According to a new market report published by Acute Market Reports, Inc. “Tanker Trucks Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2023 - 2030,” the tanker trucks market worldwide is expected to reach US$ 1.8 Mn by 2030, growing at a CAGR of 5.2% from 2023 to 2030. The global market for tanker trucks is primarily driven by growth in the global oil and gas industry as it represents the largest commodity for tank truck freight. In addition, stringent regulations related to transportation and loading and unloading of petroleum and chemical products are expected to fuel the demand for advanced truck models that match mandatory transportation requirements. Countries across the world are investing in chemical and petroleum production capacity expansion. A steady rebound in the global construction industry is also expected to drive the demand for tanker trucks used for water and concrete mixture. All these factors are expected to increase the demand for tanker trucks globally.
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The Asia Pacific represents the largest regional market for tanker trucks followed by North America. The tanker trucks market in the Asia Pacific is primarily influenced by the rising demand for petroleum products in the region. India and China are expected to witness considerable growth in the region. The U.S. represents the largest tanker trucks market in North America. The petroleum segment (gasoline, diesel, and aviation fuel) is the largest application segment for tanker trucks in North America and accounted for almost 50% of the overall tank truck freights. The tanker truck market is expected to witness considerable growth in the region with growing expansion in the chemical and oil and gas industry. The U.S. is expected to invest US$ 125 Bn to US$ 150 Bn in the expansion of the chemical industry. In addition, stringent regulations in the transportations of hazardous liquid and chemicals are expected to drive the demand for tanker trucks in the region. US Department of Transportation (DOT) and the American Society of Mechanical Engineers (ASME) have introduced some codes and mandatory specifications related to the transportation of hazardous liquid tank bodies includes DOT406, DOT407, and MC331.
Based on the capacity of tanker trucks, the market is segmented into Small Duty (Less than 1,000 gallons), Medium Duty (Between 1,000 gallons and 4,000 gallons), and Large Duty (More than 4,000 gallons). The medium capacity tanker trucks segment represents the largest segment in the overall tanker trucks market. This segment is expected to maintain its dominating position throughout the forecast period with rising demand for these types of trucks from petroleum and chemical industries.
The tanker trucks market represents a consolidated market of bulk feed tank trucks, coded tank truck, water tank truck, sewer jetters, and others. Coded tanker trucks segment dominated in the overall tanker trucks market by truck type. This category is also expected to witness the fastest growth through the forecast 2023 – 2030.
The global tanker trucks market is very competitive and dominated by multination players. Some of the key players in the global tanker trucks market include Ford Motor Company, Polar Tank Trailer, LLC, Seneca Tank, Tremcar, Volvo Group, MAN Truck & Bus AG (Volkswagen), Mercedes (Daimler), Iveco, Hyundai Motor Company, Kenworth, Tata Motors Limited, Scania AB (Volkswagen), Freightliner Trucks (Daimler), Navistar International Corporation and others.
