As per MRFR analysis, the Class 8 Truck Market Size was estimated at 84.41 (USD Billion) in 2022. The Class 8 Truck Market Industry is expected to grow from 88.12 (USD Billion) in 2023 to 132.52 (USD Billion) by 2032. The Class 8 Truck Market CAGR (growth rate) is expected to be around 4.7% during the forecast period (2024 - 2032).
Heightened emphasis on enhancing supply chain efficiency and sustainability is driving demand for advanced Class 8 trucks with automation and fuel-saving capabilities. The shift towards e-commerce and online retail fuels the need for increased freight hauling, bolstering growth in the Class 8 truck market. Furthermore, stringent emission regulations and government incentives for eco-friendly vehicles create opportunities for manufacturers to explore alternative fuel and powertrain technologies. Recent advancements in autonomous driving, platooning, and telematics systems are transforming the industry, offering potential cost savings and improved safety. The rise of connected trucks and data analytics enable fleet operators to optimize operations, monitor vehicle performance, and enhance efficiency. This fosters innovation and provides opportunities for technology companies to collaborate with manufacturers, leading to the development of customized solutions for specific applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The growing popularity of e-commerce is the factor contributing to the increasing demand for Class 8 trucks as quickly as nothing else. In other words, the growing number of people who decide to buy or order most of the things online results in the following phenomenon. E-commerce cannot exist without shipping and receiving the items available on the internet. In other words, the number of packages freight delivered around the globe and to the most remote points gets extremely high.Of course, companies focus on turning their logistics and warehousing networks into larger ones to meet the demands of the growing number of customers. Business operations in such areas as e-commerce or logistics continue growing, developing, expanding, and, thus, supporting the achievements of the Global Class 8 Truck Market Industry.
The primary growth drivers for the Global Class 8 Truck Market Industry are stringent government regulations and emissions standards. A majority of governments are introducing stricter emission norms to combat pollution and greenhouse gases. Consequently, hybrid and electric powertrains have been developed, which are more fuel-efficient and emit less harmful gases. With the increased awareness among the general population, there is a rise in the sensitivity of these companies, which leads to fewer emissions and contributes to the growth of the electric truck market class 8.
With the rapid advancements taking place in the technological sphere and the increased scope of automation, the Global Class 8 Truck Market Industry is transforming rapidly. The integration of high-end technologies, including telematics, GPS tracking, and driver-assistance systems, among others, in Class 8 trucks enhances their overall efficiency, safety, and productivity. Besides, with researchers and developers gaining headways in realizing the development of autonomous driving, the transportation sector might change overnight upon the finalization of this revolutionary technology.
This way, self-driven trucks facilitated by sophisticated autonomous driving technology will be able to deal with monotonous tasks and long-haul operations competently. However, this can only be realized when the autonomous driving technology is fully developed and rolled out for its deployment. In response to the current and potential application of modern technologies in restoring and facilitating the smooth function of Class 8 trucks, the demand for these equipment might increase.Specifically, Class 8 truck fleet owners and stakeholders might consider acquiring the trucks to optimize the efficiency and safety of their operations.
The Global Class 8 Truck Market, by fuel type, is segmented into diesel engine, gasoline engine, and electric. Diesel engines top the Global Class 8 Truck Market for being high-power machines with high torque and having relatively low operating costs, with 94.10% market share in global sales for 2023. The industrial revolution and the consumer demand for more commodities have shifted consumers towards high-tonnage diesel trucks. Gasoline engines are taking up the market shares in some of the regions by having a lower initial cost and lower emissions.Electric trucks are still in the evolvement state of the development cycle but are expected to disrupt the market with a market measured at USD 2.5 billion in 2023 and expected to reach USD 23.8 billion by the year 2032 end.
The global Class 8 Truck Market for diesel engine is expected to reach USD 78.6 billion by 2032 from USD 53.2 billion in 2023, growing at a CAGR of 5.3%. The market for the gasoline engine is expected to grow from USD 3.5 billion in 2023 to USD 6.2 billion by 2032, with a CAGR of 7.2%. The market for electric trucks is expected to grow from USD 2.5 billion in 2023 to USD 23.8 billion by 2032 end, with a CAGR of 32.6%.The factors driving the growth of the electric truck market are the stringent government regulations on emissions and the demand for sustainable transportation by consumers. The growth is also boosted by falling battery costs. The electric trucks in the market are expensive compared to any of the diesel or gasoline trucks, but the total cost of ownership for electric trucks is quite lower due to low operation and maintenance costs. Electric trucks have been the most troublesome parts for diesel and gasoline trucks because of the cost of batteries.The competitive landscape of the Global Class 8 Truck Market is fragmented with a number of major players.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Class 8 truck market is segmented by application into on-highway and off-highway segments. The on-highway segment accounted for a larger share of the Global Class 8 Truck Market revenue in 2023 and is projected to continue to dominate the market throughout the forecast period. The growth of the on-highway segment can be attributed to the increasing demand for Class 8 trucks for long-haul transportation of goods and materials. The off-highway segment is expected to grow at a steady pace during the forecast period, driven by the increasing demand for Class 8 trucks for construction, mining, and other off-road applications.
The Global Class 8 Truck Market is segmented based on payload capacity, which refers to the maximum weight of cargo that a truck can carry. The two main segments in this category are: GVW of 33,000 lbs or more. This segment accounted for a larger share of the Global Class 8 Truck Market revenue in 2023 and is projected to continue its dominance throughout the forecast period. These trucks are designed to handle heavy loads and are commonly used in industries such as construction, mining, and long-haul transportation. The increasing demand for heavy-duty trucks for infrastructure development and industrial projects is driving the growth of this segment.GVW of less than 33,000 lbs Trucks in this segment are designed for lighter loads and are typically used for regional and local distribution, as well as delivery applications. The growing e-commerce industry and the need for efficient last-mile delivery are contributing to the growth of this segment. Additionally, government regulations on vehicle emissions are forcing manufacturers to develop lighter trucks with improved fuel efficiency.
The Axle Configuration segment plays a crucial role in shaping the Global Class 8 Truck Market landscape. Among the key configurations, 4x2 is projected to capture a significant revenue share of over 47% in 2024. This dominance can be attributed to its widespread adoption in regional and urban transportation applications. 6x4 and 8x4 configurations are expected to follow, catering to construction and heavy-duty hauling segments, respectively. 10x4 configuration, known for its enhanced load-bearing capacity, is anticipated to witness steady growth, accounting for a notable revenue share in the coming years.The Global Class 8 Truck Market segmentation provides valuable insights into the diverse customer needs and preferences, enabling manufacturers to tailor their product offerings accordingly.
The Global Class 8 Truck Market is segmented by region into North America, Europe, APAC, South America, and MEA. In 2023, North America dominated the market, accounting for over 35% of the global revenue. With a growing demand for goods transportation and a rise in construction activities, the regional market is projected to continue its dominance throughout the forecast period. Europe held the second-largest market share in 2023, followed by APAC. The APAC region is anticipated to witness significant growth in the coming years due to rapid industrialization and infrastructure development in countries like China and India.South America and MEA are relatively smaller markets, but they are expected to contribute to the overall growth of the Global Class 8 Truck Market with increasing mining and agricultural activities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The major players in the Class 8 Truck Market are using different strategies to gain a significant position in the market. These strategies include the development of innovative technologies, expansion of product range, and partnership with other players. The leaders of the Class 8 Truck Market focus on research and innovation to improve the efficiency, safety, and performance of their vehicles. The growth of the Class 8 Truck Market is driven by the increasing demand in various industries, including construction, mining, and transportation. However, the Class 8 Truck Market Competitive Landscape is characterized by intensive competition that results in the use of such strategies as product differentiation, aggressive marketing, and acquiring competitors. Volvo Trucks is one of the strongest competitors in the given market.Volvo Trucks offers a wide range of Class 8 trucks, including both conventional and cab-over-engine versions.
The company is famous for its focus on safety, fuel efficiency, and driver comfort. Its products are distributed in many countries worldwide, and Volvo Trucks have manufacturing facilities in a range of countries. The company’s focus is on sustainable transportation, and it offers options such as electric and natural gas-powered vehicles. Daimler Trucks North America is another strong competitor in the Class 8 Truck Market. I. is using different technologies to improve its Class 8 trucks, including automated driving, connected vehicles, and many others. The company distributes and services both Mercedes-Benz and Freightliner brands in North America. Happy to help you 24/7
The Class 8 truck market is expected to grow significantly in the coming years, driven by increasing demand from various industries such as construction, mining, and transportation. In 2023, the market is valued at approximately USD 59.2 billion and is projected to reach USD 108.6 billion by 2032, exhibiting a CAGR of 6.98%. Favorable government regulations, technological advancements, and increasing infrastructure investments are some of the key factors contributing to market growth. Major players in the market include Daimler Truck, Volvo Group, and Paccar. Recent developments in the market include the introduction of electric and autonomous Class 8 trucks, which are gaining traction due to their environmental benefits and potential for increased efficiency.
| Report Attribute/Metric | Details |
| Market Size 2022 | 84.41 (USD Billion) |
| Market Size 2023 | 88.12 (USD Billion) |
| Market Size 2032 | 132.52 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.7% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Hino Motors Ltd., Dongfeng Motor Corporation, Isuzu Motors Limited, Paccar Inc., Scania AB, FAW Group Corporation, UD Trucks Corporation, Iveco Group N.V., Volvo Group AB, Hyundai Motor Company, TRATON SE, BharatBenz, MAN Truck Bus AG, Daimler Truck AG |
| Segments Covered | Fuel Type, Application, Payload Capacity, Axle Configuration, Regional |
| Key Market Opportunities | Electric powertrain adoption Autonomous driving technology Growth in e-commerce and logistics Government regulations for emission reduction Increasing demand for fuel-efficient vehicles |
| Key Market Dynamics | Key Market DynamicsElectric and Alternative Fuel Demand Supply Chain Disruptions Technological Advancements Rising Freight Rates Infrastructure Developments |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Class 8 Truck Market is expected to reach a valuation of USD 88.12 billion in 2023.
The Global Class 8 Truck Market is anticipated to grow at a CAGR of 4.7% from 2024 to 2032.
North America is expected to dominate the Global Class 8 Truck Market in 2023, with a significant market share.
Rising demand for freight transportation, increasing e-commerce activities, and growing infrastructure investments are among the key factors propelling the growth of the Global Class 8 Truck Market.
Major competitors in the Global Class 8 Truck Market include Daimler Truck AG, Volvo Group, Paccar Inc., Isuzu Motors Limited, and Hino Motors, Ltd.
Class 8 trucks are primarily used for heavy-duty transportation, including long-haul trucking, construction, and mining operations.
Electrification, autonomous driving, and connected technologies are among the emerging trends shaping the Global Class 8 Truck Market.
The Global Class 8 Truck Market is anticipated to witness steady growth over the next five years, driven by increasing demand from various industries.
Economic fluctuations, supply chain disruptions, and rising fuel costs pose potential challenges to the growth of the Global Class 8 Truck Market.
Advancements in technology, increasing urbanization, and expanding e-commerce activities present significant growth opportunities for the Global Class 8 Truck Market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
