Global Truck Market 2023

Truck Market Size

The global truck market shrank to $X in 2022, which is down by -5.8% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Truck Production

In value terms, truck production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 5.4%. Over the period under review, global production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Truck Exports

Exports

In 2022, the amount of trucks exported worldwide expanded significantly to X units, rising by 10% against the previous year's figure. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 19%. Over the period under review, the global exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, truck exports rose to $X in 2022. The total export value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 27%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Mexico (X units) and China (X units) represented roughly 38% of total exports in 2022. The United States (X units) took an 8.5% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (8%) and Japan (4.6%). The following exporters - Turkey (X units), Italy (X units), France (X units), Poland (X units), Germany (X units), Spain (X units), South Africa (X units) and Canada (X units) - together made up 27% of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +21.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest truck supplying countries worldwide were Mexico ($X), China ($X) and the United States ($X), with a combined 43% share of global exports. Germany, Japan, Thailand, France, Turkey, Spain, Italy, Poland, Canada and South Africa lagged somewhat behind, together accounting for a further 40%.

In terms of the main exporting countries, Canada, with a CAGR of +15.2%, 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, which is down by -7.2% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 6.3% against the previous year. The global export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($X per unit), while Thailand ($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 (+3.0%), while the other global leaders experienced more modest paces of growth.

Truck Imports

Imports

Global truck imports fell to X units in 2022, with a decrease of -3.6% on the year before. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 23%. Global imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, truck imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 25%. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, the United States (X units), distantly followed by Canada (X units), Australia (X units) and the UK (X units) represented the major importers of trucks, together committing 45% of total imports. France (X units), Germany (X units), Brazil (X units), Nigeria (X units), Chile (X units), Italy (X units), Spain (X units) and Belgium (X units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +5.5% from 2012 to 2022. At the same time, Spain (+12.4%), Australia (+7.1%), the UK (+4.3%), Nigeria (+3.1%), Brazil (+3.1%), France (+3.0%), Italy (+2.8%), Chile (+2.8%) and Germany (+2.3%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +12.4% from 2012-2022. Canada experienced a relatively flat trend pattern. By contrast, Belgium (-5.9%) illustrated a downward trend over the same period. While the share of the United States (+7.9 p.p.) and Australia (+2.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Belgium (-1.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest truck importing markets worldwide were the United States ($X), Canada ($X) and Australia ($X), together accounting for 40% of global imports. The UK, Germany, France, Chile, Brazil, Italy, Spain, Belgium and Nigeria lagged somewhat behind, together comprising a further 26%.

Spain, with a CAGR of +12.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average truck import price stood at $X per unit in 2022, increasing by 3.8% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 4.6% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the near future.

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 Belgium (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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