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Class 4 Truck Market Trends

Report ID: GMI9167
Published Date: Apr 2024
Report Format: PDF

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Class 4 Truck Market Trends

The class 4 truck industry is witnessing significant technological advancements. The emphasis on sustainability and emissions reduction has been a primary motivator of technological advancement. Electric class 4 trucks provide an appealing alternative to conventional gasoline-powered versions. Electric vehicles, with zero tailpipe emissions, may help businesses comply with environmental rules while also contributing to healthier urban air. This is especially critical for delivery and operations in city centers.

Furthermore, electric powertrains have lower operating costs due to reduced fuel use and maintenance requirements. This results in long-term savings for firms, particularly those operating in cities with possibly higher fuel prices and stricter emissions rules. The combination of electric powertrains and other in-vehicle technology has the potential to significantly boost the class 4 truck market.

In April 2024, Daimler Truck's RIZON brand launched Class 4-5 electric trucks in Canada. The vehicles are available in four model variants, including the e16L and e16M, and are designed for urban and last-mile deliveries with a range of up to 150 miles (240 km) per day. The RIZON trucks are capable of being charged by two types of battery charging systems, DC Fast Charging (via CCS1 connector) and Level 2 AC Charging (via J1772 connector), making the transition to e-mobility easier.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of class 4 truck reached USD 5.4 billion in 2023 and will demonstrate a 6.5% CAGR between 2024 and 2032, attributed to the increasing demand for efficient and reliable transportation solutions, rapid industrialization, urbanization, and infrastructure development initiatives across regions.

The freight delivery segment reached 33% in 2023, due to the escalating demand for efficient and reliable transportation of goods amid burgeoning e-commerce activities.

Asia Pacific market recorded 46% share in 2023, propelled by rapid industrialization, burgeoning urbanization, and expanding logistics and transportation sectors across the region.

Some of the key class 4 truck players are Ford Motor Company, General Motors, Stellantis, Isuzu Motors Ltd., Hino Motors Ltd., Daimler Trucks North America LLC, Volvo Group, Navistar International Corporation, Mitsubishi Fuso Truck and Bus Corporation, PACCAR Inc., among others.