Truck Market Outlook 2025–2034: Growth, Trends, and Innovation Opportunities

By /

The global truck market, a critical segment of the commercial vehicle industry, is on a dynamic growth trajectory. Valued at USD 7.92 trillion in 2025, the market is projected to reach USD 21.70 trillion by 2034, expanding at a CAGR of 11.85%. This growth is fueled by the rising demand for light-duty trucks from the e-commerce sector, rapid technological advancements, and the increasing adoption of electric trucks in logistics.

Trucks are classified into categories such as Class 3 to Class 8, with propulsion systems including diesel, gasoline, electric, natural gas, and fuel cell electric vehicles (FCEVs). They serve industries ranging from logistics and construction to retail, mining, and infrastructure.

Key Highlights

  • Asia Pacific generated the highest revenue in 2025.

  • North America is expected to grow at a notable CAGR through 2034.

  • Diesel-powered trucks led the propulsion segment in 2025.

  • Electric trucks are anticipated to record the highest growth rate.

  • Logistics & transportation dominated the application segment.

  • Construction & infrastructure is projected to grow fastest in the forecast period.

Download a Sample of Our Market Intelligence: https://www.towardsautomotive.com/download-sample/1254

Market Trends in 2025

Strategic Partnerships

Automotive manufacturers are forming partnerships to develop advanced heavy-duty trucks tailored for the construction industry.

Rise in Trucking Companies

The Middle East and Africa are witnessing a surge in trucking companies, driving higher truck demand.

Rapid Infrastructural Development

Countries like the U.S., India, and China are investing heavily in infrastructure, boosting the need for trucks across industries.

Propulsion Insights

Diesel Segment Leadership in 2025

Diesel trucks dominated due to their critical role in heavy-duty logistics and construction. Enhanced diesel technology and demand for bulk goods transportation in developed nations further strengthened this segment.

Electric Segment Growth Potential

Electric trucks are expected to register the fastest CAGR, supported by government initiatives, environmental policies, and advancements in EV powertrains. Countries like the U.S., Canada, and China are investing heavily in EV infrastructure.

Application Insights

Logistics & Transportation Dominance

This segment led the market in 2025, with increasing adoption of hybrid trucks and government investments to strengthen logistics networks.

Construction & Infrastructure: Fastest Growing

Growth in residential construction and road development projects, particularly in India, China, and the U.S., is boosting truck demand for construction use.

Regional Insights

Asia Pacific Leadership

Asia Pacific’s dominance is driven by robust mining and agricultural activity, EV charging infrastructure development, and the presence of major players like Tata Motors, Ashok Leyland, and Dongfeng Motors.

Recent Development:
In June 2025, Tata Motors launched the ACE Pro mini-truck in India for light-duty applications.

North America Growth Outlook

North America’s expansion is fueled by electric truck adoption, EV infrastructure development, and booming e-commerce logistics.

Recent Development:
In April 2025, Kenworth introduced a new line of electric trucks designed for heavy-duty operations.

Key Companies

Ashok Leyland

  • About: A leading Indian commercial vehicle manufacturer known for producing buses, trucks, and defense vehicles.

  • Products: Heavy-duty trucks, light commercial vehicles, electric buses.

  • Market Cap: Approximately USD 6 billion (2025).

Daimler Trucks

  • About: A global leader in truck manufacturing, headquartered in Germany, operating under brands such as Mercedes-Benz Trucks and Freightliner.

  • Products: Heavy-duty trucks, electric trucks, autonomous truck solutions.

  • Market Cap: Approximately USD 33 billion (2025).

Dongfeng Motor Corporation

  • About: One of China’s largest automotive manufacturers, specializing in commercial vehicles and electric trucks.

  • Products: Diesel trucks, electric trucks, hybrid commercial vehicles.

  • Market Cap: Approximately USD 12 billion (2025).

Ford Motor Company

  • About: A U.S.-based automotive giant with a strong portfolio in both passenger and commercial vehicles.

  • Products: Ford F-Series trucks, electric pickup trucks, cargo vans.

  • Market Cap: Approximately USD 50 billion (2025).

Isuzu Motors Limited

  • About: A Japanese manufacturer specializing in commercial vehicles and diesel engines.

  • Products: Light-duty trucks, medium-duty trucks, diesel engines.

  • Market Cap: Approximately USD 6.5 billion (2025).

Invest in Our Premium Strategic Solution: https://www.towardsautomotive.com/price/1254

Conclusion

The global truck market is poised for substantial growth, driven by electrification, strategic industry partnerships, and increased infrastructure investments. While Asia Pacific leads the market, North America is emerging as a fast-growing region, especially in the electric truck segment.

Frequently Asked Questions

What is the projected size of the truck market by 2034
The market is expected to reach USD 21.70 trillion by 2034.

Which region currently leads the global truck market
Asia Pacific holds the leading position in terms of revenue generation.

Which truck propulsion segment is expected to grow fastest
The electric truck segment is projected to record the highest CAGR during the forecast period.

What are the main applications of trucks in the market
Key applications include logistics and transportation, construction and infrastructure, retail and e-commerce, and mining.

Who are the major players in the truck market
Notable players include Ashok Leyland, Daimler Trucks, Dongfeng Motor, Ford, and Isuzu Motors.

Source : https://www.towardsautomotive.com/insights/truck-market-sizing

Access our exclusive, data-rich dashboard dedicated to the respective market built specifically for decision-makers, strategists, and industry leaders. The dashboard features comprehensive statistical data, segment-wise market breakdowns, regional performance shares, detailed company profiles, annual updates, and much more. From market sizing to competitive intelligence, this powerful tool is one-stop solution to your gateway.

Access Now: https://www.towardsautomotive.com/contact-us

Become a Valued Research Partner with Us – Schedule a meeting: https://www.towardsautomotive.com/schedule-meeting

Request a Custom Case Study Built Around Your Goals: sales@towardsautomotive.com

About Us

Towards Automotive is a leading research and consulting firm specializing in the global automotive industry. We deliver actionable insights across key segments such as electric vehicles (EVs), autonomous driving, connected cars, automotive software, aftermarket services, and more. Our expert team supports both global enterprises and start-ups with tailored research on market trends, technology, and consumer behavior. With a focus on accuracy and innovation, we empower clients to make informed decisions and stay competitive in a rapidly evolving landscape.

Stay Connected with Towards Automotive:

Scroll to Top