Class 8 Truck Market Forecasts to 2030 – Global Analysis By Product (Long-Haul Trucks, Heavy-Duty Trucks, Tractor-Trailers, Logging Trucks, Tanker Trucks and Other Products), Fuel Type (Diesel, Electric, Hybrid, LNG and Other Fuel Types), Application and

Class 8 Truck Market Forecasts to 2030 – Global Analysis By Product (Long-Haul Trucks, Heavy-Duty Trucks, Tractor-Trailers, Logging Trucks, Tanker Trucks and Other Products), Fuel Type (Diesel, Electric, Hybrid, LNG and Other Fuel Types), Application and by Geography

According to Stratistics MRC, the Global Class 8 Truck Market is accounted for $294.09 billion in 2024 and is expected to reach $467.46 billion by 2030 growing at a CAGR of 8.03% during the forecast period. A Class 8 truck, also known as a heavy-duty truck, is a sturdy car built to handle even the most difficult transportation jobs. These trucks are appropriate for heavy-duty applications such as large-scale construction projects and long-haul freight because their gross vehicle weight rating (GVWR) is usually more than 33,000 pounds. With their robust chassis, sophisticated suspension systems, and potent engines, Class 8 trucks are built to tackle rough terrain and heavy loads. Moreover, they are essential to the logistics and transportation sectors because they make sure that cargo is moved across long distances effectively.

According to the American Trucking Associations (ATA), trucks transported 72.5% of the nation's freight by weight in 2020, highlighting the critical role of the trucking industry in the U.S. economy.

Market Dynamics:

Driver:

Optimization of the supply chain and logistics

Businesses that prioritize supply chain and logistics optimization frequently purchase Class 8 trucks in order to increase productivity and lower operating expenses. Real-time tracking, load optimization, and sophisticated routing and scheduling software are all components of effective logistics strategies. Additionally, class 8 trucks are necessary for the implementation of dependable and reasonably priced supply chain solutions because of their large carrying capacities and long driving range.

Restraint:

High starting prices

One of the biggest obstacles for many businesses is the large initial outlay of funds needed to acquire Class 8 trucks. The cost of manufacturing and purchasing these trucks is high due to their sophisticated technologies and sturdy components. Furthermore, growth in the market may be restricted if smaller companies and new entrants find it difficult to set aside enough money for fleet replacement or expansion.

Opportunity:

Growth in the emerging markets

The Class 8 truck market has a lot of opportunities due to the rapid industrialization and urbanization occurring in emerging markets. The need for logistics and transportation services is rising in Latin American, Asian, and African nations. Moreover, by entering these areas, truck manufacturers can reach a wider audience and capitalize on the increasing demand for heavy-duty vehicles to facilitate trade, construction, and infrastructure development.

Threat:

Disruptions to the supply chain

Natural disasters, geopolitical unrest, pandemics, and trade disputes are a few examples of events that can seriously disrupt the global supply chain and have an adverse effect on Class 8 truck production and availability. Deficits in vital components such as semiconductors, metals, and other raw materials can cause production to stall, expenses to rise, and delivery timetables to become difficult to fulfill. Furthermore, these hiccups have the potential to impede market expansion and compromise supply chains' dependability.

Covid-19 Impact:

The Class 8 truck market was severely affected by the COVID-19 pandemic, which resulted in supply chain disruptions and factory closures as well as shortages of vital parts. Due to the economic downturn, fleet operators postponed buying new trucks and saw a decrease in demand for freight. But the pandemic-related spike in e-commerce and changes in consumer behaviour made efficient logistics and delivery services more necessary, somewhat offsetting the decline. Moreover, the pandemic hastened the trucking industry's adoption of contactless solutions and digital technologies, resulting in long-term adjustments to market dynamics and operational procedures.

The Tractor-Trailers segment is expected to be the largest during the forecast period

In the market for Class 8 trucks, the tractor-trailer segment has the largest share. For long-distance freight transportation, tractor-trailers—also referred to as semi-trucks or articulated trucks—are a necessity. With their substantial cargo capacity, they are comprised of a potent tractor unit and one or more trailers. Additionally, because it is so versatile and plays such a vital role in the supply chain and logistics sectors, allowing goods to be moved across large distances efficiently, this segment leads the market.

The Electric segment is expected to have the highest CAGR during the forecast period

In the Class 8 truck market, the electric segment is anticipated to grow at the highest CAGR. The growing emphasis on cutting carbon emissions and the move toward environmentally friendly transportation options are the main forces behind this expansion. Governments and regulatory agencies are enforcing strict emission regulations and offering financial incentives to encourage the use of electric vehicles. Furthermore, the viability and attractiveness of electric Class 8 trucks are increasing due to technological developments in battery capacity, charging infrastructure, and electric drive trains.

Region with largest share:

It is projected that North America will account for the largest share of the class 8 truck market. The region's substantial industrial activity, vast networks of freight transportation, and strong infrastructure development are the main causes of this dominance. Moreover, due to its extensive interstate highway network and high demand for heavy-duty trucks in the construction, agriculture, and logistics industries, the United States, in particular, holds a sizable portion of this market share.

Region with highest CAGR:

In the class 8 truck market, the Asia-Pacific region currently has the highest CAGR. Rapid urbanization, rising e-commerce, and rising infrastructure development investments in nations like China and India are the main drivers of this growth. Heavy-duty trucks are in high demand in these countries to support their expanding construction and logistics industries. Additionally, the region's market is expanding due to government initiatives aimed at enhancing road connectivity and transportation efficiency.

Key players in the market

Some of the key players in Class 8 Truck market include Volvo Group, Caterpillar, Hitachi, Liebherr Group, Daimler Trucks, Navistar International, Freightliner Trucks, Kenworth, Bell Trucks America Inc., Komatsu, Doosan, Paccar and Western Star Trucks.

Key Developments:

In June 2024, Hitachi Ltd. and Microsoft Corp. announced a projected multibillion-dollar collaboration over the next three years that will accelerate social innovation with generative AI. Through this strategic alliance, Hitachi will propel growth of the Lumada business, with a planned revenue of 2.65 trillion yen (18.9 billion USD)*1 in FY2024, and will promote operational efficiency and productivity improvements for Hitachi Group’s 270,000 employees.

In January 2024, Volvo Group has signed an option agreement with John Cockerill Defense, which gives the Volvo Group the right to sell French military vehicle maker Arquus after mandatory consultations with staff representative bodies. The consultations are expected to be finalized in Q1 2024. The amount of the agreement was not disclosed.

In January 2024, Caterpillar Inc. has signed an electrification strategic agreement with CRH to advance the deployment of Caterpillar's zero-exhaust emissions solutions for electric off-highway trucks and charging solutions. CRH is the number one Electric Off-Highway Trucksaggregates producer in North America and the first company in that industry to sign such an agreement with Caterpillar.

Products Covered:
• Long-Haul Trucks
• Heavy-Duty Trucks
• Tractor-Trailers
• Logging Trucks
• Tanker Trucks
• Other Products

Fuel Types Covered:
• Diesel
• Electric
• Hybrid
• LNG
• Other Fuel Types

Applications Covered:
• Freight Transport
• Construction
• Waste Management
• Utility Services
• Public Transportation
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements