Global Truck Market Size to Grow at CAGR 7% till 2022

Tuesday 13 February 2018, Amsterdam

Rapidly growing logistics sector, along with expanding construction and infrastructure sector is expected to propel demand for trucks across the globe through 2022

According to the new research report “Global Truck Market 2012 -2022”, the global truck market is projected to grow at CAGR 7% by 2022. Backed by growing number of infrastructure projects and rising demand from logistics sector across the globe, the demand for trucks is anticipated to surge during the forecast period. Furthermore, continuous improvements in road infrastructure is further likely to push demand for trucks through 2022 across developed as well as developing regions. Few of the major players operating in the global truck market include Daimler AG, AB Volvo, Isuzu Motors Ltd., Hyundai Motor Company, Scania AB, MAN Truck & Bus, Hino Motors, Tata Motors Limited, Ashok Leyland Limited, and Dongfeng Motor Corporation.

With more than one-third of the volume share, trucks with the tonnage capacity of 3.5 tons to 7.5 tons dominated the global truck market in 2016 on the back of flourishing e-commerce industry and growing demand for last-mile connectivity. On the basis of applications, construction sector accounted for the largest share in global truck market due to rising number of construction activities across the globe. A large demand for truck emanates from Asia-Pacific due to the region’s high population density, growing consumer and industrial base and booming constructions and logistics industry. 

“With booming e-commerce industry, demand for trucks is also likely to increase, globally. Furthermore, globalization coupled with the increasing demand for efficient supply chain to transport goods across the globe is boosting demand for trucks. In addition, growing preference for electric trucks, keeping in view the rising pollution levels, would positively influence the global truck market in the coming years.” said Mr. Karan Chechi, Research Director.

“Global Truck Market By Application, By Tonnage Capacity, By Fuel Type, By Region, Competition Forecast & Opportunities, 2012 –2022” has analyzed the potential of truck market globally, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the truck market across the globe.