Tanker Truck Market To Cross $196.4 Bn By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major tanker truck market participants include Hyundai Motor Company, Isuzu Motors Limited, IVECO S.p.A., MAN Truck & Bus AG, Mercedez (Daimler), Navistar International Corporation, Paccar Inc., Scania AB, Tata Motors, Volvo Trucks

Selbyville, Delaware, Nov. 13, 2024 (GLOBE NEWSWIRE) --

The tanker truck market valuation is predicted to reach USD 196.4 billion by 2032, reported in a research analysis by Global Market Insights Inc.

The rising demand for chemicals and fuels across industries is a major factor driving market expansion. Key sectors rely on tanker trucks for the safe and efficient transport of bulk liquids, including chemicals and fuels.

As industrial activities increase globally, particularly in emerging markets, the need for specialized tanker trucks to transport hazardous and non-hazardous materials is on the rise. In addition, growth in petrochemical production and the rising demand for energy are contributing to an intensified need for fuel distribution logistics, further supporting the tanker truck market. Strict regulations on safe transportation also boost demand for modern, compliant tanker trucks with advanced safety features.

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The growing urban population is another major driver of market growth. Increasing urbanization, especially in developing cities, is leading to higher demand for essential resources such as water, fuel, and construction materials, all of which are frequently transported via tanker trucks. The rapid expansion of urban infrastructure further elevates the need for reliable transportation services to meet the requirements of growing cities. This includes the movement of large quantities of materials for construction projects, municipal water supply, and fuel needs. As industrial and urban development continues to accelerate, the demand for efficient tanker truck market services is expected to grow accordingly.

In terms of capacity, the market is segmented into four categories: less than 1,000 gallons, 1,000 to 5,000 gallons, 5,000 to 10,000 gallons, and more than 10,000 gallons. The 5,000 to 10,000 gallons segment held the largest market share in 2023, accounting for over 33% and projected to surpass USD 67.5 billion by 2032. This size range offers an ideal balance between load capacity and operational efficiency, making it highly popular across multiple industries.

When categorized by propulsion, diesel-powered tanker trucks continue to dominate the market, accounting for 68% of the share in 2023. Diesel engines are favored for their power and fuel efficiency, especially for long-haul transport tasks.

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North American tanker truck market accounted for over 33% of the global share in 2023, with an expected valuation of USD 66 billion by 2032, supported by advanced infrastructure and growing fuel transportation needs.

Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Research design

1.1.1 Research approach

1.1.2 Data collection methods

1.2 Base estimates and calculations

1.2.1 Base year calculation

1.2.2 Key trends for market estimates

1.3 Forecast model

1.4 Primary research & validation

1.4.1 Primary sources

1.4.2 Data mining sources

1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021 - 2032

Chapter 3 Tanker Truck Market Insights

3.1 Industry ecosystem analysis

3.2 Supplier landscape

3.2.1 Manufacturers

3.2.2 Component suppliers

3.2.3 Tanker truck leasing companies

3.2.4 Transportation and logistics companies

3.2.5 End-users

3.3 Profit margin analysis

3.4 Price analysis of different tanker trucks

3.5 Technology & innovation landscape

3.6 Patent analysis

3.7 Key news & initiatives

3.8 Regulatory landscape

3.9 Impact forces

3.9.1 Growth drivers

3.9.1.1 Increasing demand for chemicals and fuels in various industries

3.9.1.2 Industrialization and economic growth across the world

3.9.1.3 Advancements in tanker truck technology

3.9.1.4 Rising population and urbanization in developing cities

3.9.2 Industry pitfalls & challenges

3.9.2.1 Rising cost of fuel

3.9.2.2 Shortage of qualified drivers

3.10 Growth potential analysis

3.11 Porter's analysis

3.12 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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