Truck Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Class (Class 3, Class 4, Class 5, Class 6, Class 7, Class 8), By Fuel Type (Gasoline, Diesel, Electric, Natural Gas, Alternative Fuel), By End User Industry (Agriculture, Mining and Construction, Logistics and Transportation, Others), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 7.56 Trillion
CAGR (2026-2031)	5.84%
Fastest Growing Segment	Class 8
Largest Market	North America
Market Size (2031)	USD 10.63 Trillion

Market Overview

The Global Truck Market will grow from USD 7.56 Trillion in 2025 to USD 10.63 Trillion by 2031 at a 5.84% CAGR. The Global Truck Market comprises commercial motor vehicles engineered specifically for cargo transportation, ranging from light-duty utility models to heavy-duty long-haul freight units. The fundamental drivers supporting this sector include sustained industrial manufacturing output, global infrastructure development projects, and the escalating volume of goods requiring efficient logistics distribution due to e-commerce expansion. Illustrating the scale of this freight demand, according to the American Trucking Associations, in 2024, domestic truck tonnage shipped was estimated at 11.27 billion tons, underscoring the critical reliance on road transport for supply chain continuity.

However, a significant challenge impeding broader market expansion is the intensifying regulatory pressure regarding environmental compliance. Governments worldwide are enforcing rigorous emission standards that compel manufacturers to transition rapidly from internal combustion engines to zero-emission powertrain technologies. This mandatory shift requires substantial capital allocation for research and production retooling, resulting in increased vehicle costs that may strain operator budgets and delay the rate of fleet renewal across major commercial hubs.

Key Market Drivers

The rapid expansion of e-commerce and last-mile delivery networks is fundamentally reshaping the Global Truck Market by accelerating the demand for light commercial vehicles and versatile fleets. As consumers increasingly rely on online retail, logistics providers are investing heavily in smaller, fuel-efficient vans designed to navigate congested urban centers and execute high-frequency stops. This structural shift towards direct-to-consumer fulfillment has made light-duty models a critical segment for generating volume growth. Highlighting this trend, according to the European Automobile Manufacturers’ Association, January 2024, in the 'New commercial vehicle registrations full year 2023' report, new van registrations in the European Union surged by 14.6% to nearly 1.5 million units in 2023, reflecting the sector's robust expansion.

Simultaneously, a surge in global infrastructure development and construction activities is driving substantial procurement of heavy-duty trucks, including dump trucks, concrete mixers, and flatbeds. Emerging economies and industrialized nations are allocating significant capital to residential projects, transportation networks, and industrial facilities, ensuring sustained demand for high-capacity freight units capable of transporting raw materials. This industrial momentum is evident in major markets; according to the China Association of Automobile Manufacturers, April 2024, in the 'Commercial Vehicle Trends' report, truck sales in China reached 3.54 million units in 2023, marking a 22.4% year-over-year increase. Underscoring the broader market health, according to Volvo Trucks, in 2024, the company achieved a record annual volume with global deliveries of 145,395 trucks in the previous year.

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Key Market Challenges

Strict government regulations regarding environmental compliance constitute a substantial obstacle to market expansion. Manufacturers are compelled to transition from internal combustion engines to zero-emission technologies to satisfy rigorous emission mandates. This requirement necessitates heavy capital investment in research and production retooling, which directly increases the unit cost of commercial vehicles. As a result, fleet operators face higher capital expenditure requirements, often leading to deferred purchasing decisions and a slower rate of fleet renewal.

This hesitation significantly restricts overall market volume as buyers grapple with increased acquisition costs. The impact of these pressures is evident in recent industry performance metrics where sales have contracted. According to the European Automobile Manufacturers’ Association, in the first nine months of 2024, new EU truck registrations decreased by 7.5 percent, totaling 249,708 units. This decline highlights how the financial strain associated with meeting evolving regulatory standards can disrupt demand and impede the steady growth of the global truck sector.

Key Market Trends

The rapid electrification of medium and heavy-duty fleets is fundamentally altering the Global Truck Market as manufacturers prioritize zero-emission solutions to meet stringent regulatory mandates. This transition is characterized by significant capital investment in battery-electric vehicle (BEV) platforms designed to reduce carbon footprints while maintaining operational efficiency for logistics providers. Despite broader market fluctuations in vehicle volume, the adoption rate of these green technologies is accelerating, particularly within regulated European zones where fleet operators are actively integrating cleaner units. According to the European Automobile Manufacturers’ Association, October 2025, in the 'New commercial vehicle registrations: vans -8.2%, trucks -9.8%, buses +3.6% in Q1-Q3 2025' report, electrically-chargeable trucks secured 3.8% of the EU market in the first nine months of 2025, a notable increase from 2.1% in the previous year.

Simultaneously, the integration of advanced telematics for real-time fleet management is becoming a standard operational requirement, enabling operators to optimize route planning and vehicle uptime through data-driven insights. This trend emphasizes the shift toward connected ecosystems where trucks continuously transmit performance data to prevent breakdowns and enhance fuel economy, moving beyond simple GPS tracking to comprehensive predictive analytics. The scale of this digital transformation is evident in the deployment metrics of major original equipment manufacturers who are standardizing connectivity across their portfolios. According to Volvo Trucks, September 2025, in the 'Volvo Trucks surpasses 1 million connected trucks worldwide' press release, the company achieved a significant milestone with more than one million digitally connected trucks now operational globally, underscoring the critical role of connectivity in modern freight transport.

Segmental Insights

The Class 8 segment is currently emerging as the fastest-growing category in the global truck market due to the increasing demand for heavy-duty freight transport and long-haul logistics. This expansion is significantly driven by stringent emission regulations from authorities such as the U.S. Environmental Protection Agency, which compel fleet operators to replace older units with compliant vehicles. Additionally, substantial investments in infrastructure and industrial projects globally require high-capacity trucks for efficient material movement. These factors collectively accelerate the adoption of Class 8 trucks and establish them as the primary growth driver within the industry.

Regional Insights

North America holds a dominant position in the global truck market, driven by a well-established freight transport infrastructure and consistent demand from the logistics and construction sectors. The region experiences high fleet replacement rates due to stringent emission regulations enforced by the U.S. Environmental Protection Agency, which encourages the adoption of compliant heavy-duty vehicles. Additionally, the rapid expansion of e-commerce has necessitated efficient last-mile delivery networks, further boosting sales. These structural drivers, combined with a strong presence of key manufacturers, ensure North America remains the primary revenue contributor in the global landscape.

Recent Developments

• In October 2024, the Volvo Group and Daimler Truck signed a binding agreement to establish a joint venture focused on developing a software-defined vehicle platform. This strategic collaboration aims to create a standardized operating system and hardware architecture that will serve as the foundation for future digitalized heavy-duty trucks. Headquartered in Gothenburg, Sweden, the new entity intends to decouple software and hardware development cycles, thereby enabling customers to update digital applications wirelessly. This initiative highlights a significant structural shift toward digital transformation within the global truck market, although both companies will remain competitors in all other business areas.
• In September 2024, Hyundai Motor Company and Iveco Group unveiled their first jointly developed electric commercial vehicle, the eMoovy, at the IAA Transportation event in Germany. The new product combines Hyundai’s electric vehicle chassis-cab platform with Iveco’s cargo compartment expertise to serve the urban logistics sector. The vehicle features an 800-volt system capable of ultra-fast charging and supports vehicle-to-load functions, providing electric power for external equipment. This launch represented a tangible result of the partnership initiated in 2022, aimed at accelerating the transition to eco-friendly transport solutions and expanding the zero-emission options available to European fleet operators.
• In August 2024, Volvo Trucks entered a significant cooperation agreement with the global logistics company DSV to supply 300 heavy-duty electric trucks. This deal constituted one of the largest commercial orders for battery-electric vehicles in the manufacturer's history and supports the logistics firm's objective to expand its zero-emission fleet. The agreement included the delivery of the new Volvo FH Aero Electric model, which was designed for improved aerodynamics and energy efficiency. Scheduled for delivery between 2024 and 2026, these vehicles demonstrate a strong commitment from both parties to decarbonize road transport and advance the adoption of sustainable logistics solutions.
• In April 2024, MAN Truck & Bus announced plans to become the first European manufacturer to launch a limited series of trucks powered by hydrogen combustion engines. Named the MAN hTGX, the vehicle was designed for specialized applications such as heavy goods transport in construction or timber industries where battery-electric infrastructure may be insufficient. The company detailed plans to deliver approximately 200 units to customers in select markets, including Germany, the Netherlands, and Norway, starting in 2025. This development offered a complementary zero-emission solution, utilizing a hydrogen engine derived from proven diesel technology to ensure robustness and facilitate rapid market entry.

Key Market Players

• Daimler Truck AG
• Volvo Group
• PACCAR Inc
• MAN TRUCK & BUS SE
• Scania CV AB
• International Motors, LLC
• ISUZU MOTORS LIMITED
• Hino Motors, Ltd
• Ford Motor Company
• Tata Motors Ltd

By Class	By Fuel Type	By End User Industry	By Region
Class 3 Class 4 Class 5 Class 6 Class 7 Class 8	Gasoline Diesel Electric Natural Gas Alternative Fuel	Agriculture Mining and Construction Logistics and Transportation Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Truck Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Truck Market, By Class:

• Class 3
• Class 4
• Class 5
• Class 6
• Class 7
• Class 8

• Truck Market, By Fuel Type:

• Gasoline
• Diesel
• Electric
• Natural Gas
• Alternative Fuel

• Truck Market, By End User Industry:

• Agriculture
• Mining and Construction
• Logistics and Transportation
• Others

• Truck Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE