Tanker Truck Market Overview:
As per MRFR analysis, the Tanker Truck Market Size was estimated at 103.49 (USD Billion) in 2022. The Tanker Truck Market Industry is expected to grow from 110.25 (USD Billion) in 2023 to 194.8 (USD Billion) by 2032. The Tanker Truck Market CAGR (growth rate) is expected to be around 6.53% during the forecast period (2024 - 2032).
Key Tanker Truck Market Trends Highlighted
The Global Tanker Truck Market is projected to garner significant traction over the coming years. Key market drivers include increasing demand for the transportation of liquid and gaseous products, stringent emission regulations, and the expansion of the chemical and petrochemical industries. Moreover, advancements in technology, such as the development of lightweight and corrosion-resistant materials, are further propelling market growth. Opportunities to be explored include the growing popularity of tanker trucks for the transportation of hazardous and flammable materials, the expansion of the e-commerce industry, and the rising demand for specialized tanker trucks for specific applications. In recent times, trends in the Global Tanker Truck Market have been characterized by the adoption of telematics systems for fleet management, the increasing use of alternative fuels, and the integration of IoT devices for real-time data analysis. These trends are expected to continue shaping the market landscape in the years to come, driving innovation and enhancing the efficiency and safety of tanker truck operations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Tanker Truck Market Drivers
Increasing Demand for Oil and Gas Exploration and Production
The Global Tanker Truck Market Industry is expected to grow due to the increasing demand for oil and gas. As the world population increases the energy demand across the globe is also increasing. Oil and gas are the primary sources of energy for many sectors, such as transportation, power generation, and manufacturing. The exploration and production of oil and gas need highly specialized equipment, including tanker trucks, to transport the extracted resource from the production site to the refinery and distribution across the globe.The continual surge of oil and gas exploration and production expenditure is expected to drive the growth of the Global Tanker Truck Market Industry.
Growth in the Chemical and Petrochemical Industries
Another factor driving the growth of the Global Tanker Truck Market Industry is the growth in the chemical and petrochemical industries. Chemicals and petrochemicals are used in manufacturing, construction, and agriculture, among others. They pose great risks when being transported. Hazardous chemicals can be easily spilled, thus poisoning people and the environment. Therefore, these materials must be transported using special equipment, including tanker trucks. That being said, since the demand for chemicals and petrochemicals is growing, the demand for tanker trucks is also going to grow.
Stringent Environmental Regulations
Stricter environmental regulations are also the reason for the growth of the Global Tanker Truck Market Industry. The authorities all over the world have become more demandable to the emission level, and in order to reduce pollution and help the environment, the governments require tanker trucks with definite safety and environmental protection technologies and equipment. Thus, to comply with these requirements, the tankers should comply with the restrictions, which presupposes the growth of the Global Tanker Truck Market Industry.
Tanker Truck Market Segment Insights:
Tanker Truck Market Capacity Insights
The Capacity segment is one of the key segments in the Global Tanker Truck Market that has a strong impact on the market growth and industry development. According to the available information on the Global Tanker Truck Market, the market is divided into three smaller segments based on the capacity of trucks: Small (less than 5,000 gallons), Medium (5,000-15,000 gallons), and Large (more than 15,000 gallons). Small tanker trucks are used for local delivery of liquids and gases.
They have a capacity of less than 5,000 gallons and are usually very maneuverable, which allows them to easily navigate the urban environment in order to address local delivery needs.The demand for small-sized vehicles is likely to be stable because urbanization will increase, and the need to provide the “last mile” service will be adequately addressed. Medium alternatives that offer a capacity in the range between 5,000 and 15,000 gallons are used in regional transportation and distribution systems and networks. They have a balance of capacity and mobility and usually are used in the construction, agriculture, and chemical industries. With increasing industrial expansion and infrastructure development, the demand for medium trucks will grow.Large trucks with a capacity of more than 15,000 gallons are used for long-distance transportation of bulk goods such as oil and liquid and gaseous chemicals.
In the context of the growth of the energy sector and expanding global trade, the demand for large tanker trucks will increase, too. As a result, the Capacity segment of Large, Medium, and Small-sized trucks has a strong relationship with the overall revenue of the Global Tanker Truck Market and the market’s growth rate. The use of the proposed segmentation approach is justified because it can help to identify a number of aspects related to the needs and requirements of various customer segments, including regional differences.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Tanker Truck Market Application Insights
The segmentation of the Global Tanker Truck Market by Application includes Petroleum Products Transportation, Chemical Transportation, Food and Beverage Transportation, and Other Applications. As of 2023, Petroleum Products Transportation represented around 60% of the Global Tanker Truck Market revenue, being the Application segment with the leading market share. This segment is projected to grow due to the increasing demand for petroleum product transportation.
The Chemical Transportation segment is expected to exhibit the highest growth rate in the forecast period, driven mainly by the unmet needs within the automotive, construction, and manufacturing industries regarding the transportation of chemicals and petrochemicals.The food and Beverage Transportation segment is expected to grow as well but at a lower rate of growth. Along with the Other Applications, which include the transportation of gases, construction materials, and any other kind of liquid, this segment will also contribute to the overall growth of the Global Tanker Truck Market.
Tanker Truck Market Material Insights
The Material segment of the Global Tanker Truck Market is anticipated to exhibit significant growth in the coming years. Stainless Steel is projected to dominate the market, capturing a substantial revenue share of 45.6% in 2023. Its exceptional durability, corrosion resistance, and ease of cleaning make it the preferred choice for transporting hazardous and corrosive liquids. Aluminum, known for its lightweight and high strength, is estimated to hold a revenue share of 28.3% in 2023. Its ability to withstand extreme temperatures and its non-toxic nature makes it suitable for transporting food-grade liquids.Carbon Steel, with its lower cost and high tensile strength, is expected to account for a revenue share of 21.2% in 2023. It is commonly used for transporting non-hazardous liquids such as water and oil. Other Materials, including fiberglass and polyethylene, are anticipated to collectively hold a revenue share of 4.9% in 2023, catering to specialized applications that require specific properties.
Tanker Truck Market Type Insights
The global tanker truck market is segmented by type into single-axle tankers, multi-axle tankers, and articulated tankers. Among these, the multi-axle tankers segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of the multi-axle tankers segment can be attributed to the increasing demand for the transportation of hazardous and non-hazardous liquids in bulk. Multi-axle tankers offer greater stability and load-bearing capacity compared to single-axle tankers, making them suitable for transporting larger volumes of liquids over long distances.Additionally, the growing adoption of multi-axle tankers in the oil and gas industry is expected to further drive the growth of this segment. In 2023, the multi-axle tankers segment accounted for approximately 45% of the global tanker truck market revenue.
Tanker Truck Market Drive Type Insights
The Drive Type segment of the Global Tanker Truck Market exhibits a diverse landscape, catering to varying operational requirements. The '4x2' drive type dominates the market, accounting for a substantial share of 40.5% in 2023. Its popularity stems from its cost-effectiveness, maneuverability, and suitability for urban and regional transportation. The '6x4' drive type follows closely, capturing a significant portion of the market with 32.7% share. This drive type offers enhanced traction and stability, making it ideal for off-road applications and transporting heavier loads.The '8x4' drive type holds a smaller market share of 18.3%, catering to specialized applications that demand maximum load-bearing capacity and off-road capabilities. Other drive types, such as '10x4' and '12x4,' account for the remaining market share and are employed in niche applications requiring exceptional load-carrying capabilities and all-terrain performance.
Tanker Truck Market Regional Insights
The regional segmentation of the Global Tanker Truck Market offers valuable insights into the market's geographic distribution and growth dynamics. North America is a significant market for tanker trucks, with a revenue projection of USD 32.4 billion by 2024. Europe follows closely with an estimated market value of USD 28.6 billion in the same year, driven by stringent emission regulations and a growing demand for specialized tanker trucks. The Asia-Pacific region is anticipated to witness substantial growth, with a projected market size of USD 56.2 billion by 2024.This growth is attributed to the region's rapid industrialization and increasing demand for the transportation of hazardous and non-hazardous liquids. South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit with smaller market shares compared to the other regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Tanker Truck Market Key Players And Competitive Insights:
The tank truck market is highly competitive, with key market players constantly fighting to maintain their position. The competition between the main players within the tank truck market is mainly due to the range of products and services offered by them. For example, the main players seek to outdo each other by introducing the latest products and modern technologies, as well as expanding their presence across geography and forming different types of partnerships in order to obtain a larger market share.
Thus, the market is characterized by a high level of competition between a number of globally operating companies that implement different types of strategic decisions along with the goal of increasing their market position by expanding their product and service offerings, as well as IT assets.The tank truck market is characterized by a high level of competition, with the key players in the sector constantly fighting to maintain their position. There are a number of major tank truck market players in the whole world, operating worldwide and making major strategic moves in order to increase their market share and IT assets. At least one of such market players is PACCAR Inc. from the United States, which is the designer, manufacturer and distributor of medium- and heavy-duty trucks.
The company has its headquarters in North America and Europe, while its operations in Asia are also growing. PACCAR Inc. is known for its fuel-efficient and latest models of tank trucks used for carrying liquids, as well as gases. Volvo AB from Sweden is another major player in the tank truck market. The company is involved in the manufacturing and sales of buses, construction equipment, and heavy-duty vehicles. The main operations of the Volvo AB are in Europe, North America and Asia, with the company also increasing its presence in other geographies. The company is known for its authentic models of tank trucks that are highly efficient and reliable. Another major market participant is Mitsubishi Fuso Truck and Bus Corporation, based in Japan and belonging to the Japanese Automotive Company. The major operations of the Company are in Asia, with the growing interests in other geographies. The company has a wide range of tank trucks that offer high performance coupled with cost efficiency.Reference List
Key Companies in the Tanker Truck Market Include:
- Nissan
- Isuzu
- Dongfeng
- PACCAR
- Mitsubishi Fuso Truck and Bus
- SAIC Motor
- Hyundai Motor Company
- UD Trucks
- Foton
- Hino Motors
- Ashok Leyland
- Shacman
- Volvo AB
- CNH Industrial
- Tata Motors
Tanker Truck Market Industry Developments
The global tanker truck market is projected to reach USD 194.8 billion by 2032, exhibiting a CAGR of 6.53% during the forecast period of 2024-2032. The increasing demand for the transportation of various liquids, including chemicals, petroleum products, and food items, is fueling the growth of the market. The growing adoption of lightweight and fuel-efficient tanker trucks is further contributing to market expansion.
Recent news developments in the tanker truck market include the launch of advanced tanker trucks with enhanced safety features and improved fuel efficiency. Technological advancements, such as telematics and GPS tracking systems, are also gaining traction, enabling real-time monitoring and enhanced fleet management. Additionally, government regulations aimed at reducing emissions and improving road safety are shaping the development of the tanker truck market.
Tanker Truck Market Capacity Outlook
Small (less than 5,000 gallons)
- Medium (5,000-15,000 gallons)
- Large (greater than 15,000 gallons)
Tanker Truck Market Application Outlook
- Petroleum Products Transportation
- Chemical Transportation
- Food and Beverage Transportation
- Other Applications
Tanker Truck Market Material Outlook
- Stainless Steel
- Aluminum
- Carbon Steel
- Other Materials
Tanker Truck Market Type Outlook
- Single-Axle Tankers
- Multi-Axle Tankers
- Articulated Tankers
Tanker Truck Market Drive Type Outlook
- 4x2
- 6x4
- 8x4
- Other Drive Types
Tanker Truck Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
103.49 (USD Billion) |
| Market Size 2023 |
110.25 (USD Billion) |
| Market Size 2032 |
194.8 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.53% (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 |
Nissan, Isuzu, Dongfeng, PACCAR, Mitsubishi Fuso Truck and Bus, SAIC Motor, Hyundai Motor Company, UD Trucks, Foton, Hino Motors, Ashok Leyland, Shacman, Volvo AB, CNH Industrial, Tata Motors |
| Segments Covered |
Capacity, Application, Material, Type, Drive Type, Regional |
| Key Market Opportunities |
Rising demand for Liquefied Natural Gas LNG and Liquefied Petroleum Gas LPG Increasing infrastructure development in emerging economies Stricter emission regulations in developed countries Growing ecommerce and online shopping led to increased demand for tanker trucks for last mile delivery. Advances in telematics and technology for improved fleet management and safety |
| Key Market Dynamics |
Escalating energy demands Growing urbanization and industrialization Stringent emission regulations Increasing chemical production Technological advancements in tanker truck designs |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Tanker Truck Market is anticipated to reach a market size of approximately USD 110.25 billion in 2023.
The Global Tanker Truck Market is expected to witness a CAGR of around 6.53% during the forecast period from 2024 to 2032.
The Asia Pacific region is anticipated to hold the largest market share and is projected to maintain its dominance throughout the forecast period.
The increasing demand for efficient and reliable transportation of liquids and gases, along with the growing emphasis on safety regulations, is primarily driving the growth of the Global Tanker Truck Market.
Tanker trucks are widely used for transporting various liquids and gases, including petroleum products, chemicals, food-grade liquids, and liquefied gases.
Prominent players in the Global Tanker Truck Market include PACCAR Inc., AB Volvo, Daimler AG, CNH Industrial N.V., and Isuzu Motors Limited.
The Global Tanker Truck Market faces certain challenges, such as stringent safety regulations, volatile raw material prices, and intense competition in the industry.
The adoption of advanced technologies, such as telematics and GPS tracking systems, is gaining traction in the Global Tanker Truck Market.
The COVID-19 pandemic had a short-term impact on the Global Tanker Truck Market, leading to disruptions in supply chains and reduced demand. However, the market is expected to recover and continue its growth trajectory in the post-pandemic period.
When selecting a Tanker Truck, factors such as capacity, type of liquid or gas to be transported, safety features, durability, and maintenance costs should be carefully evaluated.
