In this article, we will take a look at the 15 Largest Truck Manufacturers in the World. You can also check out 15 Cities with the Worst Public Transportation in the US for our discussion on the global transportation sector.
In today’s world, both emerging and industrialized nations rely on trains, ships, planes, and trucks as the primary means for commercial transportation and the circulation of goods. Globally, the trucking industry is responsible for the transportation of many different products and services, including passenger cars and other consumer goods, food, bulk products, and hazardous materials.
Unlike what one may think, the trucking industry is quite complicated. This complexity arises from the fact that trucking requires intensive capital investment and significant time and resources. Therefore, the trucking market has high barriers to entry. Despite these hindrances, in 2022, the trucks market was valued at a whopping $7.6 trillion and is forecasted to grow at a compound annual growth rate of 9.1% during the period of 2023 to 2032, according to Global Market Insights.
The COVID-19 pandemic had mixed effects on this industry. On the one hand, the transportation industry was hit hard with a huge decline in demand but at the same time, the demand for trucks surged for the supply of medical services and consumer goods. Therefore, while the pandemic posed short-term challenges due to supply disruptions, it also highlighted the importance of the trucking industry which might not have been as prominent in the earlier years. However, more recently, the issues that the industry is facing are truck driver shortages, inadequate drivers’ training, and unrealistically set decarbonization targets, as per IRU. In pursuit of achieving the decarbonization targets, the industry in the U.S. alone, is imminent to bear a cost of a massive $1 trillion, according to Environment + Energy Leader. If you want to see more details on the trucking industry, especially key statistics relating to the U.S. trucking market, you can go to our previous insider monkey article.
Looking forward, the growth of e-commerce industry is expected to drive up demand for the truck market. With more and more businesses shifting their operations online, truck transport has become an integral part of the chain to provide prompt and safe deliveries to customers for order fulfillment. For this purpose, companies have also been turning to electric trucks to meet their environmental sustainability goals and also reduce operational costs. Based on the US Department of Transportation, a 45% uptick is expected in the annual freight volume in America alone, wherein, most of the growth would be absorbed by the trucking category within the transportation sector!
This can also be seen from the recent collaboration between Eicher Trucks, a division of VE Commercial Vehicles Limited, and Amazon. With this agreement in August 2023, the two companies joined forces to integrate 1000 emission-free electric trucks across Amazon’s delivery network in the coming five years, according to The Economic Times. This boosted interest from e-commerce platforms for low-maintenance electric trucks is going to be a major contributor to the truck market in the coming years.
Many companies have a strong foothold in this industry and have been making waves with their products. The trucking industry overall is highly concentrated with a few companies dominating the market. So let us explore some of the largest truck companies in the world.
Also see: 10 Best Car Insurance in Texas for 2024 and 15 Best Selling Car Brands in the World
A fleet of rented trucks parked alongside a warehouse, emphasizing the company’s logistics services.
Methodology
For creating this ranking, we scoured various sources like IBIS World, LYroad, and Automotive World, and compiled a list of the biggest truck companies in the market. With the companies shortlisted, we referred to their financial statements and press releases to compile their respective revenues for the year 2023. We then ranked the companies in ascending order based on their revenue.
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15. Ashok Leyland (NSE:ASHOKLEY.NS)
Revenue reported in 2023: $5.46 billion
Ashok Leyland (NSE:ASHOKLEY.NS), an Indian multinational automotive manufacturer headquartered in Chennai, is currently owned by the Hinduja Group. Business Standard reported that Ashok Leyland (NSE:ASHOKLEY.NS) reported a 17% increase in net profit for Q4 FY24, amounting to $112.5 million. The flagship entity of the Hinduja Group achieved consolidated revenue from operations of $1.6 billion for the reviewed quarter, which was touching the same figure mark in the same period last year.
14. Oshkosh Corporation (NYSE:OSK)
Revenue reported in 2023: $9.66 billion
Oshkosh Corporation (NYSE:OSK), previously known as Oshkosh Truck, is an American industrial company specializing in the design and manufacture of specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment.
The company has reported a notable increase in its earnings for the first quarter of 2024. Oshkosh(NYSE:OSK) announced adjusted earnings per share (EPS) of $2.89, reflecting a 77% rise from the $1.63 recorded in the same quarter last year. This result also exceeded analyst expectations by $0.64, as the consensus estimate was $2.25. Additionally, the company’s revenue experienced a solid increase, reaching $2.54 billion for the quarter, a 12% improvement over the previous year’s $2.27 billion.
13. Hino Motors (Frankfurt:HMO.F)
Revenue reported in 2023: $9.68 billion
Hino Trucks (Frankfurt:HMO.F) is a leading global provider of commercial diesel trucks, renowned for their reliability and performance in meeting diverse transportation needs around the world. A key highlight of Hino’s (Frankfurt:HMO.F) offerings is the proprietary J Series engines, which comply with the stringent 2016 Greenhouse Gas (GHG) regulations. These engines not only deliver outstanding performance but also promote environmental sustainability by cutting NOx emissions by up to 50% and improving fuel efficiency by 5%.
12. Thor Industries (NYSE:THOR)
Revenue reported in 2023: $11.12 billion
Thor Industries, Inc. (NYSE:THOR), an American manufacturer of recreational vehicles, sells towable and motorized RVs through its subsidiary brands such as Airstream, Heartland RV, Jayco, and Livin Lite RV, among others. For the 2nd quarter of 2024 fiscal year, ending on 31 January 2024, Thor Industries, Inc. (NYSE:THOR) reported a quarterly net income of $7.2 million, translating to diluted earnings per share (EPS) of 13 cents, a decline from $27.1 million or 50 cents per share in the same period last year.
11. Navistar International Corp. (NYSE:NAV)
Revenue reported in 2023: $11.93 billion
Navistar International Corporation (NYSE:NAV), a top American manufacturer of medium and heavy-duty trucks, has a long history of producing farm and construction equipment. Now a subsidiary of Germany’s Traton Group, Navistar (NYSE:NAV) saw a 9% increase in total vehicle sales in 2023, with 88,900 units sold compared to 81,900 in 2022, according to ttnews.
10. MAN Truck & Bus (XETRA:MANG)
Revenue reported in 2023: $16.05 billion
MAN Truck & Bus SE (XETRA:MANG), a subsidiary of Traton, is a top international provider of commercial vehicles. The TGX model earned the Best Heavy Truck of the Year award in 2021. MAN’s flagship models, the T.G. and the heavy-duty light truck, can carry loads of up to 250 tons and 150 tons, respectively. In May 2024 Commercial Motor reported that Starting from April 27, MAN Truck & Bus (XETRA:MANG) had restarted production at its plants, but with a reduced capacity. The production at these facilities will be gradually scaled up from this date.
9. Iveco Group (IOB:0AB5.IL)
Revenue reported in 2023: $17.35 billion
Iveco (IOB:0AB5.IL), an abbreviation for Industrial Vehicles Corporation, is a Dutch-based Italian multinational transport vehicle manufacturer with its headquarters in Turin, Italy. With a presence spanning five continents, Iveco operates 27 manufacturing facilities across 16 countries, utilizing advanced technologies developed in six research hubs. The company is recognized as one of the leading truck manufacturers globally.
In interesting news that came out in January 2024, Bulgarianmilitary.com reported that the Austrian Army is set to replace its aging Pinzgauer military utility vehicles (MUVs) with new models from Iveco (IOB:0AB5.IL). As part of this fleet modernization, at least 900 Pinzgauer MUVs will be substituted, including 70 command support units and 55 radio support units, reflecting Iveco’s status as a top manufacturer in the light vehicle sector.
8. Isuzu Motors (Frankfurt:ISUA.F)
Revenue reported in 2023: $21.59 billion
Isuzu Motors Ltd. (Frankfurt: ISUA.F), often referred to as Isuzu, is a Japanese multinational automobile manufacturer based in Yokohama, Kanagawa Prefecture. The company (Frankfurt: ISUA.F) focuses on producing, marketing, and selling Isuzu commercial vehicles and diesel engines. Isuzu Commercial Truck of America, known for distributing low cab forward trucks, recently unveiled the development of an all-electric Isuzu NRR EV truck equipped with the Thermo King e300 all-electric transport refrigeration unit at the Advanced Clean Transportation Expo.
The Isuzu NRR EV, announced in March 2023, is scheduled for production this summer. This Class 5 NRR-EV represents Isuzu’s latest generation of medium-duty delivery trucks. The Thermo King e300 refrigeration unit employs R-452A refrigerant, which has a low global warming potential and reduces direct CO2 emissions by nearly 50% compared to the traditional R-404A refrigerant.
7. CNH Industrial (NYSE:CNH)
Revenue reported in 2023: $24.7 billion
CNH Industrial N.V. (NYSE:CNH), a European multinational corporation headquartered in Basildon, United Kingdom, is primarily controlled and owned by the multinational investment firm Exor. In a notable gesture, CNH Industrial (NYSE:CNH) has donated tractors to two major agricultural institutions in Pakistan: the University of Agriculture in Tandojam and BZU University in Multan, as was reported by Business Recorder.
6. Paccar Inc. (NASDAQ:PCAR)
Revenue reported in 2023: $35.13 billion
Paccar Inc. (NASDAQ:PCAR) is an American company, specializing in the design and manufacturing of large commercial trucks through its subsidiaries DAF, Kenworth, and Peterbilt, which are sold globally. Paccar (NASDAQ:PCAR) reported strong financial results for the first quarter of 2024, ending 31st March. The company posted quarterly revenues of $8.74 billion, up from $8.47 billion in the first quarter of 2023.
5. Traton (XETRA:8TRA.DE)
Revenue reported in 2023: $50.84 billion
Traton SE (XETRA:8TRA.DE), known as the Traton Group, is a subsidiary of the Volkswagen Group and ranks among the world’s largest commercial vehicle manufacturers.
Volkswagen Group reported that the Traton Group had a strong start to 2024. From January to March, Traton Group (XETRA:8TRA.DE) brands sold 81,100 vehicles, down 4% from the 84,600 sold in the same period in 2023. Dr. Michael Jackstein, CFO and CHRO, stated, “2024 got off to a successful start for the Traton Group, as shown by the improvement in our adjusted operating return on sales, which rose by 1 percentage point to 9.4%.”
4. Volvo Truck & Bus (Stockholm:VOLV-B.ST)
Revenue reported in 2023: $51.67 billion
Volvo Trucks (Stockholm:VOLV-B.ST), the truck manufacturing division of Volvo based in Gothenburg, Sweden, is renowned globally for its exceptional reliability and utility in transportation. Known for their advanced driver assistance systems and robust engines, Volvo trucks handle diverse cargo loads and challenging terrains with ease, providing both comfort and dependability. In a recent statement that came out on 23rd of May 2024, Volvo Trucks (Stockholm:VOLV-B.ST) highlighted that their hydrogen-powered trucks will offer an operational range comparable to many diesel trucks, depending on the type of transport.
3. Tata Motors (NSE:TATAMOTORS.NS)
Revenue reported in 2023: $52.69 billion
Tata Motors (NSE:TATAMOTORS.NS) is India’s biggest automobile company and offers a wide range of products including an extensive range of integrated, smart, and e-mobility solutions in its portfolio. In its earning conference on 19 May 2024, Tata Motors Group’s (NSE:TATAMOTORS.NS) CFO PB Balaji said that the company has raised its investment outlay for FY25 to $5.2 billion for new products and technologies, with its British arm Jaguar Land Rover absorbing the lion’s share, according to Business Today.
2. Renault Trucks (Paris:RNO.PA)
Revenue reported in 2023: $56.78 billion
Renault Trucks (Paris:RNO.PA) is a French truck manufacturer that designs, produces, and distributes transport solutions for goods mobility. It not only provides a wide variety of new trucks but also used trucks for its customers. Renault Trucks offers trucks with controlled fuel consumption as well as 100% electric vehicles with extended operating life.
In February 2024, Renault (Paris:RNO.PA) announced the construction of a new positive-energy building at the heart of its Saint-Priest site in Lyon. The facility will spread across 46,000 m² of land and take up an investment of $143.2 million. The building which will house the company’s global distribution center for spare parts is set to open its doors in 2028.
1. Daimler Trucks (Frankfurt:DTG.F)
Revenue reported in 2023: $60.61 billion
Daimler Trucks (Frankfurt:DTG.F) is one of the world’s largest vehicle manufacturing companies with more than 40 production sites operational globally and more than 100,000 employees. The company provides light, medium, and heavy-duty trucks, city and intercity buses, coaches, and bus chassis.
On May 20, 2024, Daimler (Frankfurt:DTG.F) and Volvo announced that they have signed a non-binding agreement to establish a joint venture to develop a common software-defined vehicle (SDV) platform and dedicated truck operating system. According to the Enterprise Times, Daimler Truck and the Volvo Group each will enter into a 50/50 partnership with the planned joint venture.
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