Global Truck Market to Grow at 7.50% CAGR in value terms by 2026

Continuously evolving businesses to drive the Global Truck market through 2026.

According to TechSci Research report “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”, Global truck market stood around USD809.46 billion in 2020 and is estimated to reach USD1,238.84 billion by 2026, growing with a CAGR of 7.50% in value terms. A truck or lorry is a motor vehicle designed to transport cargo, carry specialized payloads, or perform other utilitarian work. Trucks vary greatly in size, power, and configuration, but the vast majority feature body-on-frame construction, with a cabin independent of the vehicle’s payload portion. Growth in the truck market is driven by increasing urbanization, construction, and continuously improving road infrastructure. With the growing number of small-scale businesses and construction activities across the globe, the demand for trucks to carry goods is constantly increasing. The global truck market is majorly dominated by North America and Asia Pacific regions. These two regions account for the highest number of truck sales globally, with their combined market share being well over 80% in 2020 in the global truck market and the trend is expected to continue in the forthcoming years as well. These two regions are comparatively dominating over other regions based on their usage of trucks across the globe. Compared to rail connectivity and their ability to transport goods, trucks have advantages like wider reach to hilly regions and remote areas. Wider reach of trucks to hilly regions over other means of transport for transporting goods is helping the truck market to grow in remote regions.

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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Global truck market can be segmented based on application, truck tonnage capacity, fuel type, vehicle type, company and region. In terms of the truck application, the global truck market is segmented into Logistics, Construction, and Mining, with Logistics holding the dominant share in global truck market in 2020.

According to the federal highway administration (FHWA), trucks are divided into eight classes based on the vehicle’s gross vehicle weight rating (GVWR), where classes 1–2 are classified as light duty trucks, 3–6 as medium duty trucks, and 7–8 as heavy-duty trucks. Global truck market can be segmented based on truck tonnage capacity from class 1 to class 8. As majority of the truck market is dominated by light trucks, so Class 1 segment is leading the global truck market and is anticipated to be the leading segment in the forthcoming years as well.

In terms of fuel type, global truck market is segmented into diesel, petrol/gasoline, CNG/LPG, electric & hybrid, where trucks running on petrol/gasoline type of fuels accounted for the largest market share in terms of truck units sold in 2020. While trucks running on diesel fuel give neck to neck competition to the dominant petrol/gasoline segment, which is anticipated to maintain its dominance in the forecast years as well. The increasing demand for transporting goods and continuously improving road infrastructure, leading to better road connectivity is driving the sales of diesel fuel-based trucks globally in the forecast period.

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In terms of vehicle type, the global truck market is segmented into Light Duty, Medium Duty and Heavy Duty. As most truck sales come from the type of trucks that are used to carry fast moving consumer goods, and these goods are light in weight to medium weight in nature, so majority of truck market share was taken by Light Duty trucks in year 2020.

In 2020, truck sales declined in comparison to 2019, as countries around the world underwent strict lockdown in the second and third quarter of 2020 as a measure to counter the spread of the COVID-19 pandemic. The lockdown resulted in the temporary closing down of all factories, including truck manufacturing facilities, resulting in production loss for truck market. Furthermore, the governments of most of the COVID-19 affected countries infused social distancing norms that limited the number of workers working at any given point in the same facility. Such measures hampered the workflow of truck manufacturing facilities temporarily. Nevertheless, the market is showing positive signs of recovery and is anticipated to recover in around two years.

Some of the major players operating globally in truck market are 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 etc. Apart from these companies, other truck manufacturers are also increasing their marketing activities and enriching their product portfolio in the region to increase 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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