Trucks - Worldwide | Statista Market Forecast

In 2024, the Trucks market is projected to reach a total of 6.60m vehicles units in unit sales.
Looking ahead, it is expected to demonstrate a compound annual rate (CAGR 2024-2030) of 2.36%, resulting in a projected market volume of 7.60m vehicles units by 2030.
This indicates the potential for significant growth in the Trucks market.
Furthermore, the production of Trucks market is expected to reach 7.42m vehicles units by 2030, further highlighting the market's potential for expansion.
When considering the global landscape, it is noteworthy that the majority of sales in 2024 are anticipated to be China, with a projected figure of 3.74m vehicles units.
This showcases China's prominence in the Trucks market on a worldwide scale.
In the United States, the trend in the truck market is shifting towards electric vehicles due to increased environmental regulations and cost savings in the long run.

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 Worldwide 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 play a crucial role in shaping the Trucks market in Worldwide.

Customers are increasingly looking for trucks that offer fuel efficiency, reliability, and advanced technological features. They also prioritize safety features and comfort in their purchasing decisions. As a result, truck manufacturers are focusing on developing vehicles that meet these customer demands, leading to the introduction of more fuel-efficient engines, advanced safety systems, and comfortable cabins.

Trends in the market also contribute to the development of the Trucks market in Worldwide. One prominent trend is the growing demand for electric trucks. With increasing concerns about environmental sustainability and the need to reduce carbon emissions, many countries are implementing stricter regulations on vehicle emissions.

This has led to a shift towards electric trucks, which offer zero-emission transportation solutions. In response to this trend, truck manufacturers are investing in the development of electric truck models and expanding their electric vehicle offerings. Another trend in the market is the rise of autonomous trucks.

With advancements in technology, autonomous driving capabilities are becoming more feasible for commercial vehicles. Autonomous trucks have the potential to improve efficiency, reduce human error, and enhance overall safety. As a result, truck manufacturers are investing in research and development to bring autonomous trucks to the market.

However, the widespread adoption of autonomous trucks is still facing regulatory and infrastructure challenges in many countries. Local special circumstances also influence the development of the Trucks market in Worldwide. Different regions have unique needs and requirements, which impact the types of trucks in demand.

For example, in urban areas with congested roads, there is a growing demand for smaller, more maneuverable trucks for last-mile delivery. On the other hand, in rural areas with rough terrains, there is a need for robust and off-road capable trucks. Truck manufacturers need to tailor their product offerings to meet these local requirements and gain a competitive edge.

Underlying macroeconomic factors such as economic growth and infrastructure development also drive the Trucks market in Worldwide. As economies grow, there is an increased demand for transportation and logistics services, leading to higher demand for trucks. Additionally, infrastructure development projects such as the construction of roads, highways, and ports create a need for trucks to transport construction materials and equipment.

These factors contribute to the overall growth and development of the Trucks market in Worldwide. In conclusion, the Trucks market in Worldwide is developing and growing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The market is witnessing a shift towards fuel-efficient and technologically advanced trucks, as well as the emergence of electric and autonomous trucks.

Manufacturers need to adapt to the unique needs of different regions while taking advantage of the opportunities presented by economic growth and infrastructure 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.