Global Truck Market 2024

Truck Market Size

In 2022, the global truck market decreased by X% to $X.5B, falling for the third year in a row after six years of growth. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market hit record highs at $X.1B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Truck Production

In value terms, truck production expanded slightly to $X.9B in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Global production peaked at $X.4B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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Truck Exports

Exports

In 2022, shipments abroad of trucks increased by X% to X units, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The global exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, truck exports expanded slightly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the global exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports by Country

In 2022, Mexico (X units), distantly followed by the United States (X units), China (X units), Japan (X units) and Turkey (X units) were the major exporters of trucks, together generating X% of total exports. Italy (X units), France (X units), Poland (X units), Spain (X units), Germany (X units), South Africa (X units), Canada (X units) and Argentina (X 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 X%. At the same time, Canada (X%), South Africa (X%), China (X%), Poland (X%), Turkey (X%), France (X%), Argentina (X%), Spain (X%) and Italy (X%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Japan (X%) and Germany (X%) illustrated a downward trend over the same period. China (X p.p.), Mexico (X p.p.), South Africa (X p.p.), Canada (X p.p.) and Poland (X p.p.) significantly strengthened its position in terms of the global exports, while Japan and Germany saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), the United States ($X) and Germany ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of global exports. Japan, China, France, Spain, Italy, Turkey, Poland, Argentina, Canada and South Africa lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

In 2022, the average truck export price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, 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 2022, the amount of trucks imported worldwide expanded to X units, with an increase of X% against 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, global imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, truck imports expanded notably to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; 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%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, the United States (X units), distantly followed by Canada (X units), Australia (X units) and the UK (X units) were the major importers of trucks, together making up X% of total imports. Germany (X units), France (X units), Mexico (X units), Belgium (X units), Brazil (X units), Chile (X units), Nigeria (X units), Italy (X units) and the United Arab Emirates (X units) followed a long way behind the leaders.

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

In value terms, the United States ($X), Canada ($X) and Australia ($X) were the countries with the highest levels of imports in 2022, together comprising X% of global imports.

In terms of the main importing countries, the United States, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average truck import price amounted to $X per unit, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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