$235.5bn
$XX.Xbn
532k
276
$XX.Xbn
Global heavy-duty truck manufacturers have faced volatile conditions through the current period. The pandemic and soaring inflation largely offset gains from torrid e-commerce growth and massive economic stimulus in 2021 and 2022. In particular, declining output from Chinese manufacturers has threatened stability. Similarly, tightening emissions and safety standards have forced manufacturers to innovate, leading to elevated research and development costs. Similarly, union pressures in North America have led to increased wage costs; this trend has encouraged many companies to relocate to Mexico, highlighting the region's increasing truck and bus output. Overall, revenue has contracted at an expected CAGR of 2.2% to $235.5 billion, despite a 2.7% jump in 2024, where profit reached 5.0%.
Industry revenue has declined at a CAGR of 2.2 % over the past five years, to reach an estimated $235.5bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Daimler AG | 36,793.8 | 3,315.9 | 9.0 | |
AB Volvo | 34,159.6 | 4,002.0 | 11.7 | |
PACCAR Inc. | 24,799.5 | 2,607.8 | 10.5 |
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Industry revenue is measured across several distinct product and services lines, including Buses, Heavy-duty diesel trucks and Heavy-duty gasoline trucks. Buses is the largest segment of the Global Heavy-Duty Truck Manufacturing.
Heavy-duty trucks generate the majority of revenue
Operators in the Global Heavy-Duty Truck Manufacturing industry manufacture truck and bus chassis and assemble trucks, buses and other special-purpose heavy-duty motor vehicles for highway use, such as firefighting trucks. The trucks manufactured by this industry are heavy trucks used by freight companies and do not include passenger vehicles.
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Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The pandemic and high inflation largely curbed demand, despite strong growth in 2021 and 2022. Poor consumer and business sentiment have rippled through the supply chain, cut...
Learn about an industry's products and services, markets and trends in international trade.
Heavy-duty trucks account for the bulk of revenue. These trucks are integral to the global economy, carrying the bulk of land shipments despite airfreight and rail alternativ...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Heavy-duty truck manufacturers often operate near large shipping centers to attract demand. Areas with heavy trade activity have greater demand for new trucks.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Alternative shipping and transit options limit demand for trucks and buses. Rail infrastructure is often less comprehensive than highways, cementing the necessity of trucks a...
Learn about the performance of the top companies in the industry.
Established manufacturers have dominating presences in heavy-duty truck manufacturers. These companies have global footprints, leveraging extensive economies of scale to inno...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Safety and emissions regulations can vary significantly between regions. Regardless, manufacturers have had to innovate to meet increasingly strict global and regional expect...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Manufacturers, especially in North America, have endured climbing wage costs. Many companies have invested in skilled labor to improve research and development teams and face...
Including values and annual change:
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The market size of the Global Heavy-Duty Truck Manufacturing industry in Global is $235.5bn in 2024.
There are 276 businesses in the Global Heavy-Duty Truck Manufacturing industry in Global, which has grown at a CAGR of 2.6 % between 2019 and 2024.
The market size of the Global Heavy-Duty Truck Manufacturing industry in Global has been declining at a CAGR of 2.2 % between 2019 and 2024.
Over the next five years, the Global Heavy-Duty Truck Manufacturing industry in Global is expected to grow.
The biggest companies operating in the Global Heavy-Duty Truck Manufacturing market in Global are Daimler AG, AB Volvo and PACCAR Inc.
Manufacturing heavy-duty truck chassis and Assembling complete heavy-duty trucks are part of the Global Heavy-Duty Truck Manufacturing industry.
The company holding the most market share in Global is Daimler AG.
The level of competition is moderate and increasing in the Global Heavy-Duty Truck Manufacturing industry in Global.