Class 8 Truck Market Intelligence Report, Key Trends, Innovations and Dynamics

Class 8 Truck Industry Overview Innovation, Demand & Supply Chain

The class 8 truck market is set to grow from USD 96.69 billion in 2025 to USD 146.56 billion by 2034, with an expected CAGR of 6.93% over the forecast period from 2025 to 2034.

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Introduction

The class 8 truck market is a crucial branch of the automotive industry. This industry deals in manufacturing and distribution of heavy-duty trucks weighing above 33000 pounds. There are various types of trucks developed in this sector comprising of straight truck day cab, straight truck sleeper cab, tractor day cab, tractor sleeper cab and others. These trucks are powered using different types of propulsion including diesel, natural gas and hybrid electric. The class 8 trucks are available in several horsepower options such as below 300HP, 300HP - 400HP, 400HP - 500HP, 500HP & above and others. It finds application in  sectors consisting of freight delivery, utility services, construction & mining and some others. The growing sales of heavy-duty trucks in different parts of the world has boosted the market growth. This market is expected to rise drastically with the growth of the mining industry around the globe.

• According to the China Truck Organization, 673000 heavy trucks were sold in China during 2022 that increased to 911000 in 2023.

Highlights of the Class 8 Truck Market

• North America held the largest share of the class 8 truck market due to the rising investment in construction sector in this region.
• Asia Pacific is expected to grow with a significant CAGR due to the rapid urbanization in this region.
• The diesel engine segment led the industry due to the increasing demand for heavy-duty trucks around the world.
• The on-highway segment held the largest portion of the industry due to the growing demand for long-haul transportation in different parts of globe.

Key Metrics and Overview

Class 8 Truck: Stats and Figures

• According to the US Saudi Business Council, the mining sector of U.S. generated a revenue a revenue of around US$ 85 billion in 2023.
• According to the Our World in Data, around 22 million tons of copper was mined globally in 2023.
• According to the World Gold Council, around 321.8 million tons of Gold was mined in Russia in 2023.
• According to the Associated General Contractors of America, around 919000 construction activities were started during the 1st quarter of 2023.

Industry Leader Announcement

In March 2025, Peter Voorhoeve, the president, Volvo Trucks North America made an announcement stating that, “Volvo Trucks has a legacy of providing innovative, purpose-built solutions. The all-new VNR is a versatile option that was designed specifically for the demanding nature of regional and urban delivery. Fleets now have the tools to tackle a wide range of operational needs with our most customizable truck, Once again, Volvo Trucks is introducing a truck that was designed to change everything. Together, the street-smart VNR and our flagship VNL can address a wide range of fleet operational needs.”

Geographical Insights

North America held the highest share of the class 8 truck market. The growing investment by automotive companies for developing autonomous trucks has boosted the market growth. Also, several government initiatives aimed at strengthening the mining and construction sector is crucial for the industrial expansion. Moreover, the presence of various market players such as ArcBest, Ryder System, Ford, Paccar and some others is expected to drive the market growth in this region.

Competitive Landscape

The class 8 truck market is a matured industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Isuzu Motors Limited, Paccar Inc., Scania AB, FAW Group Corporation, MAN, Traton Se, Daimler Trucks and some others. These companies are constantly engaged in developing class 8 trucks and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of Scania, the company sold 91652 trucks in 2023 which increased to 96443 in 2024.

Class 8 Truck Market Segments

By Fuel Type

• Diesel Engine
• Gasoline Engine
• Electric

By Application

• On-Highway
• Off-Highway

By Payload Capacity

• GVW of 33,000 lbs or more
• GVW of less than 33,000 lbs

By Axle Configuration

• 4x2
• 6x4
• 8x4
• 10x4

By Region

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