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Class 1 Truck Market Share

Report ID: GMI9175
Published Date: Apr 2024
Report Format: PDF

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Class 1 Truck Market Share

Ford and Stellantis held significant market share of over 25% market share in 2023. These players are strategically expanding their industry presence through innovative approaches. By leveraging advanced technology, such as electrification and connectivity features, companies are enhancing their product offerings to meet the evolving demands of consumers. Also, targeted marketing campaigns and partnerships with dealerships are increasing brand visibility and consumer awareness. These concerted efforts strengthen their market foothold and foster customer loyalty and satisfaction, thereby driving growth and market expansion.

Moreover, R&D investments are enabling companies to introduce cutting-edge designs and features that set them apart from competitors. By prioritizing customer feedback and market trends, they can tailor their products to meet specific needs and preferences, resonating with a broader audience. In addition, strategic acquisitions and collaborations with technology startups are providing access to new markets and capabilities, further bolstering their position. Through these proactive measures, they are solidifying their market presence and positioning themselves for sustained success in the class 1 truck industry.

Class 1 Truck Market Companies

Major companies operating in the class 8 truck industry are:

Ford
General Motors
Stellantis
Toyot
Nissan
Honda
Hyundai
Mercedes
Volkswagen AG
Renault SA
Tata Motors
Ford

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of class 1 truck reached USD 1.7 trillion in 2023 and will grow at a 6% CAGR between 2024 and 2032, due to increasing demand for compact and fuel-efficient vehicles, advancements in technology, and the versatility and utility of class 1 trucks.

The personal segment achieved 75% share in 2023, driven by the increasing preference for compact and versatile vehicles for personal transportation needs.

Asia Pacific market exceeded 50% share in 2023, attributed to ongoing urban expansion, growing infrastructure enhancements, and rising need for both commercial and personal transportation options.

Major companies operating in the industry are Ford, General Motors, Stellantis, Toyota, Nissan, Honda, Hyundai, Mercedes, Volkswagen AG, Renault SA, Tata Motors among others.