In this article, we will take a look at the Largest Truck Manufacturer in the World. Combining companies’ market capitalizations and latest annual revenue figures together, we compiled a free full list of 15 Largest Truck Manufacturers in the World.
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, significant time and resources. Therefore, the trucking market has high barriers to entry. Despite these hinderances, in 2022, the trucks market was valued at 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 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 for medical services and consumer goods. Therefore, while the pandemic posed short term challenges due to supply disruptions, it also highlighted the importance of trucking industry that might not have been as prominent in the earlier years. However, more recently, the issues that the industry is facing entail truck driver shortages, inadequate drivers’ trainings, and unrealistically set decarbonization targets, as per IRU. In pursuit to achieve the decarbonization targets, the industry in U.S. alone, is imminent to bear cost of 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 ecommerce 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 US Department of Transportation, 45% uptick is expected in the annual freight volume in America alone, wherein, most of the growth would be absorbed by the trucking category withing 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 according to The Economic Times. This boosted interest from ecommerce platforms for low maintenance electric trucks are going to be the major contributor for 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 over all is highly concentrated with a few companies dominating the market. So let us explore the largest truck company in the world.
A delivery truck filled with grocery items heading to a local school.
Which is the Largest Truck Manufacturer in the World?
Methodology
For the purpose of 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. We referred to their financial statements and press releases to compile their respective revenues for the year 2023. We then ranked the companies in descending order on the basis of their revenue. With this approach, we present to you the Largest Truck Manufacturer in the World.
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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.
Just a few days ago 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.
You can see the full free list by going to 15 Largest Truck Manufacturers in the World.
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Disclosure: None. This article is originally published at Insider Monkey.