Construction Trucks market size was valued at USD 28.49 billion in 2024 and is anticipated to reach USD 47.51 billion by 2032, at a CAGR of 6.6% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Construction Trucks Market Size 2024
USD 28.49 Billion
Construction Trucks Market, CAGR
6.6%
Construction Trucks Market Size 2032
USD 47.51 Billion
The Construction Trucks Market is led by major players including Volvo Group, Doosan Corporation, Komatsu Ltd., Liebherr Group, Hyundai Construction Equipment, Terex Corporation, Caterpillar Inc., XCMG Group, Hitachi Construction Machinery Co., Ltd., and SANY Group. These companies maintain strong market positions through technological innovation, extensive distribution networks, and advanced fleet management solutions. Asia Pacific dominated the global market in 2024 with a 34% share, driven by rapid infrastructure growth and expanding urban development projects. North America followed with a 31% share, supported by highway modernization and industrial expansion, while Europe accounted for 27% due to strict emission regulations and increased adoption of hybrid construction trucks.
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The Construction Trucks Market was valued at USD 28.49 billion in 2024 and is projected to reach USD 47.51 billion by 2032, growing at a CAGR of 6.6%.
Market growth is driven by large-scale infrastructure expansion, rising urbanization, and increased government investment in construction and public works projects.
Key trends include the shift toward electric and hybrid propulsion, adoption of telematics for fleet management, and integration of automation for improved productivity.
The market is highly competitive with major players focusing on innovation, local production, and partnerships to strengthen their presence across developing regions.
Asia Pacific held the largest share at 34%, followed by North America with 31% and Europe with 27%, while dump trucks dominated the product segment with around 40% market share in 2024.
Market Segmentation Analysis:
By Trucks
Dump trucks dominated the construction trucks market in 2024 with a market share of around 40%. Their dominance stems from widespread use in mining, road construction, and large infrastructure projects. High load capacity and rugged design make them ideal for transporting bulk materials like sand, gravel, and debris. Manufacturers such as Caterpillar and Komatsu are enhancing efficiency through advanced hydraulics and telematics systems that improve payload monitoring. Continuous infrastructure investments and urban development projects worldwide continue to drive demand for heavy-duty dump trucks in both developed and emerging markets.
For instance, the Komatsu HD785-8 is a rigid-frame off-highway truck rated for a payload of 101.6 U.S. tons (92.2 metric tons).
By Propulsion
Diesel-powered trucks held the largest share of about 75% in the propulsion segment in 2024. These vehicles are preferred for their torque performance, durability, and availability of refueling infrastructure. Heavy-duty applications in remote construction zones still rely on diesel engines for consistent power output. However, companies like Volvo Construction Equipment and Scania are integrating fuel-efficient diesel engines with low-emission technologies to meet tightening emission norms. The growing adoption of hybrid and alternative-fuel models is expected to gain momentum in urban projects and government-funded green construction initiatives.
For instance, Scania’s Super powertrain, featuring a new 13-liter engine, reduces fuel consumption by up to 8% for long-haulage operations.
By Gross Vehicle Weight (GVW)
Trucks with a gross vehicle weight (GVW) between 15–40 tons captured the largest share in 2024, accounting for nearly 50% of the total market. This range offers the best balance between payload capacity and maneuverability for urban and mid-scale infrastructure applications. Medium-duty trucks in this category are extensively used for material delivery, concrete transport, and equipment movement. Leading OEMs such as Tata Motors and Volvo Trucks are expanding their product lines with enhanced suspension systems and improved fuel efficiency to meet diverse regional construction demands.
Key Growth Drivers
Infrastructure Expansion and Urbanization
Rapid infrastructure development and urban expansion are major growth drivers for the construction trucks market. Large-scale investments in roadways, bridges, and industrial facilities have increased demand for heavy-duty trucks. Countries like India and China are allocating billions toward smart city and transport network projects. These initiatives require continuous material movement and logistics support, fueling steady demand for construction trucks across all weight categories.
For instance, Volvo Trucks delivered approximately 134,000 trucks worldwide in 2024.
Technological Advancements in Truck Design
Advancements in telematics, automation, and fuel-efficient powertrains are reshaping construction truck operations. Modern trucks now feature intelligent load management, GPS-based tracking, and advanced braking systems to improve safety and productivity. Manufacturers like Volvo Trucks and Komatsu are integrating connected vehicle technology for predictive maintenance. These innovations lower downtime, enhance operational efficiency, and support sustainable fleet performance in demanding construction environments.
For instance, Caterpillar reported more than 1.5 million connected assets in 2023, leveraging data from these machines to help customers improve operational efficiency and avoid downtime.
Rising Government Investments in Public Infrastructure
Increased government funding in public infrastructure projects, including highways, railways, and housing, drives steady market growth. National infrastructure programs across Europe, North America, and Asia are accelerating heavy-duty truck demand. Governments are emphasizing energy-efficient fleets and emission control regulations, encouraging fleet renewal. The continuous rollout of development programs ensures a robust order pipeline for construction truck manufacturers and component suppliers.
Key Trends and Opportunities
Adoption of Electric and Hybrid Construction Trucks
The shift toward electric and hybrid trucks presents a strong growth opportunity in the market. OEMs like Volvo, Scania, and BYD are launching electric models for short-range construction operations. These vehicles reduce operational emissions and meet tightening environmental regulations. Technological progress in battery systems and fast-charging infrastructure will enhance the commercial viability of hybrid and fully electric construction trucks over the next decade.
For instance, BYD offers the 8TT Class 8 tandem axle with a standard 422 kWh battery and an extended-range (ER) 563 kWh pack, providing up to 200 miles of range per charge, with an even longer range option available for some fleets.
Integration of Telematics and Fleet Management Systems
The integration of telematics and real-time monitoring tools is transforming fleet management in construction operations. Smart tracking systems optimize routing, fuel use, and maintenance schedules. Companies such as Caterpillar and Komatsu offer data-driven solutions for predictive servicing and operator performance analysis. This trend supports cost control, reduces idle time, and enhances asset utilization, improving overall project efficiency.
For instance, Mercedes-Benz Trucks’ OM 471 gen-3 engine offers fuel savings of up to 4% for long-haul transport, while a separate high-performance variant of the engine is available for heavy-duty and construction use.
Key Challenges
High Initial and Maintenance Costs
The high capital and operational costs of construction trucks remain a major challenge. Advanced models with hybrid or electric systems require significant upfront investments. Fleet operators also face high maintenance expenses due to frequent use in rugged terrains. This financial burden limits adoption, particularly among small and mid-sized contractors operating in price-sensitive regions.
Stringent Emission Regulations and Compliance Burdens
Tighter global emission standards increase pressure on manufacturers and fleet owners. Compliance with Euro VI, EPA, and similar norms demands costly technology upgrades. Companies are required to invest in low-emission engines, after-treatment systems, and cleaner fuels. These requirements, while essential for sustainability, raise production and operational costs, slowing replacement rates in developing markets.
Regional Analysis
North America
North America held a market share of 31% in the construction trucks market in 2024. The region’s growth is driven by ongoing highway modernization, oil and gas infrastructure projects, and smart city developments. The U.S. leads regional demand with strong investment in heavy-duty dump and tractor-trailer trucks. Key manufacturers such as Caterpillar, Volvo Trucks, and PACCAR dominate through product innovation and efficient distribution networks. The adoption of advanced telematics systems and hybrid powertrains is increasing, supported by government incentives for low-emission construction equipment.
Europe
Europe accounted for 27% of the market share in 2024, driven by large-scale infrastructure renovation and sustainability initiatives. Countries such as Germany, the UK, and France are investing heavily in green construction projects, boosting demand for hybrid and electric trucks. Strict emission norms and advancements in fleet management technology promote cleaner and more efficient trucks. Manufacturers like Scania, MAN, and Daimler Trucks are introducing smart models integrated with digital monitoring systems. The region’s focus on reducing construction emissions continues to shape its evolving market landscape.
Asia Pacific
Asia Pacific dominated the market with a 34% share in 2024, led by China, India, and Japan. Expanding urbanization and industrialization projects, coupled with massive government infrastructure investments, drive high truck demand. The region benefits from affordable manufacturing costs and a strong local production base. Chinese and Indian manufacturers, including Tata Motors and SANY, are introducing fuel-efficient trucks tailored for regional needs. Rapid expansion in construction and mining sectors continues to position Asia Pacific as the global production and consumption hub for heavy-duty construction vehicles.
Latin America
Latin America held a 5% share of the construction trucks market in 2024. The region’s growth is fueled by road expansion and mining activities across Brazil, Chile, and Mexico. Economic recovery efforts and foreign investments in public infrastructure are supporting new truck purchases. Demand is concentrated in medium-duty and off-road segments, where durability and cost efficiency are key. International OEMs are increasing assembly operations and aftersales support to strengthen market presence. However, fluctuating fuel prices and regulatory challenges may slightly affect growth momentum across the region.
Middle East & Africa
The Middle East & Africa region captured a 3% share of the global market in 2024. Growth is primarily supported by large-scale construction and oil infrastructure projects in Saudi Arabia, the UAE, and South Africa. Investments under programs such as Saudi Vision 2030 are accelerating fleet modernization. High demand for heavy-duty and specialized trucks for desert and mining applications sustains market activity. Manufacturers are expanding dealer networks and providing durable models suited to extreme operating environments, ensuring continued growth despite economic and climatic challenges.
Market Segmentations:
By Trucks:
Dump trucks
Tractor-trailer trucks
Cargo trucks
Specialized trucks
Others
By Propulsion:
Diesel
Hybrid electric
Others
By Gross Vehicle Weight (GVW):
Below 15 Tons
15-40 Tons
Above 40 Tons
By Geography:
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Competitive Landscape
The construction trucks market is characterized by strong competition among leading manufacturers such as Volvo Group, Doosan Corporation, Komatsu Ltd., Liebherr Group, Hyundai Construction Equipment, Terex Corporation, Caterpillar Inc., XCMG Group, Hitachi Construction Machinery Co., Ltd., and SANY Group. These companies compete through technological innovation, product diversification, and global expansion strategies. The focus is shifting toward fuel-efficient engines, hybrid powertrains, and intelligent telematics to enhance performance and reduce operational costs. Manufacturers are also investing in localized production facilities to strengthen regional presence and minimize supply disruptions. Strategic partnerships with component suppliers and digital solution providers are helping improve efficiency and product reliability. Continuous R&D efforts in automation, electric propulsion, and predictive maintenance systems are shaping the next generation of construction trucks. As competition intensifies, companies are emphasizing sustainability, aftersales service, and long-term fleet support to maintain market leadership and strengthen customer relationships across key infrastructure markets.
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In 2024, Tata Hitachi showcased a 20-ton electric excavator concept at the bauma CONEXPO trade show.
In 2024, Caterpillar launched next-generation loaders with improved power and performance, and expanded its autonomous hauling technology (Cat MineStar™ Command) to the quarry and aggregates sector.
In 2023, Komatsu announced the acquisition of iVolve, a fleet management system leader, in December. The company also developed a medium-sized hydraulic excavator concept combining a hydrogen fuel cell and key components for carbon-neutral workplaces.
Report Coverage
The research report offers an in-depth analysis based on Trucks, Propulsion, Gross Vehicle Weight (GVW) and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market will grow steadily due to ongoing global infrastructure expansion.
Demand for electric and hybrid trucks will rise with stricter emission standards.
Manufacturers will focus on telematics integration for real-time performance tracking.
Asia Pacific will remain the leading production and consumption region.
Government investment in public works will continue to fuel fleet purchases.
Advanced automation will improve driver safety and operational efficiency.
Fleet modernization programs will support adoption of fuel-efficient models.
Rental and leasing services will gain traction among small contractors.
Smart load monitoring and digital diagnostics will enhance productivity.
Collaboration between OEMs and technology firms will drive innovation in connected trucks.
1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope
2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology
3. Executive Summary
4. Introduction
4.1. Overview
4.2. Key Industry Trends
5. Global Construction Trucks Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast
9. Market Breakup by Region
9.1. North America
9.1.1. United States
9.1.1.1. Market Trends
9.1.1.2. Market Forecast
9.1.2. Canada
9.1.2.1. Market Trends
9.1.2.2. Market Forecast
9.2. Asia-Pacific
9.2.1. China
9.2.2. Japan
9.2.3. India
9.2.4. South Korea
9.2.5. Australia
9.2.6. Indonesia
9.2.7. Others
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. United Kingdom
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. Latin America
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Others
9.5. Middle East and Africa
9.5.1. Market Trends
9.5.2. Market Breakup by Country
9.5.3. Market Forecast
12. Porters Five Forces Analysis
12.1. Overview
12.2. Bargaining Power of Buyers
12.3. Bargaining Power of Suppliers
12.4. Degree of Competition
12.5. Threat of New Entrants
12.6. Threat of Substitutes
13. Price Analysis
14. Competitive Landscape
14.1. Market Structure
14.2. Key Players
14.3. Profiles of Key Players
14.3.1. Volvo Group
14.3.1.1. Company Overview
14.3.1.2. Product Portfolio
14.3.1.3. Financials
14.3.1.4. SWOT Analysis
14.3.2. Doosan Corporation
14.3.3. Komatsu Ltd.
14.3.4. Liebherr Group
14.3.5. Hyundai Construction Equipment
14.3.6. Terex Corporation
14.3.7. Caterpillar Inc.
14.3.8. XCMG Group
14.3.9. Hitachi Construction Machinery Co., Ltd.
14.3.10. SANY Group
15. Research Methodology
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Frequently Asked Questions
What is the current market size for Construction Trucks Market, and what is its projected size in 2032?
The Construction Trucks Market was valued at USD 28.49 billion in 2024 and is projected to reach USD 47.51 billion by 2032.
At what Compound Annual Growth Rate is the Construction Trucks Market projected to grow between 2025 and 2032?
The market is expected to grow at a CAGR of 6.6% during the forecast period.
Which Construction Trucks Market segment held the largest share in 2024?
Dump trucks held the largest share in 2024 with around 40% of the market.
What are the primary factors fueling the growth of the Construction Trucks Market?
Infrastructure expansion, urbanization, and rising government investments in public construction projects are key growth drivers.
Who are the leading companies in the Construction Trucks Market?
Key players include Volvo Group, Doosan Corporation, Komatsu Ltd., Liebherr Group, and Caterpillar Inc.
Which region commanded the largest share of the Construction Trucks Market in 2024?
Asia Pacific dominated the market with a 34% share in 2024.
About Author
Ganesh Chandwade
Senior Industry Consultant
Ganesh is a senior industry consultant specializing in heavy industries and advanced materials.
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