U.S. Trucks Market Size & Share Analysis - Key Trends, Future Opportunities, Growth Strategies, and Forecasts (2025 - 2032)

The U.S. trucks market, valued at USD 800.8 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 4.1%, reaching USD 1,091.6 billion by 2032. This growth is fueled by the increasing demand for reliable and affordable transportation across sectors like logistics, construction, retail, and agriculture. Small and medium-sized businesses, in particular, are turning to second-hand trucks as an economical solution. Additionally, OEMs are extending vehicle lifespans and promoting eco-friendly technologies like electric and hybrid trucks to meet consumer demand and adhere to environmental regulations.

Government initiatives, such as the Environmental Protection Agency's Phase 3 of the Clean Trucks Plan, which targets greenhouse gas emissions from heavy-duty trucks, support the shift towards zero-emission vehicle technologies. As a result, the market is witnessing increased investment in electric and hybrid propulsion systems, driven by regulatory pressure and the growing focus on sustainability.

Key Insights

Demand for Used and Eco-Friendly Trucks: The market for used trucks is expanding as businesses seek cost-effective alternatives to new vehicles. The rise of fuel-efficient and hybrid used trucks helps companies meet environmental goals without the significant investment required for new electric trucks. Additionally, OEMs are offering certified pre-owned vehicles, refurbished for reuse, to extend their lifespan and reduce environmental impact.

Growth of E-Commerce and Last-Mile Delivery: The rise of online shopping and last-mile delivery demands more trucks for efficient, localized transportation. Light-duty trucks and vans are particularly in demand for their ability to navigate urban environments easily. The increasing value of goods carried by trucks, especially in e-commerce, is fueling the need for specialized vehicles in logistics and distribution.

Vehicle Segment Growth: The light-duty trucks segment, which holds the largest market share (70%) in 2024, is driven by their affordability, adaptability, and widespread use across various sectors. Meanwhile, medium-duty trucks are expected to grow at the highest rate (CAGR of 5.6%), primarily due to the demand for vehicles suited for city logistics and regional transportation, especially for e-commerce and last-mile delivery needs.

Fuel Trends: Diesel-powered trucks currently dominate the market (65%) due to their efficiency and reliability for long-haul freight. However, electric trucks are expected to grow rapidly (CAGR of 6%) as sustainability goals and government schemes encourage urban and regional fleet operators to transition to zero-emission vehicles.

Logistics and Transportation Sector: The logistics and transportation sector holds the largest market share (45%) due to the ongoing globalization of trade, requiring more heavy-duty trucks for the transportation of goods. Additionally, the mining sector is expected to grow at the highest rate (CAGR of 6.3%), driven by the increasing demand for minerals such as cobalt and lithium, which require specialized transport vehicles.

Regional Growth Dynamics: The South region holds the largest market share (40%) due to its strong presence in the construction, agriculture, and freight sectors, particularly in Texas, Florida, and Georgia. The West region, however, is projected to grow at the highest rate (CAGR of 5.5%) due to increased infrastructure investments, technological advancements, and e-commerce growth, with states like California driving much of the demand for electric trucks and advanced transportation solutions.

Market Fragmentation: The market remains fragmented, with a mix of large OEMs and regional players catering to various market segments, from vocational trucks to custom offerings. The presence of emerging legislation and diverse environmental requirements across states further contributes to the market's fragmentation.