Japan, North America And Europe Tanker Trucks Market Size By Type (Capacity 3000-6000 Gallons, Capacity Above 6000 Gallons), By Application (Diesel Oil, Gases), By Geographic Scope And Forecast

Japan, North America And Europe Tanker Trucks Market Size And Forecast

Japan, North America And Europe Tanker Trucks Market size was valued at USD 448.61 Million in 2023 and is projected to reach USD 684.97 Million by 2031, growing at a CAGR of 5.43% from 2024 to 2031.

Increasing demand for oils and chemicals and growing demand for water and food-grade tanker trucks are the factors driving market growth. The Japan, North America And Europe Tanker Trucks Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Japan, North America & Europe Tanker Trucks Executive Summary

The Japan, North America And Europe Tanker Trucks Market plays a crucial role in the transportation of various liquids and gases, such as chemicals, fuels, and food-grade products. Tanker trucks are classified into several categories based on their design and cargo capacity, and they serve a wide range of industries. These vehicles are adaptable to meet unique transportation needs, ranging from heavy-duty operations for hazardous commodities to medium and light-duty solutions. Tanker trucks are used extensively in industries such as oil and gas, chemicals, food and beverage, construction and waste management to transport liquids safely and efficiently. Rapid economic expansion, infrastructural development, and urbanization contribute to increased demand for tanker trucks in the market.

However, stringent regulations and fluctuation in fuel prices have an impact on market dynamics. Additionally, the market is shifting towards leasing and rental services, as companies seek to minimize capital expenditures and adapt to fluctuating demand patterns. This trend is expected to promote competition among leasing providers, influencing pricing strategies and service offerings.

To maintain safety standards, tanker truck operators must continue to follow regulations and use spill containment procedures. In short, the tanker truck market continues to play an important role in liquid transportation across industries, addressing safety concerns through adherence to laws, maintenance, and safety measures is crucial. An in-depth understanding of industry trends, regulatory requirements, and technical improvements is required for players to navigate and capitalize on opportunities in the rapidly changing tanker truck market.

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Japan, North America And Europe Tanker Trucks Market Attractiveness Analysis

The Japan, North America And Europe Tanker Trucks Market is experiencing a scaled level of attractiveness in the Europe region. The Europe region has a prominent presence and holds the major share of the market. Europe accounted for the largest market share in 2023, and is projected to grow at the highest CAGR of 4.38% during the forecast period. Japan was the second-largest market in 2023, it is projected to grow at a CAGR of 5.39%.

The market in Europe is growing rapidly, due to several key factor. Increasing need for efficient transportation of liquids within the continent is a significant driver. Europe’s diverse industries, including chemicals, food and beverages, and agriculture, require reliable and specialized liquid transportation, contributing to the rising demand for tanker trucks. According to European Automobile Manufacturers’ Association (ACEA), road freight transport serves as the fundamental pillar of trade and commerce in Europe. Nearly 80% of all land freight within the European Union is transported by trucks, emphasizing their pivotal role. The EU boasts a fleet of over 6.4 million trucks, showcasing the extensive scale of road freight operations. Furthermore, European-owned factories, incorporating European technology, contribute significantly to the heavy truck market, with half of the heavy trucks built in the United States originating from these factories. Furthermore, Europe’s extensive road network and interconnected supply chains further support the demand for tanker trucks.

Japan, North America And Europe Tanker Trucks Market Outlook

The rising demand for oil and chemicals across the globe is one of the significant drivers for the growth of the tanker truck market. With the economy relying heavily on oil for transportation, energy production, and manufacturing, there is a continuous need for the transportation of crude oil and refined petroleum products. Also, the chemical industry is also experiencing robust growth driven by various factors including urbanization, population growth, industrialization, and technological advancements. Tanker trucks are essential for transporting a wide range of chemicals, including industrial chemicals, specialty chemicals, agricultural chemicals, and pharmaceutical ingredients, from manufacturing plants to end-users across diverse industries. Rising demand for chemicals used in manufacturing, agriculture, construction, and consumer goods production contributes to the increased utilization of tanker trucks for chemical transportation worldwide.

Rising shortage of truck drivers is one of the key concerns in the trucking industry across the globe. This shortage of drivers mainly affects supply chains across the globe – from Europe to the Asia Pacific to the Americas. Additionally, rising supply chain disruption due to various factor such as geopolitical scenarios is one key factor that could restrain the growth of the market over the forecast period. The supply chain disruption caused by the Russia-Ukraine war has a significant impact on various industries, including the oil and gas market.

The transition towards renewable energy sources and the promotion of alternative fuels is anticipated to offer key opportunities for the tanker trucks industry to transport biofuels, hydrogen, liquefied natural gas (LNG), and other sustainable energy carriers. Tanker truck operators can diversify their services to meet the growing demand for eco-friendly transportation solutions and support the decarbonization efforts of industries such as transportation, energy, and logistics.

Some of the factors driving the development of LNG include the growth of the natural gas industry, increasing demand for cleaner and more sustainable forms of energy, and the expanding LNG infrastructure. As countries across the globe are looking to reduce their carbon footprint and meet emissions targets, there is a rising demand for alternative energy sources, including natural gas. LNG is known as one of the cleaner alternatives to traditional fossil fuels, as it is considered a cleaner-burning fuel and produces fewer emissions. In addition to this, expanding infrastructure of LNG infrastructure is also contributing to the growth of the sector.

Japan, North America And Europe Tanker Trucks Market: Segmentation Analysis

The Japan, North America And Europe Tanker Trucks Market is segmented on the basis of Type, Application, and Geography.

Japan, North America And Europe Tanker Trucks Market, By Type

• Capacity 3000-6000 Gallons
• Capacity Above 6000 Gallons
• Capacity Below 3000 Gallons

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Based on Type, the market is segmented into Capacity 3000-6000 Gallons, Capacity Above 6000 Gallons, and Capacity Below 3000 Gallons. Capacity 3000-6000 Gallons accounted for the largest market share of 42.74% in 2023 and is projected to grow at a CAGR of 6.33% during the forecast period. Tanker trucks with capacities ranging from 3000 to 6000 gallons occupy a mid-sized segment in the liquid transportation industry. These trucks strike a balance between larger tankers and smaller vehicles, making them versatile for various applications. These mid-sized tankers typically feature a robust cylindrical tank mounted on a truck chassis. Furthermore, the growing demand for tanker trucks in this capacity range is influenced by several factors. Firstly, they offer increased efficiency compared to smaller tankers, enabling businesses to transport larger quantities without the bulk associated with larger vehicles. This makes them a practical choice for businesses that operate on a regional scale or require a mid-sized solution for specific tasks.

Japan, North America And Europe Tanker Trucks Market, By Application

• Petrol
• Diesel Oil
• Gases
• Chemical
• Water
• Co2
• Food
• Sewage treatment
• Bitumen
• Naphtha
• Others

Based on Application, the market is segmented into Petrol, Diesel Oil, Gases, Chemical, Water, Co2, Food, Sewage treatment, Bitumen, Naphtha, and Others. Petrol accounted for the largest market share of 19.17% in 2023 and is projected to grow at a CAGR of 7.89% during the forecast period. The escalating demand for tanker trucks in petrol transport can be attributed to several key factors. Firstly, the surge in energy demand has driven increased production and transportation requirements. Tanker trucks offer a practical and adaptable solution for efficiently transporting large quantities of petrol, ensuring a consistent and timely supply for distribution and consumption by end-users. The ever-evolving nature of the oil and gas industry, with continuous exploration of new oil fields, emphasizes the need for flexible transportation solutions. Tanker trucks facilitate the seamless movement of petroleum from remote or newly discovered sites to refineries and then to the distribution points, supporting the industry’s dynamic growth.

Japan, North America And Europe Tanker Trucks Market, By Geography

• Japan
• North America
• Europe

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Based on Geography, the Japan, North America And Europe Tanker Trucks Market is segmented into Japan, North America, and Europe. North America is projected to grow at the highest CAGR of 5.43% during the forecast period. The oil and gas industry is a vital part of the United States economy. It is responsible for jobs, energy infrastructure security, and economic growth. Ensuring that this industry has the resources it needs to continue to operate is critical to our country’s success. The American Trucking Associations report that trucks carried 11.46 billion tons of freight in 2022, constituting 72.6% of total domestic tonnage. This freight generated USD 940.8 billion in gross revenues, contributing 80.7% to the nation’s freight bill. In cross-border trade, trucks transported 61.9% of the value between the U.S. and Canada and 83.5% between the U.S. and Mexico. These statistics highlight the crucial role of tanker trucks in various sectors, influencing their prominence in the North American market.

Japan was the second-largest market in 2023 and it is projected to grow at a CAGR of 5.39%. The Japan market is expanding rapidly, owing to significant factors that align with the country’s economic, industrial, and demographic landscape. These factors collectively contribute to the increasing need for specialized liquid transportation solutions to support various sectors within Japan. Japan’s population density is among the highest, and urbanization is a prominent trend. In densely populated urban areas, the demand for tanker trucks for applications like liquid food transport, sewage management, and water supply becomes essential. Moreover, Japan’s agriculture sector relies on water for irrigation, and tanker trucks are instrumental in transporting water to farms, especially in regions facing water scarcity or during periods of drought. Additionally, the transport of fertilizers and agricultural chemicals is essential for modern farming practices. The use of tanker trucks in agriculture supports the country’s food production and sustainability goals.

Key Players

The “Japan, North America And Europe Tanker Trucks Market” is highly fragmented with the presence of a large number of players in the Market. Some of the major companies include Ford Motor Company, Hyundai Motor Company, AB Volvo, DAF, Seneca Tank., MAN Truck & Bus AG, IVECO Group, Daimler Truck AG, Isuzu Truck (UK) Ltd, Navistar, Inc., Tremcar, and Kenworth. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players.

Company Market Ranking Analysis

The company ranking analysis provides a deeper understanding of the top 5 players operating Marine Vessel Energy Efficiency Market. VMR takes into consideration several factors before providing a company ranking.

The top three players for the Marine Vessel Energy Efficiency Market are Ford Motor Company, Hyundai Motor Company, AB Volvo, DAF and Seneca Tank. The factors considered for evaluating these players include company’s brand value, product portfolio (including product variations, specifications, features and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. VMR further study the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance their market presence regionally. We also consider the distribution network (online as well as offline) of the company that helps us to understand the company’s presence and foothold in various Marine Vessel Energy Efficiency Markets.

Company Regional Footprint

The company’s regional section provides geographical presence, regional level reach, or the respective company’s sales network presence. For instance, Ford Motor Company has its presence i.e. in North America, Europe and Asia Pacific. All the companies considered for profiling are reviewed similarly under this section. These sections help us to understand the overall Tanker Trucks Market presence on country level.

Ace Matrix

This section of the report provides an overview of the company evaluation scenario in the Japan, North America And Europe Tanker Trucks Market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as the product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
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