Global Truck Market 2024

Truck Market Size

The global truck market declined dramatically to $X in 2023, which is down by X% against the previous year. In general, consumption faced a abrupt curtailment. Global consumption peaked at $X.7B in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Truck Production

In value terms, truck production shrank markedly to $X in 2023 estimated in export price. Overall, production recorded a sharp setback. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Global production peaked at $X.8B in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Truck Exports

Exports

Global truck exports soared to X units in 2023, growing by X% against the previous year. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, truck exports surged to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Mexico (X units), distantly followed by China (X units), Belgium (X units), the United States (X units), France (X units), Spain (X units) and Poland (X units) were the key exporters of trucks, together constituting X% of total exports. Germany (X units), Italy (X units), South Africa (X units), Canada (X units), Turkey (X units) and Japan (X units) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of X% from 2012 to 2023. At the same time, South Africa (X%), Canada (X%), Belgium (X%), China (X%), Poland (X%), France (X%), Spain (X%), Italy (X%), Turkey (X%), Germany (X%) and the United States (X%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. Belgium (X p.p.), China (X p.p.), South Africa (X p.p.), Canada (X p.p.), Poland (X p.p.), France (X p.p.) and Spain (X p.p.) significantly strengthened its position in terms of the global exports, while Germany, the United States and Japan saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

Canada, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average truck export price stood at $X per unit in 2023, dropping by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2022, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($X per unit), while Belgium ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other global leaders experienced more modest paces of growth.

Truck Imports

Imports

In 2023, approx. X units of trucks were imported worldwide; growing by X% against 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. Global imports peaked in 2023 and are expected to retain growth in the immediate term.

In value terms, truck imports soared to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, global imports hit record highs in 2023 and are expected to retain growth in the near future.

Imports by Country

In 2023, the United States (X units), distantly followed by Canada (X units), Australia (X units), Germany (X units) and France (X units) were the main importers of trucks, together comprising X% of total imports. The following importers - Belgium (X units), the UK (X units), Italy (X units), Spain (X units), the Netherlands (X units), Brazil (X units) and Greece (X units) - together made up X% of total imports.

Imports into the United States increased at an average annual rate of X% from 2012 to 2023. At the same time, Greece (X%), Spain (X%), Italy (X%), Germany (X%), Belgium (X%), France (X%), Australia (X%), the Netherlands (X%), the UK (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Greece emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2023. Canada experienced a relatively flat trend pattern. The United States (X p.p.), Germany (X p.p.), Australia (X p.p.), Spain (X p.p.), France (X p.p.), Greece (X p.p.) and Belgium (X p.p.) significantly strengthened its position in terms of the global imports, while Canada saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported trucks worldwide, comprising X% of global imports. The second position in the ranking was held by Canada ($X), with a X% share of global imports. It was followed by the UK, with a X% share.

In the United States, truck imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Canada (X% per year) and the UK (X% per year).

Import Prices by Country

The average truck import price stood at $X per unit in 2023, rising by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure in 2023 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($X per unit), while Greece ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Canada (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform