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Class 1 Truck Market Trends

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

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Class 1 Truck Market Trends

The focus on sustainability initiatives and the rise of electric vehicles (EVs) are reshaping the class 1 truck industry. As environmental concerns grow, consumers and businesses increasingly seek eco-friendly transportation solutions. Manufacturers respond by developing electric Class 1 trucks, offering lower emissions and reduced environmental impact. This trend meets regulatory requirements and aligns with consumer preferences, driving market growth toward a greener future.

For instance, in December 2023, Tata Motors introduced a new lineup of SCV and pickup trucks, including the Intra V70, Intra V20 Gold, and Ace HT+. These vehicles prioritize higher payloads and improved fuel efficiency, aiming to enhance economics and reduce ownership costs.

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.