the demand for trucks increases due to the need for transportation of goods and materials.

Similarly, construction activities require trucks for the transportation of construction materials and equipment. In conclusion, the Trucks market in North America is experiencing growth due to customer preferences for larger and more powerful vehicles, the adoption of electric and autonomous trucks, local special circumstances such as the need for long-haul transportation, and underlying macroeconomic factors such as economic growth and construction activities. These factors collectively contribute to the development and evolution of the Trucks market in North America.

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.