The global truck market is set for substantial growth, projected to expand at a CAGR of 11.85%, reaching USD 21.70 trillion by 2034 from USD 7.92 trillion in 2025. Driven by surging demand for light-duty trucks in e-commerce, advancements in automotive technologies, and a shift towards electric and hydrogen-powered trucks, the industry is transforming rapidly.
This article explores market trends, highlights key regional insights, and introduces the top companies shaping the truck market globally.
Truck Market Overview: Growth Drivers & Opportunities
Key Growth Drivers
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E-commerce Boom: Rising demand for light-duty trucks for last-mile delivery.
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Technological Advancements: Integration of autonomous driving and connected vehicle technologies.
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Electrification & Hydrogen R&D: Rapid adoption of electric trucks and ongoing R&D in hydrogen fuel-cell trucks.
Regional Insights
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Asia Pacific dominates the global revenue share.
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North America is forecast to grow at a notable CAGR through 2034.
Propulsion Trends
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Diesel trucks held the largest share in 2025.
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Electric trucks expected to grow with the highest CAGR due to sustainability mandates and fleet electrification.
Top Truck Market Companies: Profiles & Insights
1. Ashok Leyland
About: A flagship company of the Hinduja Group and a leading commercial vehicle manufacturer based in India.
Products: Medium and heavy commercial vehicles, light trucks, electric buses, and defense vehicles.
Market Cap: Approximately USD 6.5 billion (2025).
2. Daimler Trucks
About: Part of Daimler AG, it’s one of the world’s largest manufacturers of trucks and buses headquartered in Germany.
Products: Mercedes-Benz Trucks, Freightliner, Fuso, and BharatBenz commercial vehicles.
Market Cap: Around USD 105 billion (2025).
3. Dongfeng Motor
About: A Chinese state-owned automobile manufacturer and one of the top truck makers globally.
Products: Light-duty trucks, medium-duty trucks, heavy-duty trucks, and electric trucks.
Market Cap: Approximately USD 15 billion (2025).
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4. Ford Motor Company
About: A major U.S. automotive giant with a strong presence in the pickup truck segment.
Products: Ford F-Series (F-150, F-250), electric F-150 Lightning, commercial vehicles.
Market Cap: Estimated at USD 60 billion (2025).
5. Isuzu Motors
About: A Japanese manufacturer specializing in commercial vehicles and diesel engines.
Products: Isuzu D-MAX, N-Series, F-Series trucks.
Market Cap: Around USD 14 billion (2025).
6. Paccar Inc.
About: A U.S.-based company that designs and manufactures premium light-, medium-, and heavy-duty trucks.
Products: Kenworth, Peterbilt, and DAF Trucks.
Market Cap: Approximately USD 45 billion (2025).
7. Volvo Group
About: A Swedish multinational known for its trucks, buses, construction equipment, and marine solutions.
Products: Volvo Trucks, Mack Trucks, electric trucks, and autonomous transport solutions.
Market Cap: Around USD 70 billion (2025).
8. Scania AB
About: A subsidiary of Volkswagen AG and a leading manufacturer of heavy trucks and buses based in Sweden.
Products: Heavy-duty trucks, hybrid trucks, and buses.
Market Cap: Estimated at USD 30 billion (2025).
9. Tata Motors
About: An Indian multinational automotive manufacturer and a leader in the commercial vehicle market.
Products: Tata Ultra, Prima, Signa, and electric trucks.
Market Cap: Approximately USD 25 billion (2025).
10. Toyota Motor Corporation
About: Known globally for cars, Toyota also has a growing focus on light commercial vehicles and hydrogen-powered trucks.
Products: Toyota Dyna, ProAce, and hydrogen fuel-cell trucks.
Market Cap: Around USD 290 billion (2025).
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Frequently Asked Questions (FAQs) about the Truck Market
1. What is the expected growth rate of the global truck market?
The global truck market is projected to grow at a CAGR of 11.85% from 2025 to 2034.
2. Which region dominates the global truck market?
Asia Pacific currently generates the highest revenue, with North America expected to grow rapidly.
3. What are the key trends driving the truck market?
Key trends include the rise of electric trucks, autonomous driving technologies, and the growing e-commerce sector.
4. Which propulsion type holds the largest market share?
The diesel segment held the largest market share in 2025, though electric trucks are growing fastest.
5. Who are the leading players in the truck market?
Top players include Ashok Leyland, Daimler Trucks, Ford, Volvo Group, Scania, and Toyota, among others.
Source : https://www.towardsautomotive.com/insights/truck-market-sizing