Across the European Union, new truck registrations (medium and heavy trucks over 3.5 tonnes) fell 6.2% year-on-year to 307,460 units. The decline was driven by a 5.4% drop in heavy trucks (16 tonnes and above) and a 9.9% fall in medium trucks (3.5–16 tonnes), according to ACEA (European Automobile Manufacturers’ Association). Germany, France and Spain all contracted, with Germany recording the sharpest decline among the big markets.
The story behind the numbers is a shift in the cycle. After the backlog years that followed the pandemic-era supply shock, 2025 appeared more like a normal replacement market. As order books normalised, manufacturers could no longer rely on backlog alone to keep factories and dealer yards busy. The response was predictable: stricter cost control, tighter inventory management, and greater emphasis on maintaining pricing.
What major manufacturers reported for 2025
| Manufacturer | FY 2025 net sales / revenues (reported) | FY 2025 net sales / revenues (EUR, converted) | Notes |
|---|---|---|---|
| Volvo Group | SEK 479.2bn | €43.7bn | Converted using ECB 2025 avg SEK/EUR |
| PACCAR | $28.44bn | €24.8bn | Converted using ECB 2025 avg USD/EUR |
| Iveco Group | €13.428bn
20260212_PR_IVG_FYQ4_2025 |
€13.4bn | Already reported in EUR |
| TRATON Group | — | — | FY revenues not in the unit-sales update |
| Daimler Truck | — | — | FY revenues not in the unit-sales update |
Volvo Group: lower sales, still double-digit margin
Volvo Group reported full-year 2025 net sales of SEK 479.2 billion, down from SEK 526.8 billion a year earlier, while adjusted operating income fell to SEK 51.2 billion (from SEK 65.7 billion). The group’s adjusted operating margin was 10.7% (12.5% in 2024).
PACCAR: $28.44bn revenue and $2.38bn net income
PACCAR reported 2025 annual revenues of $28.44 billion and net income of $2.38 billion (with adjusted net income of $2.64 billion). It also said it delivered 144,200 vehicles worldwide in 2025.
The company noted that 2025 net income included an after-tax, non-recurring charge related to civil litigation in Europe.
Iveco Group: revenues down, 4.8% adjusted EBIT margin
Iveco Group reported consolidated revenues of €13,428 million for 2025 (down from €14,417 million in 2024). It reported a consolidated adjusted EBIT margin of 4.8% for the year. It also reported free cash flow of Industrial Activities of -€109 million (versus +€240 million in 2024). (Iveco’s release presents additional detail by business unit and region.)
TRATON: 305,500 vehicles sold
TRATON reported preliminary FY 2025 unit sales of 305,500 vehicles, down from 334,200 in 2024. It also disclosed brand-level sales:
- MAN Truck & Bus: 101,600
- Scania Vehicles & Services: 94,100
- International Motors: 63,700
- Volkswagen Truck & Bus: 46,200
TRATON also said all-electric unit sales rose 86% to 3,230 vehicles in 2025. Full-year financial results are scheduled for 4 March 2026, meaning revenue and profit metrics were not yet provided in this unit-sales update.
Daimler Truck: 422,510 vehicles sold
Daimler Truck reported FY 2025 unit sales of 422,510 vehicles (down from 460,409 in 2024). It also disclosed segment sales including:
- Mercedes-Benz Trucks: 159,871
- Trucks North America: 141,814
- Trucks Asia: 107,055
Daimler Buses: 26,991
Diesel sales fell, but the powertrain hierarchy did not change
Diesel remained the backbone of Europe’s truck market in 2025. In the EU’s medium- and heavy-duty segments combined, diesel accounted for 93.2% of new registrations, even as diesel volumes dropped by 8% year-on-year. In other words, fleets bought fewer trucks, but they still overwhelmingly bought diesel.
This points to a cyclical slowdown rather than a powertrain-led disruption. Replacement deferrals, cost pressure and caution played a larger role than any sudden shift away from internal combustion.
Electric truck sales rose quickly, but from a low base
Electrically chargeable trucks (battery-electric and plug-in hybrid) above 3.5 tonnes increased their EU market share to 4.2% in 2025, up from 2.3% a year earlier. That is a clear rise, but the overall market remains diesel-dominated. The transition is under way, yet it is still too small in absolute terms to reshape the market on its own.
Electric growth in 2025 was not evenly spread across Europe. The strongest increases were recorded in:
- The Netherlands (electrically chargeable truck registrations up 205.4%, despite a sharp fall in total truck registrations),
- Germany (up 39.6%),
- France (up 30.5%).
Together, these three countries accounted for around two-thirds of the EU’s electrically chargeable truck market.
The practical implication for operators is that the pace of change is being set where three factors overlap: policy support, grid and depot charging projects, and large fleets capable of deploying vehicles at scale. Elsewhere, adoption is progressing more slowly and remains more sensitive to route patterns, payload requirements and access to charging.
Which manufacturer sold the most heavy trucks in Europe?
In the heavy-duty segment, one claim stands out because it is registration-based and therefore comparable across markets.
Volvo Trucks says it was the market leader in Europe for heavy trucks (16 tonnes and above) in 2025, with a 19.0% share across EU30 (EU + the UK, Norway and Switzerland).
Volvo also identified its strongest heavy-truck registration markets as the UK, France, Poland, Germany, Lithuania and Spain.
What the biggest markets show about diesel versus electric
Even in the countries where electric registrations are growing, diesel remains the volume engine. However, the pattern is becoming clearer:
- Germany and France combined large total markets with notable growth in electrically chargeable registrations.
- The Netherlands recorded the most dramatic electric growth rate, but also saw a steep fall in total truck registrations — a reminder that smaller markets can be more volatile in downcycles.
- Poland and Spain remained high-volume heavy-truck markets, but electric growth was not singled out as a main driver in the EU-wide picture in 2025 in the same way as in the Netherlands, Germany and France.
