The Heavy Duty Trucks Market Report is Segmented by Tonnage Type (10 To 15 T and More Than 15 T), Class (Class 7 and Class 8), Propulsion Type (Diesel, Battery-Electric, and More), Application (Construction and Mining, and More), Truck Body Type (Tractor-Trailer, and More), Sales Channel (OEM, and More), and Geography (North America, and More). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

The global heavy duty truck market is evaluated at US$ 194.82 billion in 2024. According to projections by Fact.MR in its latest market study, worldwide sales of heavy-duty trucks are forecasted to increase at a CAGR of 4.6% and reach US$ 305.46 billion by 2034-end.

Report Attribute	Detail
Heavy Duty Truck Market Size (2024E)	US$ 194.82 Billion
Forecasted Market Value (2034F)	US$ 305.46 Billion
Global Market Growth Rate (2024 to 2034)	4.6% CAGR
South Korea Market Value (2034F)	US$ 13.58 Billion
Dump Truck Demand Growth Rate (2024 to 2034)	4.8% CAGR
Key Companies Profiled	Daimler; Fiat Chrysler Automobiles; Ford Motor Company; Freightliner; Nissan; Oshkosh Corporation; Dongfeng; Eicher Motors Limited; General Motors; Kenworth; Tata Motors; Toyota; Paccar; Peterbilt; Scania; Navistar; Volvo.

Country-wise Analysis

Attribute	United States
Market Value (2024E)	US$ 34.12 Billion
Growth Rate (2024 to 2034)	4.2% CAGR
Projected Value (2034F)	US$ 51.44 Billion

Attribute	China
Market Value (2024E)	US$ 35.52 Billion
Growth Rate (2024 to 2034)	5.2% CAGR
Projected Value (2034F)	US$ 58.98 Billion

Category-wise Analysis

Attribute	Class 8
Segment Value (2024E)	US$ 121.18 Billion
Growth Rate (2024 to 2034)	4.6% CAGR
Projected Value (2034F)	US$ 189.99 Billion

Attribute	Tractors/Haulers
Segment Value (2024E)	US$ 60.2 Billion
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 87.97 Billion

The Medium and Heavy Commercial Vehicle Market Report is Segmented by Tonnage (3. 5 To 7. 5 T, 7. 5 To 16 T, and Above 16 T), Propulsion Type (IC Engine, Plug-In Hybrid Electric, Battery Electric, and More), Vehicle Type (Rigid Truck and More), End-User Industry (Logistics and Transportation, Construction and Mining, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Germany's Mercedes was the leading producer of medium and heavy commercial vehicles in 2021, holding around ** percent of the market. In 2022, Mercedes, DAF and Volvo gained the highest share of the market, each reporting ** percent of the market value. By 2026, Mercedes is predicted to once again become the leading producer of commercial vehicles, once again maintaining ** percent of the market.

The Europe Medium And Heavy-Duty Commercial Vehicles Market report segments the industry into Vehicle Type (Commercial Vehicles), Propulsion Type (Hybrid And Electric Vehicles, ICE), and Country (Austria, Belgium, Czech Republic, Denmark, Estonia, France, Germany, Ireland, Italy, Norway, Poland, Russia, Spain, Sweden, UK, Rest-Of-Europe). Get five years of historical data and forecasts.

U.S. Commercial Vehicle Market size is projected to reach USD 439.4 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.7% over the forecast period.

As per Cognitive Market Research's latest published report, the Global Heavy Duty Truck market size was USD 209,987.8 million in 2022 and it is forecasted to reach USD 328678.9 million by 2030. Heavy Duty Truck Industry's Compound Annual Growth Rate will be 4.9% from 2023 to 2030. Market Dynamics of Heavy Duty Truck Market

Key Drivers of Heavy Duty Truck Market

Increasing Demand for Infrastructure Development and Construction: An increase in demand for goods along with an increase in construction and development of infrastructure is a major factor driving the demand for the heavy-duty trucks market. Governments in both developed and developing countries around the world are making large investments in improving and updating their road network infrastructure, which depends on heavy trucks to transport the bulk of the world's largest goods.Furthermore, increasing urbanization in developing and developed economies coupled with rising consumer preference towards utilizing vehicles with innovative technology will create growth opportunities for the market.

Development in E-commerce and Logistics: The rise of e-commerce and last-mile delivery services has led to an increased demand for dependable logistics and freight transportation systems. Although light commercial vehicles are predominant in last-mile delivery, heavy-duty trucks are essential for long-haul and inter-city transport within e-commerce supply chains. With global e-commerce sales expected to continue their upward trajectory, logistics companies are investing in high-capacity vehicles to accommodate the growing freight volumes—thereby enhancing the demand for technologically advanced, fuel-efficient heavy-duty trucks.

Advancements in Fuel Efficiency and Emission Technologies: New emission regulations and fuel efficiency standards are compelling manufacturers to create cleaner, more efficient heavy-duty trucks. Innovations such as hybrid systems, LNG/CNG engines, and electric drivetrains are appealing to fleet operators who prioritize compliance and cost-effectiveness.

Restraining factors for the global Heavy-Duty Truck Market

The High Expense of Technological Progress and Research & Development: Heavy-duty truck manufacturers face significant pressure to innovate due to stricter emission regulations and the demand for enhanced fuel efficiency. However, the integration of advanced technologies such as autonomous driving systems, telematics, and electric or hybrid powertrains necessitates substantial capital investment in research and development. These expenses elevate the overall cost of trucks, presenting affordability challenges for small fleet operators, particularly in price-sensitive markets. This financial obstacle hampers the adoption of next-generation trucks, thereby restraining overall market growth.

Inadequate Infrastructure and Shortage of Skilled Labor in Emerging Markets: In numerous developing and underdeveloped economies, insufficient road infrastructure and limited service networks impede the efficient operation and maintenance of heavy-duty trucks. Furthermore, a shortage of skilled technicians and drivers presents operational difficulties. Poor road conditions also contribute to accelerated wear and tear of vehicles, leading to increased operational costs and deterring investment. These challenges restrict the penetration of modern trucks in rural or remote regions, limiting market expansion in critical growth areas.

Stringent Emission Regulations and Compliance: Costs Governments around the globe are implementing strict emission regulations, particularly in North America and Europe. Complying with these standards raises research and development and production costs for manufacturers, while also imposing compliance challenges for fleet operators.

Key Trends in the Heavy-Duty Truck Market

Electrification of Heavy-Duty Trucks: Motivated by climate objectives and more stringent emissions regulations, manufacturers are progressively investing in electric heavy-duty trucks. Companies such as Tesla (Semi), Volvo, and Daimler are introducing electric models for freight transportation. Although still in the initial adoption stage, this trend is gaining traction as battery technology advances and governments provide incentives for cleaner transportation. Fleet operators are slowly embracing electric trucks to lower carbon emissions and operational costs over the long term.

Integrat...

Global Commercial Vehicle market size is expected to reach $1431.47 billion by 2029 at 8%, segmented as by type, light commercial vehicle, heavy trucks, buses and coaches

The U.S. Commercial Vehicle Market size was valued at USD 581.31 USD Billion in 2023 and is projected to reach USD 1161.96 USD Billion by 2032, exhibiting a CAGR of 10.4 % during the forecast period. A commercial vehicle is an automobile that is used for business purposes and not for personal uses. Some of the familiar uses of commercial vehicles include transporting cargo, machinery, or people for business reasons. These vehicles include trucks, vans, buses, and trailers for commercial use, all of which are designed uniquely to suit business necessities. Commercial vehicles often have powertrain systems such as powerful engines, structural framework, and body such as extra car capacity for carrying goods and easy loading and offloading. In general, there are several advantages of using commercial vehicles, these are higher efficiency, affordable transport services, as well as the ability to do more business. Current trends in the US market can be attributed to the customer’s inclinations towards green solutions and innovations in technology preference the technological usage of trucks and vans in an environmentally responsible manner due to certain environmental policies that have been passed to curb on emission and fuel consumption. Recent developments include: August 2023 – BYD | RIDE delivered two K7M 30’ battery-electric buses to the City of Burlington in North Carolina to serve the passengers of its Link Transit Fleet. The 30-foot buses can accommodate up to 22 passengers and are equipped with the industry’s safest batteries, providing a smooth, quiet, and sustainable ride throughout the city., June 2023 – General Motors Co. acquired ALGOLiON Ltd., an Israel-based battery software startup, for an undisclosed amount. The software uses data streams from EV battery management systems to identify anomalies in battery performance to ensure proper vehicle health management and provide early detection of battery hazards, including thermal runaway propagation events. , May 2023 – Scania announced to reshape its bus and coach business to provide customers with competitive and sustainable mobility solutions and secure profitable growth in a changing market environment., March 2022 – Volvo Trucks received an order of 50 Volvo VNR Electric Trucks for WattEV's Truck-as-a-Service start-up. The Volvo VNR Electric trucks operate on routes between the Inland Empire, California's San Joaquin Valley, and the Ports of Long Beach and Los Angeles., September 2021 - Ford invested USD 11 billion to set up several plants to produce electric vehicle parts. The company also invested in new assembly plants to build all-electric F-series trucks and three battery plants, including factories in Tennessee & Kentucky.. Key drivers for this market are: Increasing Demand for Forged Products in Power, Agriculture, Aerospace, and Defense to Drive Industry Expansion. Potential restraints include: High Maintenance Cost May Limit the Market Growth. Notable trends are: Rising Adoption of Automation in Manufacturing to Drive Market Growth.

The global light commercial truck market size was valued at USD 106.61 billion in 2025 and is expected to witness a CAGR of 3.98% during the forecast period 2025-2033. Key factors driving the growth of this market include increasing demand for light commercial trucks for transportation and logistics activities, rising construction and infrastructure development, and growing e-commerce and online shopping. The market is segmented based on vehicle type, fuel type, load capacity, and end-use. Pickups accounted for the largest share of the global light commercial truck market in 2025, owing to their versatility and wide range of applications. Internal combustion engines are the most popular fuel type, but there is a growing demand for electric and hybrid vehicles due to environmental regulations and increasing fuel prices. Light-duty trucks are the most popular load capacity segment, while transportation is the largest end-use sector for light commercial trucks. Recent developments include: Recent developments in the Light Commercial Truck Market have shown significant interest, particularly from key players like Daimler AG, General Motors, Volkswagen AG, and Ford Motor Company. Notably, companies are ramping up their electric vehicle initiatives, with Volkswagen announcing plans to expand its electric van production to meet the growing demand for greener logistics solutions., Meanwhile, Tata Motors and Ashok Leyland have made strides in technology advancements, focusing on enhanced fuel efficiency and smarter connectivity features. In terms of mergers and acquisitions, Renault Trucks has engaged in strategic partnerships aimed at bolstering its market presence in electric trucks. Isuzu Motors has also considered collaborations to innovate its product lines., The increase in urbanization and the need for efficient transportation solutions have led to a marked uptick in market valuations for several companies, influencing investment strategies and driving competition. Mercedes-Benz and Paccar Inc. are recognized for pursuing sustainable initiatives, thereby enhancing their competitive edge., Additionally, current economic trends suggest that the demand for light commercial vehicles will continue to rise, fueled by e-commerce growth and the need for last-mile delivery solutions.. Key drivers for this market are: Growing e-commerce logistics demand, Increasing urbanization and infrastructure development; Adoption of electric light commercial vehicles; Advanced telematics and connectivity solutions; Expansion in emerging markets. Potential restraints include: Rising e-commerce demand, Stringent emission regulations; Technological advancements in vehicles; Growing urbanization and infrastructure; Shift towards electric vehicles..

The U.S. Class 8 market is dominated by Freightliner. The truck brand recorded year-to-date decline of about *** percent but held a market share of around ** percent in 2024. This means that almost one in four Class 8 trucks in the United States is a Freightliner-badged vehicle. Daimler Truck is Freightliner’s parent company and sells trucks under its Freightliner and Western Star brands.  Truck demand indicative of economic trend Class 8 heavy-duty truck sales expanded by some **** percent in 2021 after the industry was impacted by the COVID-19 pandemic in 2020, resulting in a contraction in sales. In total, customers in the United States bought just under ******* heavy-duty trucks in 2021. The industry closed the year on a positive note and also recorded a growth in order intake towards the end of the year. The market recovery is propelled by U.S. trucking companies, three of which ranked as the largest trucking companies worldwide  Heavyweights in the market  Class 8 trucks fall into the heavy-duty segment of the U.S. truck market. They are categorized by the U.S. Federal Highway Administration as vehicles with a gross vehicle weight rating in excess of 33,000 pounds. Many truck manufacturers also build trucks in smaller segments, such as Classes 4-7.

Heavy Duty (HD) Truck Market size was valued at USD 148.07 Billion in 2024 and is projected to reach USD 203.40 Billion by 2032, growing at a CAGR of 4.13% from 2026 to 2032.The market for heavy-duty trucks has expanded significantly in recent years, mostly due to the rapid growth of infrastructure and rising demand from end users in the global mining, construction, and other industries. This increase in demand is not just a fad; rather, it is a reflection of more significant social and economic changes that are transforming the world. A major factor driving the rise in demand for heavy-duty vehicles worldwide is the drive to improve infrastructure. Throughout the world, developed and emerging economies alike are making significant investments in modernizing and growing their infrastructure. Moreover, the heavy-duty truck market is being driven by two major factors: the logistics sector's transformation and the e-commerce industry's rapid growth. The global pandemic has expedited this trend, which has raised demand for conventional trucking services while also encouraging partnerships, innovation, and wise acquisitions in the sector.

The United States Commercial Vehicles Market is segmented by Vehicle Type (Commercial Vehicles) and by Propulsion Type (Hybrid and Electric Vehicles, ICE). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

Unlock expert insights on U.S. Commercial Vehicles Market, size at USD 155 billion in 2023, highlighting trends and market forecast supported through industry developments and revenue analysis.

Commercial Vehicles Market was valued at $1,301.50 Mn in 2023, and is projected to $USD 1,789.30 Mn by 2032, at a CAGR of 3.60% from 2023 to 2032.

Snapshot img

Commercial Vehicle Market Size 2025-2029

The commercial vehicle market size is forecast to increase by USD 148.4 billion, at a CAGR of 3% between 2024 and 2029.

The market is experiencing significant shifts, driven primarily by the rise in e-commerce growth and the increasing preference for electrification and alternative fuel vehicles. E-commerce giants continue to expand their delivery networks, leading to a substantial increase in demand for commercial vehicles. This trend is expected to continue, with projections indicating a steady growth in e-commerce sales. Simultaneously, the transportation sector is moving towards electrification and alternative fuel vehicles as part of the global push for sustainability. The supply chain benefits from connected vehicles and GPS tracking, enhancing fleet management and urban logistics. Commercial vehicle manufacturers are investing heavily in research and development to meet this demand, with several companies launching electric and hybrid commercial vehicles.
However, this transition poses challenges, including the need for significant infrastructure investments and the high cost of electric vehicles. Moreover, supply chain disruptions continue to pose a significant challenge to the market. The COVID-19 pandemic highlighted the vulnerabilities of global supply chains, with many companies experiencing delays and disruptions. Trucking operations are embracing connected fleet management and fleet maintenance solutions to optimize logistics and enhance vehicle performance metrics. The ongoing geopolitical tensions and natural disasters further compound the issue. Companies must navigate these challenges by building resilient supply chains and exploring alternative sourcing options to mitigate risks and ensure uninterrupted operations.

What will be the Size of the Commercial Vehicle Market during the forecast period?

Request Free Sample

The market is experiencing significant shifts as emission regulations tighten and freight transportation evolves. The green fleet trend is gaining momentum, with vehicle electrification and fuel economy becoming key priorities. Autonomous trucking and advanced driver assistance systems are transforming the industry, while driver training remains essential for safety. Commercial vehicle financing options continue to adapt, with predictive maintenance and vehicle safety standards shaping the landscape.
Logistics technology, including supply chain optimization and transportation networks, is revolutionizing freight brokerage and third-party logistics. Cargo handling and vehicle downtime reduction are crucial for maintaining profitability, while commercial vehicle insurance and safety technologies remain critical components of successful trucking operations. The commercial vehicle industry's focus on sustainability and efficiency is driving innovation and reshaping the future of freight transportation.

How is this Commercial Vehicle Industry segmented?

The commercial vehicle industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Fuel Type

  ICE
  EV


Type

  Cargo trucks
  Pick-up trucks
  Buses
  Trippers
  Tractors


Vehicle Type

  Light-duty vehciles
  Heavy-duty vehicles
  Medium-duty vehicles


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Fuel Type Insights

The ice segment is estimated to witness significant growth during the forecast period. The market is driven by the widespread use of ICE vehicles, primarily fueled by diesel and gasoline. Diesel engines dominate medium- and heavy-duty vehicles due to their high torque and fuel economy, crucial for long-haul freight and heavy-load applications. In contrast, gasoline engines are common in light-duty vehicles, such as pickups and compact vans, due to their lower payloads and shorter routes. Safety standards, including collision avoidance systems, lane departure warning, blind spot monitoring, and driver fatigue detection, are increasingly integrated into commercial vehicles. Food trucks, rubbish collection, street sweeping, and passenger transport are among the various industries utilizing LCVs for their business needs. Autonomous driving and driver assistance technologies, like adaptive cruise control and electronic stability control, are gaining traction.

Alternative fuels, such as natural gas and electric vehicles, are emerging as viable options, with natural gas offering established infrastructure and fuel efficiency, while electric vehicles face infrastructure and cost challenges. Heavy-duty vehicles are equipped with advanced infotainment systems

The Connected Truck Market report segments the industry into By Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles), By Range (Dedicated Short-range Communication (DSRC), Long Range (Telematics Control Unit)), By Communication Type (Vehicle-to-Vehicle (V2V), Vehicle-to-Cloud (V2C), Vehicle-to-Infrastructure (V2I)), and By Geography (North America, Europe, Asia-Pacific, Rest of the World).

[226+ Pages Report] The global heavy duty trucks market size is expected to grow from USD 250 billion in 2022 to USD 315.85 billion by 2030, at a CAGR of 7.6% from 2023-2030

The global commercial truck market, valued at $971.6 million in 2025, is projected to experience steady growth with a compound annual growth rate (CAGR) of 3% from 2025 to 2033. This growth is driven by several key factors. Expanding infrastructure projects globally, particularly in developing economies, fuel demand for heavy-duty carriers in construction, mining, and freight carriage. The increasing adoption of e-commerce and last-mile delivery solutions is further boosting the demand for light- and medium-duty trucks. Furthermore, advancements in fuel efficiency technologies and the integration of advanced driver-assistance systems (ADAS) are enhancing the overall appeal and operational efficiency of commercial trucks. Stringent emission regulations are also pushing manufacturers towards developing cleaner and more sustainable vehicles, contributing to market expansion. However, fluctuations in fuel prices and the economic impact of global events pose potential restraints to market growth. The market is segmented by application (construction, mining and excavation, freight carriage, other transport applications) and type (light-duty, medium-duty, heavy-duty carriers). Major players like Daimler, Ford, General Motors, Isuzu Motors, Navistar, Tata Motors, Volkswagen, and Volvo are actively competing in this dynamic landscape, constantly innovating to meet evolving market demands and regulations. The regional distribution of the market reflects global economic activity and infrastructure development. North America and Europe currently hold significant market shares, primarily due to established transportation networks and robust economies. However, rapid infrastructure development and industrialization in Asia-Pacific regions, particularly in China and India, are expected to drive significant market expansion in these areas over the forecast period. The competitive landscape is characterized by both established multinational corporations and regional players, leading to a diverse range of offerings catering to specific regional demands. Technological advancements, particularly in autonomous driving technology and alternative fuel sources, present both opportunities and challenges for market players, shaping future market dynamics.

Commercial Vehicles Market Outlook

According to our latest research, the global commercial vehicles market size reached USD 1,325.4 billion in 2024, reflecting robust demand across logistics, construction, and passenger transportation sectors. The market is set to grow at a CAGR of 5.7% from 2025 to 2033, reaching a forecasted value of USD 2,186.8 billion by 2033. This sustained expansion is primarily driven by increasing urbanization, rapid e-commerce growth, and ongoing infrastructure development worldwide, which are collectively fueling the need for diverse commercial vehicle solutions.

One of the most significant growth factors for the commercial vehicles market is the exponential rise in e-commerce and last-mile delivery services. The proliferation of digital shopping platforms has fundamentally transformed consumer expectations, emphasizing rapid and reliable delivery. As a result, logistics providers and retailers are investing heavily in modern, fuel-efficient commercial vehicles to optimize their supply chains and meet stringent delivery timelines. Additionally, the integration of advanced telematics, fleet management systems, and real-time tracking technologies is enhancing operational efficiency, reducing downtime, and supporting data-driven decision-making for fleet operators. This digital transformation is not only boosting demand for new vehicles but also encouraging the adoption of connected, intelligent vehicle solutions across industries.

Another key driver is the global push toward sustainability and stricter emission regulations. Governments across major markets, including Europe, North America, and Asia Pacific, are implementing rigorous emission standards to combat air pollution and climate change. This has accelerated the adoption of alternative propulsion systems such as electric, hybrid, and natural gas-powered commercial vehicles. Leading manufacturers are investing in research and development to improve battery technologies, extend driving ranges, and lower the total cost of ownership for electric and hybrid vehicles. The availability of incentives, subsidies, and tax breaks for eco-friendly vehicle adoption is further catalyzing this transition, making sustainable commercial vehicles increasingly attractive to fleet operators and individual owners alike.

Additionally, robust infrastructure development in emerging economies is significantly contributing to market growth. Large-scale investments in road networks, smart cities, and industrial parks are driving the demand for construction vehicles, heavy-duty trucks, and passenger transport solutions. The mining and construction sectors, in particular, require specialized commercial vehicles capable of operating in challenging environments, further diversifying the market landscape. Moreover, the growing trend of urbanization is increasing the need for public transportation options such as buses and coaches, prompting governments and municipalities to upgrade their fleets with modern, fuel-efficient, and environmentally friendly vehicles. This multifaceted demand from various end-user segments ensures a resilient and expanding commercial vehicles market globally.

Regionally, the Asia Pacific market continues to dominate in terms of volume and revenue, driven by high population density, rapid industrialization, and expanding urban infrastructure. North America and Europe are also significant contributors, benefiting from advanced automotive manufacturing ecosystems and strong regulatory frameworks supporting innovation and sustainability. Meanwhile, Latin America and the Middle East & Africa are witnessing steady growth, propelled by investments in logistics, mining, and construction sectors. Each region presents unique opportunities and challenges, shaping the competitive dynamics and technological advancements in the global commercial vehicles market.

Vehicle Type Analysis

The commercial vehicles market is segmented by vehicle type into Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)