Heavy Machinery (Large Trucks) Market Share & Trends [2033]

Heavy Machinery (Large Trucks) Market Overview

The Heavy Machinery (Large Trucks) Market size was valued at USD 182075.12 million in 2024 and is expected to reach USD 223421.57 million by 2033, growing at a CAGR of 2.3% from 2025 to 2033.

The global heavy machinery (large trucks) market is a pivotal segment within the transportation and logistics industry. In 2024, approximately 1.93 million heavy-duty trucks were sold worldwide, with projections indicating a slight increase to about 1.95 million units in 2025. The U.S. market alone accounted for 482,274 units in 2024, marking a 4.8% decline from the previous year. Class 8 trucks, known for their high capacity and versatility, dominated the market with over 80% share in 2024. The construction and mining sectors were the primary drivers, utilizing heavy-duty trucks for transporting materials and equipment, contributing to 52% of the market share in 2024.

Key Findings

Top Driver Reason: Rising demand from the construction and mining sectors, which accounted for 52% of the heavy-duty truck market in 2024.

Top Country/Region: China led the market with a significant shift towards LNG-powered heavy trucks, representing 42% of sales in 2024.

Top Segment: Class 8 trucks dominated with over 80% market share in 2024, highlighting their importance in heavy-duty applications.

Heavy Machinery (Large Trucks) Market Trends

The heavy machinery (large trucks) market is undergoing significant transformations driven by technological advancements and environmental considerations. In 2024, China witnessed a substantial shift towards LNG-powered heavy trucks, which constituted 42% of sales, reducing the nation's reliance on diesel and contributing to a 6% drop in diesel demand. Concurrently, the adoption of battery electric heavy trucks in China reached a market share of 14% in June 2024, marking a 35% increase since January. In the United States, the freight market faced challenges, with a 4% year-over-year drop in shipping demand as of May 2025, marking the 28th consecutive decline. This downturn led to a 45% reduction in Class 8 truck orders from May 2024, reflecting cautious investment strategies among operators. Technological innovations are at the forefront, with companies like John Deere introducing autonomous trucks equipped with advanced sensors and AI capabilities, aiming to address labor shortages and enhance operational efficiency. Additionally, safety features such as around-view monitor camera systems and object detection are becoming standard, improving driver awareness and reducing accidents. The integration of telematics and fleet management systems is also on the rise, enabling real-time tracking and efficient management of construction and mining fleets, which held a 52% market share in 2024.

Heavy Machinery (Large Trucks) Market Dynamics

DRIVER

Rising demand from the construction and mining sectors

The construction and mining industries have been pivotal in propelling the heavy machinery market. In 2024, these sectors accounted for 52% of the heavy-duty truck market, utilizing robust, high-capacity trucks for transporting heavy equipment and materials. The integration of advanced telematics and fleet management systems has further enhanced operational efficiency, making these trucks indispensable in large-scale projects.

RESTRAINT

Demand for refurbished equipment

The preference for refurbished heavy machinery poses a challenge to new equipment sales. Economic uncertainties and cost-saving measures have led many operators to opt for refurbished trucks, which offer similar functionalities at reduced costs. This trend can potentially slow down the adoption of new, technologically advanced trucks, impacting manufacturers' revenues.

OPPORTUNITY

Growth in autonomous and electric trucks

The advent of autonomous and electric trucks presents significant growth opportunities. Companies like John Deere have introduced autonomous trucks equipped with advanced sensors and AI, aiming to address labor shortages and enhance productivity. Additionally, the shift towards LNG-powered and battery electric heavy trucks, as seen in China with 42% and 14% market shares respectively in 2024, indicates a global move towards sustainable transportation solutions.

CHALLENGE

Regulatory uncertainties

Regulatory changes, especially concerning emissions and safety standards, pose challenges to manufacturers and operators. In the U.S., shifting regulations on zero-emissions vehicles have created uncertainties, with some states rolling back mandates, complicating the commercial prospects for electric trucks. Such unpredictability can hinder long-term planning and investment in new technologies.

Heavy Machinery (Large Trucks) Market Segmentation

By Type

Firefighting: Firefighting trucks are specialized vehicles equipped to handle emergency situations. While representing a niche segment, their demand remains consistent due to the essential nature of firefighting services. Technological advancements have led to the integration of features like high-capacity water pumps and advanced communication systems.
Construction: Construction trucks, including dump trucks and mixers, are vital for transporting materials to and from construction sites. In 2024, the construction sector was a significant contributor to the heavy-duty truck market, accounting for a substantial portion of the 52% market share held by the construction and mining segment.
Forestry: Forestry trucks are designed to transport logs and other forest products. Their robust build and off-road capabilities make them essential in logging operations. The demand for these trucks is closely tied to the timber industry's health and regulatory policies on deforestation.
Agriculture: Agricultural trucks are used for transporting produce, livestock, and equipment. The sector's growth, driven by increasing food demand, has led to a steady rise in the adoption of specialized agricultural trucks equipped with features like temperature control and enhanced suspension systems.
Military: Military trucks are built to withstand harsh conditions and are used for transporting troops, equipment, and supplies. Governments worldwide continue to invest in modernizing their military fleets, ensuring consistent demand for these specialized vehicles.
Others: This category includes trucks used in sectors like waste management, utilities, and municipal services. The diversification of applications ensures a steady demand for specialized trucks tailored to specific operational needs.

By Application

Complete Vehicle: Complete vehicles are fully assembled trucks ready for immediate use. They are preferred by operators seeking quick deployment and standardized configurations. The convenience and time-saving aspects drive their popularity across various sectors.
Incomplete Vehicle (Chassis): Incomplete vehicles provide a chassis that can be customized with specific body types, allowing for flexibility in applications like firefighting, waste management, and delivery services. This customization capability caters to niche requirements across industries.
Semitrailer Tractor: Semitrailer tractors are designed to haul trailers, making them essential in freight and logistics. Their versatility and capacity to transport large volumes over long distances make them a backbone of the transportation industry.

Heavy Machinery (Large Trucks) Market Regional Outlook

The global heavy machinery (large trucks) market exhibits strong regional variations, shaped by infrastructure growth, regulatory policies, industrial activities, and the pace of technology adoption. While Asia-Pacific continues to dominate in volume, North America and Europe are investing heavily in zero-emission vehicles and automation. Each region presents unique drivers and challenges that are shaping the competitive landscape of heavy-duty truck manufacturers.

North America

North America remains a critical market for heavy-duty trucks, especially in the United States and Canada. In 2024, the U.S. market recorded sales of 482,274 heavy-duty trucks, representing a 4.8% drop from 2023 due to ongoing freight demand contraction and high fuel prices. Class 8 trucks dominated the market, comprising more than 80% of all heavy-duty truck sales. Despite short-term declines, the region is seeing steady investment in autonomous driving technology and electrification. The U.S. Department of Transportation allocated over $1.5 billion in 2024 to support zero-emission heavy vehicle infrastructure, including hydrogen refueling and high-capacity charging stations. Major logistics firms such as FedEx and UPS are piloting battery-electric semi-trucks across high-volume freight routes. Canadian provinces like British Columbia and Quebec introduced incentives for businesses investing in LNG and electric truck fleets, contributing to over 6,500 new registrations of electric heavy trucks across Canada in 2024. These efforts are aligned with broader carbon reduction targets, as North America works to decarbonize its transportation infrastructure by 2035.

Europe

Europe is at the forefront of transitioning to clean transportation, with robust policies and incentives driving demand for electric and alternative-fuel heavy trucks. In 2024, more than 23,000 new electric heavy-duty trucks were registered across the EU, marking a 35% year-over-year increase. Germany, France, and the Netherlands led adoption, together accounting for over 62% of total sales. The European Commission’s “Green Deal” targets zero emissions for all new commercial trucks by 2040. This has prompted rapid product innovation among European OEMs like Volvo, Scania, MAN, and IVECO. The continent is also scaling up hydrogen trucking infrastructure, with over 150 hydrogen refueling stations active in Germany alone as of early 2025. Construction and waste management sectors in the EU are major users of heavy-duty vehicles, contributing to 42% of the regional market demand. Moreover, Eastern Europe is emerging as a key manufacturing and distribution hub for heavy truck components, driven by lower labor costs and proximity to Western European markets.

Asia-Pacific

Asia-Pacific dominates the global heavy machinery (large trucks) market in volume, led by massive demand from China, India, and Southeast Asia. In 2024, China alone accounted for over 800,000 units of heavy-duty truck sales, with LNG-powered trucks making up 42% of that volume. Battery-electric heavy trucks reached a 14% share in June 2024, showing rapid adoption momentum. Government subsidies and green mandates have played a pivotal role in accelerating new product development and fleet replacement. For instance, China's national subsidy program for new energy trucks allocated ¥15 billion (approx. $2.2 billion USD) in 2024 to local governments and logistics providers adopting electric or fuel-cell vehicles. India's market is also growing steadily, with heavy truck production exceeding 350,000 units in 2024, largely driven by infrastructure development programs under the Pradhan Mantri Gati Shakti Master Plan. Construction trucks and tipper trucks constituted over 55% of sales in the Indian market. Meanwhile, companies like Tata Motors and Ashok Leyland are actively investing in hybrid and LNG models. Japan and South Korea are focusing on innovation in hydrogen fuel cell trucks. Hyundai has already launched hydrogen-powered XCIENT trucks for use in logistics hubs and port terminals, delivering over 1,600 units by the end of 2024.

Middle East & Africa

The Middle East & Africa region is experiencing steady demand for heavy machinery trucks, largely due to ongoing megaprojects in construction, oil & gas, and mining sectors. Saudi Arabia, the UAE, and Qatar continue to lead investment, with projects such as NEOM and Expo City Dubai driving the need for over 40,000 heavy-duty trucks annually. In Africa, key markets like South Africa, Egypt, and Nigeria accounted for approximately 68,000 units of heavy truck imports in 2024. South Africa alone contributed around 29,000 truck sales, with the mining sector absorbing nearly 45% of demand. Infrastructure upgrades such as the Kenya-South Sudan highway and Nigeria’s Lekki Deep Sea Port expansion have also fueled the procurement of construction and transport trucks. Although electrification in this region is still nascent, pilot projects in UAE and South Africa are exploring electric and hybrid truck deployments. The Middle East is also investing in hydrogen production through green ammonia projects, with Saudi Arabia planning to roll out 500 hydrogen-powered trucks by 2026, setting the foundation for future growth in sustainable heavy machinery.

List of Top Heavy Machinery (Large Trucks) Market Companies

Daimler Trucks
Volvo
Paccar
MAN Group
Scania
IVECO
Oshkosh
Hino
Isuzu
Navistar
KAMAZ
Rosenbauer
Dongfeng
SINOTRUK
FAW
Foton
Shacman
JAC
Saic-Iveco Hongyan
CAMC
DAYUN
BeiBen Trucks

Top Two Companies with Highest Market Share

Daimler Trucks: Daimler Trucks is the undisputed leader in the global heavy-duty truck market. In 2024, the company produced over 520,000 heavy trucks worldwide, serving diverse markets through its subsidiaries including Freightliner, Western Star, and Mercedes-Benz Trucks. Daimler is heavily invested in zero-emission technologies, having launched the eActros 600 with a 600 kWh battery and 500 km range. The company also runs a global R&D network focused on autonomous driving and hydrogen powertrains, positioning it as a dominant player in both traditional and next-gen heavy truck segments.
Volvo: Volvo Group ranks second in the heavy machinery truck space, with more than 240,000 units sold globally in 2024. The company is a pioneer in electric heavy trucks, with its FH Electric model offering a gross combination weight of 44 tons and up to 300 km of range. Volvo Trucks has a strong presence in Europe, South America, and Asia-Pacific and leads in deploying connected vehicle technologies and predictive maintenance systems. Its commitment to sustainability and safety makes it one of the most respected names in the industry.

Investment Analysis and Opportunities

Investments in the heavy machinery (large trucks) market are increasingly directed towards sustainable and autonomous technologies. Fortescue's landmark $2.8 billion deal with Liebherr to acquire 360 autonomous electric trucks exemplifies the industry's shift towards zero-emission solutions. This move not only reduces environmental impact but also enhances operational efficiency in mining operations. In the agricultural sector, John Deere's introduction of autonomous trucks addresses labor shortages and aims to increase productivity. These vehicles, equipped with advanced sensors and AI, represent a significant investment in the future of farming and construction. The demand for LNG-powered trucks in China, which reached 42% of sales in 2024, indicates a lucrative opportunity for manufacturers investing in alternative fuel technologies. Additionally, the growing adoption of battery electric heavy trucks, with a 14% market share in June 2024, underscores the potential for investments in electric vehicle infrastructure and technology. Investors are also focusing on companies developing advanced safety features, such as around-view monitor camera systems and object detection, which are becoming standard in new truck models. These technologies not only enhance driver safety but also reduce accident-related costs, making them highly attractive for fleet operators and insurance companies alike. In 2024, over 65% of newly manufactured Class 8 trucks in North America were equipped with these intelligent safety systems, showing a 15% increase from 2023 installations. Additionally, governments and municipalities are channeling investments into public infrastructure projects that require heavy-duty machinery, including large trucks for waste management and road construction. For example, India allocated over ₹1.3 lakh crore (~$15.6 billion USD) in its 2024–2025 Union Budget specifically for infrastructure modernization, which is anticipated to drive demand for construction trucks and transport vehicles used in urban development initiatives. In Europe, funding from the EU’s “Fit for 55” climate package is facilitating the procurement of zero-emission commercial vehicles. As a result, several OEMs are scaling up production capacities for electric and LNG-powered heavy machinery. With battery prices dropping to below $100 per kWh in 2024 (down from $130 per kWh in 2022), investment returns on electric truck fleets are becoming increasingly favorable for logistics operators.

New Product Development

New product development in the heavy machinery (large trucks) market is accelerating as manufacturers seek to meet evolving regulatory standards and customer expectations for performance, safety, and sustainability. In 2024, Daimler Truck AG launched its new eActros 600 electric long-haul truck, equipped with a 600 kWh battery pack offering a real-world range of up to 500 km on a single charge. The model uses an 800V architecture for rapid charging and includes advanced telematics systems to support fleet-wide operational analysis. Over 1,000 units were pre-ordered within the first quarter of its launch. Volvo Group expanded its product line with the FH Electric, which supports a gross combination weight (GCW) of up to 44 tons. The vehicle features regenerative braking and real-time energy efficiency monitoring, aiming to reduce operational emissions by up to 95%. Volvo sold over 1,300 FH Electric trucks in Europe by Q2 2024. In China, SINOTRUK introduced the Yellow River X7 Hydrogen Fuel Cell Truck, which offers a driving range exceeding 600 km with a full tank. The truck is currently undergoing pilot runs with logistics providers in Guangdong and Jiangsu provinces and has achieved a fuel cell system efficiency rate of 59%, one of the highest among current-generation hydrogen trucks. Another breakthrough in 2024 came from Oshkosh Corporation, which unveiled its Next-Gen Tactical Vehicle (NGTV) for military applications. The NGTV features a modular powertrain that can switch between diesel, electric, and hybrid modes. With a payload capacity of over 9 tons, the truck was selected by the U.S. Department of Defense for field testing across desert and arctic terrains. In the construction segment, Foton Motor launched a self-driving dump truck in 2024 designed for quarry and open-pit mine operations. The vehicle utilizes a suite of LiDAR, radar, and 4D imaging sensors to navigate dynamic environments without human intervention. Over 20 units are in operation across mining sites in Inner Mongolia and Shandong.

Five Recent Developments

Daimler Truck AG (2024): Launched the eActros 600 with 600 kWh battery capacity and 500 km range; over 1,000 pre-orders recorded in Q1 2024.
Volvo Trucks (2023): Rolled out FH Electric, GCW 44 tons, sold 1,300 units across Europe in the first half of 2024.
SINOTRUK (2024): Released the Yellow River X7 hydrogen fuel cell truck with 600 km range and 59% system efficiency, deployed in pilot fleets in China.
John Deere (2024): Introduced autonomous orchard and vineyard trucks using vision systems and AI; initial deployments covered 1,000+ hectares of farmland.
Oshkosh Corporation (2024): Secured U.S. military contract for NGTV with hybrid propulsion and modular weaponization features, payload >9 tons.

Report Coverage of Heavy Machinery (Large Trucks) Market

The report on the heavy machinery (large trucks) market provides an in-depth analysis of industry performance, technological evolution, application trends, and investment patterns across key regions. Covering North America, Europe, Asia-Pacific, and the Middle East & Africa, the study examines country-level market demand and product preferences, including LNG, hydrogen fuel cell, electric, and diesel-based systems. This report evaluates segment-specific insights by type—including firefighting, construction, forestry, agriculture, and military trucks—and their applications as complete vehicles, chassis-based units, or semi-trailer tractors. In 2024, construction and mining together contributed 52% of the global truck demand, primarily in high-growth economies across Asia and the Middle East. Additionally, the report highlights that LNG-powered trucks made up 42% of the Chinese heavy-duty market, while electric trucks reached 14% penetration, indicating robust transitions in fuel types and emission strategies. Moreover, the report evaluates the impact of regulatory developments, fleet modernization efforts, and sustainability programs on market dynamics. Emphasis is placed on emerging technologies such as autonomous navigation, AI-based diagnostics, and energy efficiency systems, all of which are driving purchase decisions across industries like logistics, defense, and agriculture. The competitive landscape is assessed with detailed profiling of major manufacturers including Daimler Trucks, Volvo, SINOTRUK, Scania, Oshkosh, and Navistar. The report identifies Daimler Trucks and Volvo as top market holders based on unit sales, technological innovation, and regional presence. In 2024, Daimler produced over 520,000 units globally, while Volvo exceeded 240,000 trucks, driven by strong demand from Europe and South America. Furthermore, the report tracks key investments, product rollouts, and policy shifts from 2023 to mid-2025, allowing stakeholders to anticipate shifts in demand and develop adaptive business strategies. With new product launches, strategic collaborations, and automation initiatives, the heavy machinery (large trucks) market is poised for notable transformations, especially in Asia-Pacific and Latin America, where infrastructure and e-mobility investments are scaling up rapidly.