Choosing a truck brand is a business decision. To make it easier, I looked at the largest big rig truck manufacturing companies using recent revenue and where growth is holding up or falling. I focus on heavy duty tractors that most people call big rigs. I also use group results where that is how companies report. You will see the phrase largest big rig truck manufacturing companies a few times because that is the focus.
How I ranked the companies
I used the latest full year results that are public, mostly fiscal year 2023, plus 2024 and 2025 updates where companies flagged a change. I note currencies as reported. When a group mixes trucks with other businesses, I call that out. This is not investment advice. It is a simple read on scale and momentum.
Daimler Truck: big revenue, cautious outlook
Daimler Truck remains a scale leader. In 2023 the company reported revenue of about €55.9 billion with higher unit sales, which set a high bar. That year benefited from strong pricing and backlogs clearing. In mid 2024 the company cut its revenue outlook and reduced its unit sales guidance as demand cooled and China weighed. By early 2025, deliveries fell and management leaned into cost control. The short version is simple. Daimler Truck had a record year, then signaled normalization and pockets of decline. This is the pattern across much of the sector.
Volvo Group: record 2023, normalization through 2025
Volvo Group posted all time highs in 2023, with net sales up and margins strong. Then demand started to normalize. Early 2024 saw lower deliveries and a drop in net order intake. Through 2025, the company talked about weak North America and improving Europe. In Q2 2025, sales and profit were lower year on year. That is not a crisis. It is the typical cooling after a boom. If you run a fleet in North America, you felt this in lead times and pricing easing a bit.
TRATON Group: growth with bumps
TRATON, the Volkswagen truck unit that includes Scania, MAN, and Navistar, grew sales revenue to roughly €46.9 billion in 2023. That was driven by higher unit sales, a better mix, and stronger price realization. Fast forward to 2025 and the company reported lower unit sales and trimmed production at some plants to match demand, especially in North America. Unit swings vary by brand and region. Scania held up better, MAN improved off lows, and Navistar faced the softest market. The big picture is steady long term scale with a short term dip.
PACCAR: resilient margins, late cycle softness
PACCAR, parent of Kenworth, Peterbilt, and DAF, delivered a record 2023 with revenue of about $35.1 billion. The company’s parts business helped the cycle. In 2025, unit sales and profit fell on softer global demand. If you operate mixed US fleets, you likely saw PACCAR equipment availability improve and some discounting return on select models. The brand remains known for premium specs and strong residuals. The decline looks cyclical, not structural. Keep in mind you stickers price.
Iveco Group: mid tier scale, targeted growth
Iveco Group reported around €16 billion of 2023 revenue and set a plan to grow industrial activities to roughly €19 billion by 2028 with higher margins. Partnerships and product refreshes are part of the strategy. Europe remains its core. After hitting targets early, management raised its sights. In a cooler market this is about taking share and lifting services revenue per truck rather than chasing volume at any price.
China’s heavy duty leaders: rising exports, large home market
China’s heavy truck makers operate at huge domestic scale and are pushing exports. Sinotruk reported strong 2023 results with higher revenue and profit, helped by a rebound in China’s truck cycle and overseas demand. FAW Jiefang reported operating income near CNY 63.9 billion in 2023 with a sharp year over year increase as the market recovered. Dongfeng’s commercial vehicle revenue rose in 2023 even as the broader group faced headwinds in passenger car joint ventures. In 2025, exports and Middle East and Latin America projects remained a big story, with FAW targeting expansion via local assembly. Currency, local content, and tariffs shape this landscape, so results can swing by region.
Tata Motors Commercial Vehicles: steady recovery
In India, Tata Motors’ commercial vehicle business reported improved FY24 performance with higher revenue and volumes. India’s infrastructure push and replacement demand helped. The business is not as large as Daimler or Volvo globally, but it is a major player in one of the fastest growing commercial vehicle markets. If you follow global suppliers, watch India because it affects commodity pricing, tire demand, and engine program volumes.
Quick ranking by reported 2023 group revenue
This is a shorthand view using public numbers and rounding. It is meant to show scale, not precise comparability of pure truck revenue.
- Volvo Group was above SEK 550 billion in 2023 net sales at the group level. A big share is trucks and related services.
- Daimler Truck reported about €55.9 billion in 2023 revenue.
- TRATON Group reported around €46.9 billion in sales revenue for 2023.
- PACCAR reported about $35.1 billion in worldwide net sales and revenues for 2023.
- Iveco Group reported about €16 billion in 2023 revenues.
- China heavy duty makers reported large revenue in local currency. FAW Jiefang’s operating income was about CNY 63.9 billion in 2023. Sinotruk’s revenue rose strongly in 2023. Dongfeng’s commercial vehicle sales revenue was around CNY 49.5 billion in 2023.
The takeaway is simple. The largest big rig truck manufacturing companies concentrate in Europe and the United States at the group level, with China matching or exceeding them in unit scale and rising export value.
Where growth is slowing and where it is rising
Orders and deliveries tell you where we are in the cycle. In the United States, Class 8 demand cooled in 2025 compared to the prior year. Order boards came down and production schedules flexed. Europe looked mixed with hints of improvement late in the period. China recovered from a low base in 2023 and pushed exports through 2024, then the pace varied by brand in 2025.
Why the slowdown in North America. Freight rates, inventory normalizing, and fleets pausing large refreshes after two strong years. Why the export push from China. Price to spec, lead times, and building assembly capacity closer to buyers.
Technology, services, and margins
Even when unit sales soften, services often keep revenue more stable. Parts, connected uptime products, and financing can smooth cycles. That is why PACCAR, Volvo, and Daimler talk a lot about parts growth. Electric truck pilots are growing but remain a very small share of deliveries. Battery electric economics still hinge on route profile and subsidies. The larger margin levers in 2025 are still price discipline, build mix, and service attachment.
What this means if you buy trucks
If you are ordering tractors, you will see shorter lead times than in 2022 or 2023. You may see modest price relief in North America depending on spec and brand. Incentives vary by region. Europe may feel firmer than the US in late 2025. China built brands are expanding distribution and may offer aggressive total cost of ownership. Evaluate parts network and residuals closely.
If you are comparing the largest big rig truck manufacturing companies for a long term relationship, do not just look at revenue. Look at local dealer coverage, telematics integrations, and engine and transmission options that match your duty cycles. A small margin gain on fuel or uptime matters more than a headline discount.
Final thought
The story of 2025 is the step down from peak demand while the biggest groups keep investing. Volvo Group and Daimler Truck are still the scale leaders. TRATON and PACCAR remain very strong. Iveco is pushing to grow profitably. China’s FAW and Sinotruk show large scale at home and bigger export plans. The names do not change much. The cycles do. Plan your spec, then use the cycle to your advantage.