Truck Market

The global truck market is projected to see continued growth with a forecasted CAGR of +2.8% for the period from 2022 to 2030. Market volume is expected to reach 27M units and market value is forecasted to reach $2,301.7B by the end of 2030. In 2022, approx. 22M units of trucks were consumed worldwide, with the United States, China, and Thailand leading in consumption. Production of trucks increased by 0.2% to 21M units in 2022, after two years of decline. The global truck market is driven by increasing demand worldwide, with key importers including the United States, Canada, and Australia. Diesel or semi-diesel trucks under 5 tonnes are the major type of trucks exported globally, comprising 53% of total exports. Overall, the global truck market is expected to see growth in both consumption and production, with significant differences in prices among importing and exporting countries.

Market Forecast

Driven by increasing demand for trucks worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 27M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.7% for the period from 2022 to 2030, which is projected to bring the market value to $2,301.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Trucks

In 2022, approx. 22M units of trucks were consumed worldwide; remaining stable against the year before. In general, consumption, however, continues to indicate mild growth. Global consumption peaked at 24M units in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global truck market size shrank to $1,366B in 2022, falling by -10.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the global market attained the maximum level at $1,855.4B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (8.5M units), China (4.7M units) and Thailand (1.1M units), together accounting for 66% of global consumption. Canada, Japan, Brazil, India, France and Australia lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +6.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Canada ($702.8B) led the market, alone. The second position in the ranking was held by the United States ($282.5B). It was followed by China.

In Canada, the truck market remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+5.2% per year) and China (-0.1% per year).

The countries with the highest levels of truck per capita consumption in 2022 were Canada (28 units per 1000 persons), the United States (25 units per 1000 persons) and Thailand (16 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +5.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Trucks

In 2022, production of trucks increased by 0.2% to 21M units, rising for the second consecutive year after two years of decline. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 9.6%. As a result, production reached the peak volume of 23M units. From 2019 to 2022, global production growth remained at a somewhat lower figure.

In value terms, truck production shrank to $1,118.3B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15% against the previous year. Over the period under review, global production attained the peak level at $1,589.7B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (7.9M units), China (5.1M units) and Japan (1.3M units), with a combined 67% share of global production. Thailand, Mexico, Canada, Brazil, India, Turkey, Spain and France lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mexico (with a CAGR of +7.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Trucks

In 2022, global truck imports contracted to 4.5M units, dropping by -2.7% compared with the year before. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 25%. Over the period under review, global imports reached the peak figure at 4.7M units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, truck imports reduced slightly to $137.7B in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 29% against the previous year. As a result, imports attained the peak of $143B, and then declined modestly in the following year.

Imports By Country

In 2022, the United States (1M units), distantly followed by Canada (478K units) and Australia (356K units) represented the major importers of trucks, together making up 41% of total imports. Germany (188K units), France (180K units), Mexico (153K units), the UK (124K units), Belgium (109K units), Chile (109K units), Nigeria (96K units), Brazil (73K units), Italy (73K units) and Spain (68K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to truck imports into the United States stood at +5.6%. At the same time, Spain (+12.0%), Australia (+6.9%), Chile (+4.5%), France (+3.0%), Germany (+2.8%) and Italy (+2.7%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +12.0% from 2012-2022. Brazil, Canada and Belgium experienced a relatively flat trend pattern. By contrast, the UK (-1.1%), Nigeria (-2.6%) and Mexico (-7.3%) illustrated a downward trend over the same period. While the share of the United States (+8.5 p.p.) and Australia (+3.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Mexico (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($32.3B) constitutes the largest market for imported trucks worldwide, comprising 23% of global imports. The second position in the ranking was taken by Canada ($14.2B), with a 10% share of global imports. It was followed by Australia, with a 7.1% share.

In the United States, truck imports increased at an average annual rate of +7.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+1.6% per year) and Australia (+6.6% per year).

Imports By Type

Diesel or semi-diesel trucks of a g.v.w. under 5 tonnes represented the major type of trucks in the world, with the volume of imports amounting to 2.4M units, which was approx. 53% of total imports in 2022. Spark-ignition trucks of a g.v.w. under 5 tonnes (1,599K units) ranks second in terms of the total imports with a 35% share, followed by diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes (6.6%). The following types - diesel or semi-diesel trucks of a g.v.w. over 20 tonnes (122K units) and trucks other than diesel or spark-ignition (80K units) - together made up 4.4% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by trucks other than diesel or spark-ignition (with a CAGR of +16.2%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported trucks were diesel or semi-diesel trucks of a g.v.w. under 5 tonnes ($61B), spark-ignition trucks of a g.v.w. under 5 tonnes ($37.6B) and diesel or semi-diesel trucks of a g.v.w. over 20 tonnes ($19.2B), with a combined 86% share of global imports. Diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes, trucks other than diesel or spark-ignition and spark-ignition trucks of a g.v.w. over 5 tonnes lagged somewhat behind, together accounting for a further 14%.

In terms of the main imported products, trucks other than diesel or spark-ignition, with a CAGR of +9.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average truck import price amounted to $30,339 per unit, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2018 an increase of 6%. Global import price peaked at $30,659 per unit in 2021, and then declined slightly in the following year.

Prices varied noticeably by the product type; the product with the highest price was diesel or semi-diesel trucks of a g.v.w. over 20 tonnes ($158,243 per unit), while the price for trucks other than diesel or spark-ignition ($19,968 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by spark-ignition trucks of a g.v.w. under 5 tonnes (+3.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average truck import price stood at $30,339 per unit in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2018 an increase of 6%. Global import price peaked at $30,659 per unit in 2021, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($43,870 per unit), while Nigeria ($4,804 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Trucks

In 2022, global exports of trucks fell modestly to 4.2M units, standing approx. at the year before. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 16%. The global exports peaked at 4.4M units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, truck exports contracted slightly to $129.8B in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 24%. As a result, the exports reached the peak of $130.9B, leveling off in the following year.

Exports By Country

In 2022, Mexico (982K units), distantly followed by the United States (427K units), China (365K units), Turkey (217K units) and Japan (214K units) represented the main exporters of trucks, together mixing up 53% of total exports. Italy (183K units), France (173K units), Poland (172K units), Spain (169K units), Germany (156K units), South Africa (142K units), South Korea (117K units) and the UK (106K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to truck exports from Mexico stood at +4.2%. At the same time, South Africa (+25.1%), China (+14.0%), Poland (+6.9%), the UK (+6.3%), Turkey (+4.3%), France (+2.3%), Spain (+1.4%) and Italy (+1.2%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.1% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Japan (-2.2%), South Korea (-3.3%) and Germany (-3.9%) illustrated a downward trend over the same period. While the share of China (+6 p.p.), Mexico (+5.5 p.p.), South Africa (+3 p.p.) and Poland (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of South Korea (-1.7 p.p.), Japan (-2.2 p.p.) and Germany (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest truck supplying countries worldwide were Mexico ($28.3B), the United States ($15.9B) and Germany ($9.4B), with a combined 41% share of global exports. Japan, China, France, Spain, Italy, Turkey, Poland, South Africa, South Korea and the UK lagged somewhat behind, together accounting for a further 38%.

Poland, with a CAGR of +8.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Diesel or semi-diesel trucks of a g.v.w. under 5 tonnes (1.9M units) and spark-ignition trucks of a g.v.w. under 5 tonnes (1.7M units) prevails in exports structure, together generating 87% of total exports. It was distantly followed by diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes (318K units), constituting a 7.6% share of total exports. Diesel or semi-diesel trucks of a g.v.w. over 20 tonnes (129K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for trucks other than diesel or spark-ignition (with a CAGR of +14.9%), while shipments for the other products experienced more modest paces of growth.

In value terms, diesel or semi-diesel trucks of a g.v.w. under 5 tonnes ($46.6B), spark-ignition trucks of a g.v.w. under 5 tonnes ($46B) and diesel or semi-diesel trucks of a g.v.w. over 20 tonnes ($18.6B) appeared to be the products with the highest levels of exports in 2022, with a combined 86% share of global exports. Diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes, trucks other than diesel or spark-ignition and spark-ignition trucks of a g.v.w. over 5 tonnes lagged somewhat behind, together accounting for a further 14%.

Trucks other than diesel or spark-ignition, with a CAGR of +11.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average truck export price stood at $31,185 per unit in 2022, standing approx. at the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 6.1% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was diesel or semi-diesel trucks of a g.v.w. over 20 tonnes ($144,406 per unit), while the average price for exports of diesel or semi-diesel trucks of a g.v.w. under 5 tonnes ($23,987 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by spark-ignition trucks of a g.v.w. under 5 tonnes (+1.8%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average truck export price stood at $31,185 per unit in 2022, remaining relatively unchanged against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 6.1%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($60,693 per unit), while the UK ($8,348 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform