Construction Trucks Market Size - By Trucks (Dump Trucks, Tractor-Trailer Trucks, Cargo Trucks, Specialized Trucks), By Propulsion (Diesel, Hybrid Electric), By Gross Vehicle Weight (GVW) (Below 15 Tons, 15-40 Tons, Above 40 Tons), & Forecast 2024 - 2032

Construction Trucks Market Size

Construction Trucks Market was valued at USD 49.9 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032, due to ongoing infrastructure development across the globe. According to InfraTracker's findings, central governments of G20 countries put aside a whopping USD 1 trillion for infrastructure investment in 2022. That constitutes about 1% of the total GDP of all the G20 nations or a whopping 4.6% of the total budget expenditure of G20 central governments.

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Government investments in infrastructure help improve public services, creating a surge in demand for construction trucks. With more funding available, construction projects kick into high gear, creating a greater need for vehicles like dump trucks, cement mixers, and excavators. This increased demand not only keeps the construction truck industry thriving but also encourages innovation and efficiency improvements in truck technology to meet the changing project requirements and environmental standards.

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Complying with stringent emissions standards and safety regulations imposes significant burdens on manufacturers and operators in the construction trucks market. Meeting these standards often necessitates costly technology upgrades or redesigns, driving up manufacturing costs. This challenge requires substantial investments in research and development to develop and implement compliant solutions while ensuring that vehicles meet regulatory requirements without compromising performance or affordability.

Construction Trucks Market Trends

Technological upgrades will help pave a healthy growth pathway for the construction trucks industry in the long run. Technological progress has resulted in the creation of construction trucks that are both more effective and eco-friendly. The incorporation of features like GPS tracking, telematics, automated systems, and hybrid or electric engines into construction trucks has become more prevalent, improving their capabilities, and cutting down on operational expenses

Construction Trucks Market Analysis

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Based on Gross Vehicle Weight (GVW), the above 40 tons segment is expected to cross over USD 30 billion by 2032, due to increasing demand for heavy-duty vehicles capable of handling large-scale construction projects and heavy materials. Infrastructure development initiatives, and expansion in industrial sectors are driving the need for trucks with higher hauling capacities, spurring growth in this segment as companies seek to enhance efficiency and productivity in their operations.

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Based on propulsion, the diesel segment accounted for a market share over 83% in 2023. Diesel engines are known for their high-power output, making them ideal for heavy-duty construction applications. Additionally, diesel fuel tends to offer better fuel economy and longer driving time compared to some other fuels. Also, the wide availability of diesel fuel and the familiarity of operators and maintenance personnel with diesel engines contribute to the continued demand for the construction industry.

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Asia Pacific region dominated the 45% share of the construction trucks market in 2023. Rapid urbanization and infrastructure projects in countries such as China, India, and Southeast Asia are driving demand for construction vehicles. Government policies aimed at increasing investment in infrastructure further fuel this growth. Furthermore, the increasing adoption of advanced technologies and escalating construction activities in residential, commercial, industrial construction, etc., contribute to the expansion of the industry

Increasing investments in infrastructure projects, driven by government initiatives such as the proposed infrastructure bill, stimulate demand for construction trucks in U.S. Additionally, robust residential and commercial construction activity, fueled by population growth and urbanization, contributes to market expansion. Technological advancements, including the adoption of electric and autonomous vehicles, further drive growth by enhancing efficiency and sustainability. These trends create opportunities for manufacturers and suppliers in the U.S. construction trucks market to meet rising demand and innovate to stay competitive.

Also, by harnessing technological prowess and strategic partnerships, several nations, including South Korea, Japan, France, Germany, the U.K., Canada, the Netherlands, the UAE, and Saudi Arabia, have captured a considerable market share. Their dedication to innovation and adherence to stringent quality standards have propelled them to the forefront of this competitive industry. Leveraging their expertise in engineering and manufacturing, these countries have carved out substantial market stakes, contributing significantly to the global construction trucks industry.

Construction Trucks Market Share

Caterpillar and Komatsu hold significant revenue share over 29% in construction trucks industry through their established reputation, extensive product offerings, and global presence. Caterpillar, a market leader known for its durable and high-performance equipment, offers a comprehensive range of construction trucks, including articulated trucks, rigid dump trucks, and off-highway trucks, catering to various construction applications.

Similarly, Komatsu, renowned for its innovative technology and reliable machinery, provides a wide array of construction trucks, such as rigid dump trucks and haul trucks, designed for efficiency and productivity. Both companies leverage their vast dealer networks, aftermarket support, and customer service to meet the diverse needs of construction projects worldwide. Additionally, their focus on research and development, coupled with strategic partnerships and acquisitions, reinforces their market dominance and positions them as preferred choices for contractors, developers, and fleet operators in the construction trucks segment.

Construction Trucks Market Companies

Major players operating in the construction trucks industry are

• Caterpillar Inc.           
• Komatsu Ltd.              
• Hitachi Construction Machinery Co., Ltd.                 
• Liebherr Group                      
• Volvo Group              
• Terex Corporation                 
• XCMG Group             
• SANY Group               
• Doosan Corporation              
• Hyundai Construction Equipment               

Construction Trucks Industry News

• In April 2024, Sany India unveiled its latest innovation, the SKT105E Electric Dump Truck. This fully electric vehicle represents a significant step towards sustainability in the industry, offering environmentally friendly and efficient solutions for material transport in mining and construction operations.
• In August 2023, SANY Group unveiled a new line of energy dump trucks. This groundbreaking system seeks to revolutionize the industry with advanced features, enhanced performance, increased energy efficiency, reduced environmental footprint, and enhanced driving experience.

This construction trucks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and volume (Units) from 2021 to 2032, for the following segments

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Market, By Trucks

• Dump trucks
• Tractor-trailer trucks
• Cargo trucks
• Specialized trucks
• Others

Market, By Propulsion          

• Diesel
• Hybrid electric
• Others

Market, By Gross Vehicle Weight (GVW)

• Below 15 Tons
  • 15-40 Tons
• Above 40 Tons

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA