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Class 2 Trucks Market Size
Class 2 Trucks Market size was valued at USD 649 million in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. The emergence of e-commerce has raised the need for effective last-mile delivery services. Class 2 trucks are a preferred option for delivery services and logistics providers because of their adaptability, cargo capacity, and city-dwelling capability, particularly full-size vans.
Class 2 trucks are used by the home repair, construction, landscaping, and catering industries to move workers, supplies, equipment, and tools to job sites. Class 2 trucks are becoming more and more necessary to support the operations of these service industries as they expand.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 649 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9% |
| 2032 Value Projection: | USD 1,453.7 Million |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 350 |
| Segments covered: | Product, Fuel, Application, Drive Configuration |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The growth of the manufacturing industry across various regions across the globe is a key factor driving the class 2 trucks market growth. For instance, according to the National Institute of Standards and Technology, in 2022, manufacturing generated USD 2.3 trillion, or 11.4% of the entire U.S. GDP. Moreover, manufacturing's value-added, both direct and indirect (i.e., purchases from other industries), was projected to have contributed 24% of GDP.
In comparison to passenger automobiles, class 2 trucks, particularly those with larger engines or towing capacities, may have inferior fuel efficiency. Increased operational expenses and environmental issues are a result of high fuel use, especially in areas with strict emissions rules.
Due to their higher center of gravity and propensity for rollover accidents, class 2 trucks—pickup trucks in particular—are more likely to be involved in collisions when loaded or carrying large trailers. Furthermore, compared to passenger cars, Class 2 trucks might not have as many standard or widely available safety features as Class 1 vehicles, such as advanced driver assistance systems (ADAS).
Class 2 Trucks Market Trends
Class 2 trucks are increasingly using electric powertrains because they provide zero emissions, cheaper running costs, and less reliance on fossil fuels. In response to the increased demand for environmentally friendly transportation options, manufacturers are producing electric vans and pickup trucks with enhanced battery technology, longer range, and faster charging capabilities. For instance, in September 2023, Ashok Leyland launched electric small trucks in the SCV segment. The new product lineup has increased the company's share in the class 2 trucks segment.
In the class 2 truck market, hybrid powertrains—which combine internal combustion engines with electric motors or other alternative fuel sources—are becoming more and more popular. Because they use less fuel, emit fewer pollutants, and perform better, hybrid vans and trucks are a desirable choice for fleet managers and customers who care about the environment.
Class 2 Trucks Market Analysis
Based on fuel, the market is divided into gasoline, diesel, hybrid, electric, and others. The gasoline segment is expected to generate revenue over 813.3 USD million by 2032. The familiarity, simplicity of fuelling, and cheaper initial costs of gasoline-powered automobiles over alternative fuels like diesel or electric make them the preferred choice for many consumers. For a variety of uses, such as light-duty commercial operations, commuting, and personal use, gasoline-powered Class 2 trucks—such as pickup trucks and full-size vans—remain a well-liked option for persons and companies.
The fuel efficiency of Class 2 trucks fueled by gasoline has increased thanks to advancements in engine technology, such as variable valve timing, turbocharging, and direct fuel injection. Trucks fueled by gasoline are becoming more appealing to buyers looking for economical transportation options as manufacturers are producing more efficient engines and transmissions that provide increased mileage without sacrificing performance.
Based on drive configuration, the class 2 trucks market is categorized into rear-wheel drive, all-wheel drive, and front-wheel drive. In 2023, the all-wheel drive segment held around 53% of the market share. Vehicles with adaptability for different road and weather situations are becoming more and more sought after by consumers. Pickup trucks and vans with all-wheel drive (AWD) offer better traction and stability on slick roads, which makes them a popular option for drivers in areas with severe weather or uneven terrain.
Outdoor lovers, intrepid travelers, and owners of recreational vehicles that need off-road capability for things like camping, hiking, and towing trailers are drawn to AWD Class 2 trucks. To meet the needs of this expanding market niche, automakers are releasing AWD versions of pickup trucks and vans with improved off-road capabilities.
Asia Pacific dominated the global class 2 trucks market, generating USD 370.6 million in revenue in 2023. Rapid urbanization in the Asia Pacific area is driving increasing demand for transportation solutions to support last-mile delivery services, logistics, and the development of urban infrastructure. Urban regions require class 2 trucks—pickups and vans—to meet the transportation demands of the construction, service, and commodities delivery industries.
The demand for delivery vehicles that can efficiently convey items has increased due to the advent of e-commerce and online shopping. Class 2 trucks are essential to last-mile delivery operations because they give companies the adaptability and capacity to satisfy client requests for prompt and dependable delivery services.
The need for Class 2 trucks in urban mobility applications is being driven by the rise of micro-mobility solutions, shared mobility services, and on-demand delivery platforms. Class 2 vehicles are being used by logistics firms, ride-sharing services, and delivery firms to fulfill the changing transportation requirements of urban consumers and enterprises.
Class 2 trucks are widely used in the UAE's trade, construction, and service sectors for a variety of purposes, such as the transportation of workers, supplies, tools, and building materials. It is anticipated that the need for Class 2 trucks as work vehicles will rise as these industries continue to expand and diversify.
Class 2 Trucks Market Share
Mitsubishi Fuso, Ram and Isuzu hold a significant market share of over 46% in the class 2 trucks industry, This significant presence is attributed to several factors. Firstly, each brand offers a diverse range of vehicles tailored to various needs, from commercial to utility purposes. Secondly, their reputation for reliability and durability resonates with consumers and businesses alike, fostering trust and brand loyalty.
Moreover, their commitment to innovation ensures that they stay ahead in terms of technology and efficiency, meeting evolving industry demands. With robust distribution networks and comprehensive after-sales support, Mitsubishi Fuso, Ram, and Isuzu continue to strengthen their foothold in the class 2 truck segment, solidifying their position as industry leaders.
Class 2 Trucks Market Companies
Major companies operating in the class 2 trucks industry are:
- Chevrolet
- Ford
- Freightliner
- Hino
- Isuzu
- Mercedes-Benz
- Mitsubishi Fuso
- Nissan
- Ram
- Utilimaster
Class 2 Trucks Industry News
- In March 2024, Ford signed an MOU with Iveco Group N.V. for heavy-duty commercial vehicle manufacturing. The non-binding Memorandum of Understanding is considered an initial measure to evaluate the possibility of the two businesses working together to co-develop new goods and technology, including parts and systems inside the cabin.
- In February 2022, BYD announced that EinRide purchased battery electric cab trucks for deployment across the USA. This has integrated BYD’s presence outside Asia for BEV segment.
The class 2 trucks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($Mn), and shipments (in Units) from 2021 to 2032, for the following segments:
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Market, By Product
- Minivan
- Cargo Van
- Full-size Pickup
- Step Van
Market, By Fuel
- Gasoline
- Diesel
- Hybrid
- Electric
- Others
Market, By Application
- Urban delivery
- Service & maintenance
- Recreation & leisure
- Commercial
Market, By Drive Configuration
- Rear-wheel drive
- All-wheel drive
- Front-wheel drive
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Belgium
- Sweden
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Vietnam
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
- Iran
- Turkey
- Rest of MEA
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