Tanker Truck Market Strategic Growth, Innovation and Investment Trends

Tanker Truck Market Size Overview with Emerging Trends and Strategic Dynamics

The tanker truck market is projected to reach USD 37.82 billion by 2034, growing from USD 27.92 billion in 2025, at a CAGR of 3.43% during the forecast period from 2025 to 2034.

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Introduction

The tanker truck market is a prominent branch of the trucking industry. This industry deals in manufacturing and distribution of tanker trucks across the world. There are several types of tankers developed in this sector consisting of single-axle tankers, multi-axle tankers, articulated tankers and some others. These vehicles are developed using different materials comprising of stainless steel, aluminum, carbon steel, composite and some others. It is powered using various propulsion technology including diesel, electric, natural gas and hybrid. The tanker trucks finds application in numerous industries such as oil and gas, chemicals, food and beverages, water, industrial liquids, dry bulk goods and some others. The rising adoption of electric trucks in different parts of the world has boosted the market expansion. This market is predicted to grow significantly with the growth of the automotive sector around the globe.

• According to the International Energy Agency, around 16500 electric trucks were registered in China during 2020 that increased to 38200 in 2023.

Highlights of the Tanker Truck Market

• Asia Pacific held the highest share of the tanker truck market.
• North America is expected to grow with a significant CAGR during the forecast period.
• By capacity, the large (greater than 15,000 gallons) segment led the industry.
• By capacity, the medium (5,000-15,000 gallons segment is likely to rise with a significant growth rate during the forecast period.
• By application, the petroleum products transportation segment led the industry.
• By application, the chemical transportation segment is predicted to grow with the highest CAGR during the forecast period.
• By material, the stainless steel segment held the largest portion of the industry.
• By type, the multi-axle tankers held the dominant share of the market.
• By drive type, the 4*2 segment dominated the market.

Key Metrics and Overview

Tanker Truck: Trends in the Industry

• Rapid adoption of trucks by e-commerce companies for delivering liquid products such as milk and chemicals is an ongoing trend that increases the demand for tanker trucks.
• The fleet operators are constantly involved in deploying hybrid and electric trucks for their day-to-day operations. 
• Several automotive brands are investing heavily for developing autonomous trucks to enhance safety and reduce the dependency on drivers.
• Numerous truck manufacturers are engaged in research and development of fuel cell trucks for lowering emission.

Capacity Insights

The large (greater than 15,000 gallons) segment led the industry. The growing demand for large trucks from oil and gas industry for transporting crude oils in different regions boosts the market expansion. Also, rapid investment in trucking industry by public-sector entities for developing large-size trucks propels the market growth. Moreover, numerous product launches and partnerships among market players such as Volvo, Scania and some others is projected to drive the growth of tanker truck market.

The medium (5,000-15,000 gallons segment is likely to rise with a significant growth rate during the forecast period. The rising adoption of medium-sized tankers in chemical industry has driven the market growth. Also, several e-commerce companies have started deploying medium-sized tankers for transporting liquid goods, thereby impacting the market in a positive way. Moreover, the growing application of these tankers in construction sector and mining sector is likely to foster the growth of the tanker truck market.

Application Insights

The petroleum products transportation segment led the industry. The rising demand for petroleum in different parts of the world has boosted the market expansion. Also, rapid investment in oil and gas industry along with increasing adoption of large tankers by petroleum manufacturers propels the industrial growth. Moreover, collaborations among trucking brands and petroleum companies is anticipated to boost the growth of the tanker truck market.

The chemical transportation segment is predicted to grow with the highest CAGR during the forecast period. The growing developments in the chemical manufacturing sector coupled with rise in number of logistics platforms dealing in chemical transportation boosts the market growth. Also, the rising investment in chemical industry by public and private sector entities further accelerates the industrial expansion. Moreover, the rising use of medium-sized trucks in chemical sector is driving the growth of the tanker truck market.

Material Insights

The stainless steel segment held the largest portion of the industry. The growing adoption of stainless steel for manufacturing tankers has boosted the market expansion. Also, the rising investment by steel manufacturers for developing high-quality steels for catering the demands of the automotive sector propels the industrial growth. Moreover, numerous benefits of stainless steel including high strength, enhanced corrosion resistance, durability and some others is proliferating the growth of the tanker truck market.

Type Insights

The multi-axle tankers held the dominant share of the market. The growing adoption of multi-axle tankers by municipalities for delivering water in isolated areas has driven the market growth. Also, the rising investment by truck manufacturing companies for developing quad-axle trucks for transporting cement in different parts of the world is crucial for the industrial expansion. Moreover, the increasing demand for multi-axle tankers from several end-user industries such as oil and gas, chemical, beverages and some others is expected to boost the growth of the tanker truck market.

Drive Type Insights

The 4*2 segment dominated the market. The rising demand for low-maintenance trucks from heavy industries has boosted the market growth. Also, the growing investment by automotive brands such as Volvo, Scania, Daimler and some others for developing 4*2 configuration trucks is anticipated to boost the market expansion. Moreover, the increasing use of these trucks in different sectors including mining, construction, waste management and some others is projected to foster the growth of the tanker truck market.

Geographical Insights

Asia Pacific held the highest share of the tanker truck market. The rising developments in the mining sector coupled with rapid investment in trucking industry boosts the market growth. Also, increasing demand for electric trucks in countries such as China and South Korea to lower environmental emission accelerates the industrial expansion. Moreover, government initiatives aimed at strengthening the automotive sector is projected to foster the market growth in this region.

China is a major contributor of this region. In China, the market is generally driven by the availability of stainless steel and aluminum. Also, the rising investment in trucking industry by fleet operators for developing tanker trucks propels the market expansion. Moreover, the growing sales of electric trucks along with presence of various truck companies such as Sinotruk, Dongfeng Motor Corporation, FAW Jiefang, Dayun Group and some others is projected to boost the industrial growth.

India and South Korea also contributes significantly to the market growth. In India, the market is generally driven by the rapid developments in food and beverage industry along with presence of several oil and gas companies such as India Oil Corporation, ONGC, Hindustan Petroleum Corporation Limited (HPCL) and some others drives the market growth. In South Korea, the industry is driven by the rising number of trucking companies coupled with technological advancements in automotive sector.

North America is expected to grow with a significant CAGR during the forecast period. The growing development in the automotive sector coupled with increasing demand for tanker trucks from the chemical industry has boosted the market growth. Also, the rising advancements in autonomous technology along with rise in number of construction activities further propels the industrial expansion. Moreover, the presence of several truck companies as well as rapid adoption of hydrogen trucks is driving the market growth in this region.

The U.S. dominated the market in this region. The growing developments in the mining sector along with government investment in beverage industry drives the market growth. Also, the rapid growth in the e-commerce sector coupled with increased focus on waste management is crucial for the industrial expansion.

Industry Leader Announcement

• In May 2024, Shaun Skinner, the president of Isuzu Commercial Truck made an announcement stating that, “Most people associate work trucks with box trucks, sweepers, and dumps, but the Ultimate Craft Beer Truck is synonymous with delivering fun. The customers that have bought them have enjoyed a lot of success and we constantly get questions about the truck and if there’s one available. It remains an exciting product.”

Competitive Landscape

The tanker truck market is a consolidated industry with the presence of few dominating players. Some of the prominent companies in this industry consists of Mercedez (Daimler), Navistar International Corporation, Hyundai Motor Company, Isuzu Motors Limited, IVECO S.p.A., MAN Truck & Bus AG, Paccar Inc., Scania AB, Volvo and some others. These companies are constantly engaged in developing tanker trucks and adopting numerous strategies such as product launches, partnerships, business expansion, acquisition, and some others to maintain their dominant position in this industry.

Recent Developments

• In March 2025, Volvo launched VNR straight truck. This truck is designed for tanker applications in chemical industries.
• In January 2025, Tata Motors announced to launch hydrogen-powered truck. This truck is expected to lower emission in India.
• In April 2024, MAN launched a hydrogen truck named as ‘MAN hTGX’. MAN hTGX finds application in timber transport, tank transport and construction sector.

Tanker Truck Market Segments

By Small (less than 5,000 gallons)

• Medium (5,000-15,000 gallons)
• Large (greater than 15,000 gallons)

By Application

• Petroleum Products Transportation
• Chemical Transportation
• Food and Beverage Transportation
• Other Applications

By Material

• Stainless Steel
• Aluminum
• Carbon Steel
• Other Materials

By Type

• Single-Axle Tankers
• Multi-Axle Tankers
• Articulated Tankers

By Drive Type

• 4x2
• 6x4
• 8x4
• Other Drive Types

By Region

• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa