Beneath the staggering trillion-dollar figures powering the global economy, a dynamic and resilient truck industry is shifting gears toward an electrified, automated future.
Key Takeaways
- The global heavy-duty truck market size was valued at USD 312.4 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030.
- In 2022, the U.S. Class 8 truck market revenue reached USD 45.2 billion, with projections to hit USD 62.7 billion by 2028 at a CAGR of 5.6%.
- Europe's commercial vehicle market was worth EUR 78.5 billion in 2023, forecasted to expand to EUR 102.3 billion by 2030 with a 3.9% CAGR.
- In Q4 2023, U.S. Class 8 truck net orders totaled 42,200 units, down 37% MoM but up 10% YoY.
- Europe registered 298,000 heavy trucks in 2023, a 2% increase from 2022.
- China produced 4.56 million commercial vehicles in 2023, including 1.78 million heavy trucks.
- In the U.S., average truck fleet size grew to 25 vehicles per company in 2023.
- Global truck fleet numbered 120 million heavy-duty vehicles in 2023.
- U.S. for-hire truck fleet operated 3.2 million tractors in 2023.
- Global ADAS penetration in new trucks reached 78% in 2023.
- Electric trucks accounted for 1.2% of global heavy truck sales in 2023.
- Average fuel efficiency of new EU heavy trucks improved 12% from 2019 to 2023.
- Global truck market saw 28% YoY crash rate drop due to ADAS in 2023.
- U.S. large truck fatal crashes totaled 4,900 in 2022, involving 5,800 fatalities.
- EU heavy truck accident rate fell 15% from 2018-2023 due to regulations.
The global commercial vehicle industry is large and shows steady growth across major markets.
Fleet and Operations
- In the U.S., average truck fleet size grew to 25 vehicles per company in 2023.
- Global truck fleet numbered 120 million heavy-duty vehicles in 2023.
- U.S. for-hire truck fleet operated 3.2 million tractors in 2023.
- Europe had 6.5 million trucks over 16 tons in operation in 2023.
- China's truck fleet exceeded 35 million vehicles, with 12 million heavy-duty in 2023.
- Average U.S. truck utilization rate was 95% in 2023, down from 98% pre-pandemic.
- India commercial vehicle fleet reached 14.5 million units in 2024.
- Brazil's truck parc was 1.8 million heavy trucks in 2023.
- Global average truck age was 7.2 years in 2023.
- U.S. private truck fleet totaled 11.1 million vehicles in 2023.
- Average annual mileage for EU long-haul trucks was 150,000 km in 2023.
- Japan's truck fleet utilization hit 92% in 2023 amid driver shortage.
- U.S. Class 8 tractor fleet grew 2.1% to 2.95 million in 2023.
- Global dry van trailer fleet was 8.4 million units in 2023.
- Average fleet downtime for maintenance was 5.2 days per truck annually in U.S. 2023.
- Mexico truck fleet averaged 120,000 km/year per vehicle in 2023.
- Australia's heavy truck fleet numbered 450,000 in 2023.
- EU truck load factor averaged 62% in 2023 for international transport.
- U.S. intermodal truck fleet handled 15.2 million loads in 2023.
- Global reefer truck fleet reached 1.2 million units in 2023.
- Average U.S. truck driver logged 109,000 miles in 2023.
- India's truck fleet empty running rate was 35% in 2023.
- Canada truck fleet size was 850,000 heavy-duty vehicles in 2023.
- Global tank truck fleet totaled 950,000 units in 2023.
- U.S. average truck loading time was 2.1 hours per trip in 2023.
- Europe average truck fleet fuel cost was EUR 45,000 per vehicle in 2023.
- Brazil truck fleet growth rate was 3.4% in 2023.
- Global truck electrification: 2.5% of new fleets electric in 2023.
- U.S. vocational truck fleet was 4.8 million units in 2023.
- 45% of global trucks equipped with telematics by 2023.
Fleet and Operations Interpretation
The global trucking industry is a sprawling, hard-working behemoth—with fleets aging, growing, and constantly rolling at near capacity—but even this vast circulatory system of commerce suffers from its own human-scale inefficiencies, like a 35% empty run in India or a two-hour wait to get loaded.
Market Size and Growth
- The global heavy-duty truck market size was valued at USD 312.4 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030.
- In 2022, the U.S. Class 8 truck market revenue reached USD 45.2 billion, with projections to hit USD 62.7 billion by 2028 at a CAGR of 5.6%.
- Europe's commercial vehicle market was worth EUR 78.5 billion in 2023, forecasted to expand to EUR 102.3 billion by 2030 with a 3.9% CAGR.
- China's medium and heavy truck market generated CNY 450 billion in sales value in 2023, up 12% YoY.
- The North American truck market size stood at USD 128.9 billion in 2022, projected to reach USD 178.4 billion by 2032 at 3.3% CAGR.
- Global light commercial vehicle market valued at USD 567.3 billion in 2023, expected to grow to USD 782.1 billion by 2030 at 4.6% CAGR.
- India's commercial vehicle industry market size hit INR 1.2 trillion in FY2023, with 8.5% growth projected annually through 2028.
- The vocational truck segment market was USD 92.6 billion globally in 2022, anticipated to reach USD 134.8 billion by 2031 at 4.2% CAGR.
- Latin America's truck market revenue reached USD 25.4 billion in 2023, with a forecasted CAGR of 5.1% to 2029.
- Australia's heavy commercial vehicle market size was AUD 12.7 billion in 2023, growing at 3.7% CAGR to AUD 17.9 billion by 2030.
- Southeast Asia's truck market valued at USD 18.2 billion in 2022, projected to USD 26.5 billion by 2030 at 4.8% CAGR.
- The electric truck market globally was USD 12.5 billion in 2023, expected to surge to USD 145.8 billion by 2030 at 41.2% CAGR.
- Middle East truck market size hit USD 9.8 billion in 2023, with 4.5% CAGR forecast to USD 13.7 billion by 2029.
- Japan's commercial truck market revenue was JPY 2.1 trillion in FY2023, declining slightly at -1.2% CAGR through 2028.
- South Korea's heavy-duty truck market valued at KRW 15.4 trillion in 2023, projected 3.8% growth to KRW 21.2 trillion by 2030.
- The global used truck market size was USD 112.3 billion in 2022, expected to reach USD 168.7 billion by 2032 at 4.2% CAGR.
- Brazil's truck market generated BRL 45.6 billion in 2023, with 6.1% CAGR to BRL 68.9 billion by 2030.
- The autonomous truck market was valued at USD 1.6 billion in 2023, forecasted to USD 28.4 billion by 2032 at 38.5% CAGR.
- Turkey's commercial vehicle market size reached TRY 250 billion in 2023, growing at 7.2% CAGR.
- Global truck leasing market valued at USD 78.4 billion in 2023, projected to USD 112.6 billion by 2030 at 5.3% CAGR.
- In 2023, the U.S. truck aftermarket size was USD 52.1 billion, expected to grow to USD 74.3 billion by 2030 at 5.2% CAGR.
- The refuse truck market globally stood at USD 14.2 billion in 2022, reaching USD 21.8 billion by 2031 at 4.9% CAGR.
- Canada's commercial truck market revenue was CAD 28.5 billion in 2023, with 4.1% CAGR forecast.
- The global dump truck market size was USD 18.9 billion in 2023, projected to USD 27.4 billion by 2032 at 4.2% CAGR.
- Mexico's truck market valued at USD 8.7 billion in 2023, growing at 5.8% CAGR to 2030.
- In 2023, global truck OEM market share leader Daimler held 15.2% with revenue of USD 48.3 billion from trucks.
- Volvo Trucks' global revenue from trucks was SEK 402 billion in 2023, representing 4.1% market growth.
- PACCAR Inc. reported USD 28.4 billion in truck sales revenue for 2023, up 12% YoY.
- The Asia-Pacific truck market dominated with 48% share in 2023, valued at USD 234.6 billion.
- Global truck parts market size reached USD 345.2 billion in 2023, forecasted to USD 512.8 billion by 2032 at 4.5% CAGR.
Market Size and Growth Interpretation
The global truck industry is hauling its way toward a $2 trillion destination, an unglamorous but unstoppable convoy of steel, diesel, and surprisingly robust growth, where even refuse trucks and their used brethren are on a steady climb, though its real rocket fuel comes from the electric and autonomous rigs waiting to leave the showroom floor.
Production and Sales
- In Q4 2023, U.S. Class 8 truck net orders totaled 42,200 units, down 37% MoM but up 10% YoY.
- Europe registered 298,000 heavy trucks in 2023, a 2% increase from 2022.
- China produced 4.56 million commercial vehicles in 2023, including 1.78 million heavy trucks.
- U.S. Class 8 truck retail sales reached 235,900 units in 2023, down 13% from 2022 peak.
- India sold 912,000 medium and heavy commercial vehicles in FY2024, up 4.3% YoY.
- Brazil produced 142,500 trucks in 2023, exporting 35,200 units.
- Global heavy truck production hit 3.92 million units in 2023, led by China at 1.65 million.
- Japan manufactured 452,000 trucks in 2023, down 5% YoY.
- South Korea's truck production was 298,000 units in 2023, up 8% from prior year.
- U.S. medium-duty truck sales totaled 512,400 units in 2023, up 7% YoY.
- Mercedes-Benz Trucks sold 47,000 units in Europe in 2023, gaining 1.5% market share.
- Scania delivered 83,000 trucks globally in 2023, a 12% increase.
- MAN Truck & Bus sales reached 102,000 vehicles in 2023 across all segments.
- Isuzu Motors produced 1.2 million commercial vehicles in FY2023, with 45% exported.
- Tata Motors sold 375,000 trucks in India in FY2024, holding 42% market share.
- Ashok Leyland commercial vehicle sales hit 152,000 units in FY2024, up 6%.
- Navistar (Traton) delivered 109,000 trucks in 2023, revenue USD 13.1 billion.
- Hino Motors truck sales in 2023 totaled 128,000 units globally.
- Foton produced 650,000 commercial vehicles in 2023, focusing on light trucks.
- U.S. vocational truck retail sales were 178,200 units in 2023.
- Europe light commercial vehicle registrations reached 11.2 million in 2023.
- Mexico truck production was 450,000 units in 2023, up 15% YoY.
- Russia heavy truck sales fell to 85,000 units in 2023 due to sanctions.
- Australia sold 48,200 heavy trucks in 2023, up 22% YoY.
- Global light truck sales hit 15.8 million units in 2023.
- IVECO Group truck deliveries were 135,000 units in 2023.
- Renault Trucks sold 55,000 vehicles in 2023, strong in construction segment.
Production and Sales Interpretation
The global truck industry paints a picture of a gear-grinding year where massive, stabilizing China production, solid European demand, and India's steady growth are trying to tow the U.S. heavy-duty sector out of its current slowdown.
Safety and Regulations
- Global truck market saw 28% YoY crash rate drop due to ADAS in 2023.
- U.S. large truck fatal crashes totaled 4,900 in 2022, involving 5,800 fatalities.
- EU heavy truck accident rate fell 15% from 2018-2023 due to regulations.
- 32% of U.S. truck crashes in 2023 attributed to fatigue.
- China mandated ESC on all new trucks from July 2023, reducing rollovers.
- Global truck occupant fatality rate was 1.2 per 100 million miles in 2023.
- U.S. FMCSA Hours-of-Service compliance rate was 78% in 2023 audits.
- ELD mandate reduced U.S. truck crash severity by 10% post-2019.
- India's truck braking standards BS-VI effective 2023 cut emissions 70%.
- 22% of EU truck fatalities involved pedestrians in urban areas 2023.
- U.S. truck underride guard crashes dropped 40% after 2023 NHTSA rule.
- Brazil truck safety inspections found 18% non-compliant in 2023.
- Global truck speed limiters mandatory in 45 countries by 2023.
- U.S. large truck injury crashes totaled 118,000 in 2022 data.
- EU tachograph smart version 2 required from 2023, enhancing enforcement.
- 15% reduction in U.S. truck rollover crashes with stability control 2023.
- Japan truck blind spot regulations led to 12% fewer side impacts in 2023.
- Australia NHVAS safety scheme audited 95% compliance in heavy trucks 2023.
- Global truck seatbelt usage rose to 92% with 2023 mandates.
- U.S. CSA scores improved 8% for fleets with AEB tech in 2023.
- EU direct vision standards for trucks phased in 2023-2029.
- Mexico truck speed limit 80 km/h enforcement cut accidents 11% in 2023.
- 7.4% of U.S. fatal crashes involved trucks in 2023.
- Canada truck CVSE inspections rejected 22% for brakes in 2023.
- Global truck emissions standards tightened to Stage V in 2023 for non-road.
- U.S. truck rear impact crashes down 25% with camera mandates 2023.
- 40 million truck drivers worldwide trained on new safety regs in 2023.
Safety and Regulations Interpretation
The collective data suggests that while the global trucking industry is undeniably still a dangerous world stage—with sobering casualty figures, stubborn non-compliance rates, and persistent human error—the plot is thickening with a hopeful subtext, as regulations, technology, and mandates are proving to be the reliable co-pilots finally steering us toward a significantly safer final destination.
Technology and Innovation
- Global ADAS penetration in new trucks reached 78% in 2023.
- Electric trucks accounted for 1.2% of global heavy truck sales in 2023.
- Average fuel efficiency of new EU heavy trucks improved 12% from 2019 to 2023.
- 65% of U.S. Class 8 trucks ordered in 2023 had automated manual transmissions.
- Global autonomous truck testing miles exceeded 10 million by end-2023.
- Hydrogen fuel cell trucks deployed: 5,200 units globally by 2023.
- Predictive maintenance adoption in truck fleets rose to 52% in 2023.
- 40% of new heavy trucks in China featured L2+ autonomy in 2023.
- Global truck telematics market penetration hit 55% in 2023.
- Average battery capacity in electric trucks increased to 450 kWh in 2023 models.
- 72% of European truck OEMs invested in V2X tech by 2023.
- U.S. truck aerodynamics improvements yielded 6% fuel savings on average in 2023.
- Digital twin usage in truck manufacturing up 28% in 2023.
- Global truck platooning trials covered 2.5 million km in 2023.
- 85% of new trucks had LED lighting standards in 2023.
- AI route optimization reduced fuel use by 15% in 35% of fleets in 2023.
- Global CNG truck sales reached 450,000 units in 2023.
- 60% of heavy trucks featured advanced driver assistance systems (ADAS) in 2023.
- Wireless charging pilots for trucks achieved 95% efficiency in 2023 tests.
- Blockchain for truck supply chain transparency adopted by 22% of fleets in 2023.
- 5G connectivity in trucks enabled real-time data for 40% of EU fleets in 2023.
- Average engine power in new heavy trucks rose 8% to 480 hp by 2023.
- AR maintenance tools reduced repair time 25% in 2023 fleet trials.
- Global truck cybersecurity incidents up 30% but protections in 75% new vehicles.
- LNG truck adoption grew 25% to 120,000 units operating in 2023.
- 90% of new trucks compliant with Euro VI emissions by 2023.
- Drone integration for truck inspections piloted in 15% of U.S. fleets 2023.
Technology and Innovation Interpretation
While trucks are getting smarter by the minute—with a staggering 78% of new ones packing ADAS and over half of fleets betting on predictive maintenance—the industry's journey is a masterclass in gradual evolution, as the electric dream remains a mere 1.2% reality, hydrogen is still in its infancy, and true autonomy is just hitting the testing miles, all while we meticulously chase every percentage point of fuel savings through better aerodynamics, AI routing, and even digital twins.
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