Truck Market Developments 2025: Tata, Kenworth, and Scania Lead with Next-Gen Vehicle Launches

Truck Market Size, Trends, Share and Innovations

The truck market is forecast to grow at a CAGR of 11.85%, from USD 7.92 trillion in 2025 to USD 21.70 trillion by 2034, over the forecast period from 2025 to 2034. The growing demand for light-duty trucks from the e-commerce sector coupled with technological advancements in the automotive industry is playing a vital role in shaping the industrial landscape.

Moreover, the rapid adoption of electric trucks in the logistics sector along with rise in number of fleet operators has contributed to the market expansion. The research and development activities related to hydrogen trucks is expected to create ample growth opportunities for the market players in the future.

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Introduction

The truck market is a prominent branch of the commercial vehicle industry. This industry deals in manufacturing and distribution of trucks in different parts of the world. There are different classes of trucks available in the market comprising of class 3 trucks, class 4 trucks, class 5 trucks, class 6 trucks, class 7 trucks, class 8 trucks and some others. These trucks are powered by various propulsion technologies including gasoline, diesel, electric, natural gas, FCEVs and some others. It finds application in numerous end-user industries consisting of logistics & transportation, construction & infrastructure, retail & e-commerce, mining and some others. This market is expected to rise drastically with the growth of the automotive sector across the globe.

Highlights of the truck market

• Asia Pacific generated highest revenue of the truck market.
• North America is expected to expand with a notable CAGR during the forecast period.
• By propulsion, the diesel segment held the largest share of the market.
• By propulsion, the electric segment is expected to rise with the highest CAGR during the forecast period.
• By application, the logistics & transportation segment led the market.
• By application, the construction & infrastructure segment is expected to rise with the fastest CAGR during the forecast period.

Key Metrics and Overview

What are the trends of the truck market in 2025?

The major trends in this market consists of partnerships, rise in number of trucking companies and rapid infrastructural development.

Partnerships

• Numerous automotive brands are partnering with one another for developing heavy-duty trucks to cater the needs of the construction sector.

Rise in Number of Trucking Companies

• There is a constant rise in the number of trucking companies in the Middle East and African region which increases the demand for trucks.

Rapid Infrastructural Development

• The government of several countries such as the U.S., India, China and some others are investing heavily for developing the infrastructure, thereby increasing the application of trucks.

Propulsion Insights

How did the Diesel Segment Led the Truck Market in 2025? 

The diesel segment led the market. The growing demand for heavy-duty trucks from the logistics sector for transporting bulk goods has boosted the market expansion. Additionally, the rising sales of diesel-powered trucks in developed nations to cater the needs of the construction sector is playing a vital role in shaping the industrial landscape. Moreover, the technological advancements in diesel trucks is expected to drive the growth of the truck market.

The electric segment is expected to expand with the highest CAGR during the forecast period. The growing adoption of electric vehicles in several countries such as the U.S., Canada, China and some others for reducing vehicular emission is driving the market expansion. Also, numerous government initiatives to increase awareness about EV adoption coupled with technological advancements in powertrains is playing a vital role in shaping the industry in a positive direction. Moreover, rapid investment by market players for developing high-grade electric trucks is expected to boost the growth of the truck market.

Application Insights

What Made the Logistics & Transportation to be the Most Dominant Segment of the Truck Market in 2025?

The logistics & transportation segment dominated the market. The increasing adoption of hybrid trucks in the logistics sector with an aim reducing vehicular emission has boosted the market growth. Additionally, rapid investment by government of several countries for strengthening the logistics sector is playing a crucial role in shaping the industry in a positive direction. Moreover, partnerships among trucking companies and logistics brands is expected to propel the growth of the truck market.

The construction & infrastructure segment is expected to grow with the fastest CAGR during the forecast period. The rise in number of residential constructions in several countries such as India, China, the U.S., and some others has boosted the market growth. Also, rapid investment by government for developing the road infrastructure coupled with increasing consumer preference towards home renovation activities is contributing to the industrial expansion. Moreover, rising emphasis of automotive brands for developing heavy-duty trucks to cater the needs of the construction sector is expected to boost the growth of the truck market.

Geographical Insights

Why Asia Pacific dominated the Truck Market in 2025?

Asia Pacific led the truck market. The growing development in the mining sector and agricultural sector has increased the demand for heavy-duty trucks, thereby driving the market expansion. Additionally, rapid investment by government of several countries such as India, China, Japan and some others for strengthening the EV charging infrastructure coupled with rise in number of fleet operators is further adding to the industrial growth. Moreover, the presence of numerous market players such as Tata Motors, Ashok Leyland, Dongfeng Motors and some others is expected to boost the growth of the truck market in this region.

• In June 2025, Tata Motors launched ACE Pro in India. ACE Pro is a mini-truck designed for operating light-duty applications in end-user sectors. (Source: Tata Motors)

North America is expected to rise with a notable CAGR during the forecast period. The growing adoption of electric trucks in the U.S. and Canada for reducing vehicular emission has driven the market growth. Also, rising government initiatives aimed at developing the EV infrastructure along with rapid development in the e-commerce and logistics sector is positively contributing to the market. Moreover, the presence of various market players such as Ford, Kenworth, Navistar and some others is expected to drive the growth of the truck market in this region.

• In April 2025, Kenworth launched a new range of electric trucks in North America. These new trucks are equipped with powerful drivetrain to operate heavy-duty applications.(Source: Kenworth)

Industry Leader Announcement

• In June 2025, Girish Wagh, the executive director at Tata Motors made an announcement stating that, " With the all-new Tata Ace Pro, we are building on the legacy of Tata Ace with renewed purpose for a new generation of dreamers. Engineered for stability, safety, and profitability, the Ace Pro unlocks greater earning potential to fulfil the ambitions of aspiring entrepreneurs ready to take charge of their future."

Competitive Landscape

The truck market is a highly fragmented industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Tata Motors, Toyota, Ashok Leyland, Daimler Trucks, Dongfeng Motor, Ford, Isuzu, Paccar, Scania, Volvo Group and some others. These companies are constantly engaged in developing different types of trucks and adopting numerous strategies such as joint ventures, partnerships, acquisitions, business expansions, launches, collaborations and some others to maintain their dominance in this industry.

• According to the annual report of Ashok Leyland, around 192205 vehicles were sold in 2022-23 that increased to 194555 in 2023-24.(Source: Ashokleyland)

Recent Developments

• In April 2025, Harbinger launched a new range of medium-duty electric truck. These trucks are designed for the end-users of the American region. (Source: PR Newswire)
• In April 2025, Hyundai Motors announced to launch XCIENT. XCIENT is a heavy-duty truck equipped with ADAS components to enhance safety in daily operations. (Source: Hyundai Motor)
• In January 2025, Scania announced partnership with SKF and Lots Group. This partnership is done for launching a new range of electric trucks in Europe.(Source: Freight Carbon Zero)

Truck Market Key Players

• Ashok Leyland
• Daimler Trucks
• Dongfeng Motor
• Ford
• Isuzu
• Paccar
• Volvo Group
• Scania
• Tata Motors
• Toyota

Truck Market Segments

By Class

• Class 3
• Class 4
• Class 5
• Class 6
• Class 7
• Class 8

By Propulsion

• Gasoline
• Diesel
• Electric
• Natural gas
• FCEV

By Truck

• Light duty
• Medium duty
• Heavy duty

By Application

• Logistics & transportation
• Construction & infrastructure
• Mining
• Retail & e-commerce
• Others

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• The Middle East and Africa