Class 5 Trucks Market Size - By Product (Bucket Trucks, Large Walk-in Truck, City Delivery), By Fuel (Gasoline, Diesel, Hybrid, Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Ownership & Forecast, 2024 - 2032

Class 5 Trucks Market Size

Class 5 Trucks Market size was valued at USD 21.4 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The industry is witnessing a shift towards electrification, driven by increasing environmental concerns and advancements in battery technology. Manufacturers are investing in electric vehicle development to meet sustainability goals and cater to evolving customer preferences.
 

For instance, in April 2024, Daimler Truck unveiled its latest brand of electric vehicles, 'RIZON,' during its Canadian premiere of battery-electric class 4-5 trucks at Truck World in Toronto. The company has announced that these innovative e-trucks will be accessible to Canadian customers beginning June 2024. This launch is expected to bolster the market by providing environmentally friendly and advanced transportation solutions.
 

The adoption of advanced safety and technology features in class 5 trucks is propelled by a pressing need to enhance driver and road safety, comply with stringent regulations, and improve operational efficiency. Innovations such as collision avoidance systems, lane departure warnings, and telematics not only mitigate accidents but also optimize fleet management, reduce maintenance costs, and boost productivity, thus compelling manufacturers, and fleet operators alike to integrate these technologies into their vehicles and operations.
 

Volatile fuel prices can significantly impact operational costs within the class 5 trucks market, leading to budgetary uncertainties and financial strain for fleet operators. Fluctuating fuel prices impact profit margins, as fuel expenses often represent a substantial portion of operational costs. Such unpredictability complicates budget planning and can hinder long-term investment strategies. Moreover, sudden spikes in fuel prices may force businesses to pass on increased costs to customers, potentially affecting competitiveness and customer satisfaction.
 

Class 5 Trucks Market Trends

An emerging shift in the class 5 trucks industry involves the integration of autonomous driving technologies. As advancements in automation continue, manufacturers are exploring solutions to enhance driver assistance systems, improve safety, and increase operational efficiency. This growth reflects a broader industry movement towards semi-autonomous and eventually fully autonomous commercial vehicles, reshaping the future of transportation. For instance, in January 2024, Continental and Aurora concluded the design phase of the world's inaugural scalable autonomous trucking system, signifying a notable advancement in autonomous vehicle technology. This collaboration is poised to revolutionize the transportation industry by deploying autonomous trucks on a large scale.
 

A significant trend shaping the class 5 trucks market is the growing focus on lightweight materials and design optimization. Manufacturers are increasingly incorporating lightweight materials such as aluminum and advanced composite materials to reduce vehicle weight without compromising strength and durability. These initiatives are aimed at improving fuel efficiency, increasing payload capacity, and enhancing the overall performance while meeting stringent emissions regulations. Additionally, design optimization strategies, including aerodynamic enhancements and streamlined chassis designs, are being employed to further enhance fuel economy and operational efficiency.
 

Class 5 Trucks Market Analysis

Based on fuel type, the market is divided into diesel, natural gas, hybrid electric, and others. The diesel segment accounted for a market share of over 83% in 2023. Diesel remains a dominant fuel choice in the market due to its high energy density and cost-effectiveness for heavy-duty applications. Despite increasing interest in alternative fuels, diesel continues to be favored for its reliability, established infrastructure, and familiarity among fleet operators. Ongoing advancements in diesel engine technology aim to improve fuel efficiency and reduce emissions, ensuring its relevance in the market.
 

For instance, in April 2024, Thunder Creek Equipment introduced the Class 5 Isuzu NRR chassis to their array of gasoline service solutions for truck upfits. With a robust 19,500 GVWR, the Isuzu NRR chassis is adaptable for various applications. These truck upfits offer cost-effective fluid delivery to clients and jobsites, a heavy-duty six-speed automatic gearbox, and the reliable performance of a turbocharged Isuzu diesel engine.
 

Based on application, the class 5 trucks market is categorized into freight delivery, utility services, construction & mining, and others. The freight delivery segment is expected to hold over USD 12 billion revenue by 2032. Freight delivery is witnessing a notable shift towards last-mile solutions. With the rise of e-commerce and consumer demand for faster delivery, there is an increasing need for efficient and agile delivery vehicles capable of navigating urban environments. Class 5 trucks are being adapted with features such as compact designs, electric drivetrains, and advanced telematics to meet these evolving demands.
 

For instance, in August 2022, GoBolt and Lightning eMotors forged a strategic alliance to roll out all-electric vans and trucks throughout North America. This collaboration marks a significant step in GoBolt's venture into the U.S. market, aiming to serve an additional 12.75 million households by embracing a streamlined, customer-focused, and eco-friendly approach to vertical supply chain integration.
 

Asia Pacific dominated the global class 5 trucks market with a major share of over 47% in 2023. In the Asia Pacific region, the market is experiencing rapid growth driven by urbanization, infrastructure development, and expanding logistics networks. Rising demand for reliable transportation solutions in emerging economies like China and India is fueling the adoption of class 5 trucks for various applications, including last-mile delivery, construction, and utility services, driving significant market expansion in the region.
 

In Europe, the class 5 trucks market is witnessing a notable trend towards electrification and sustainability. Stringent emissions regulations, coupled with increasing environmental awareness, are driving manufacturers and fleet operators to invest in electric and alternative fuel-powered class 5 trucks. Initiatives promoting clean transportation and the development of charging infrastructure further accelerate the adoption of eco-friendly vehicles in the region.
 

In North America, the class 5 trucks market is experiencing a shift towards connectivity and data-driven solutions. Fleet operators are increasingly leveraging telematics and onboard sensors to gather real-time data on vehicle performance, driver behavior, and logistics optimization. This trend enables enhanced fleet management, predictive maintenance, and improved operational efficiency, driving the adoption of advanced technology in the region.
 

Class 5 Trucks Market Share

Daimler AG, Hino Motors, and Kenworth dominate class 5 trucks industry holding market share over 23%. Daimler AG, a leading global manufacturer, dominates market with its diverse portfolio of brands, including Freightliner and Mercedes-Benz. These brands offer a wide range of class 5 trucks tailored to various applications, from urban delivery to vocational use, meeting the needs of different industries.
 

Kenworth and Hino, subsidiaries of PACCAR Inc. and Toyota Group, respectively, are known for their reliability, durability, and innovative features, Kenworth and Hino trucks are preferred choices for businesses in construction, utilities, and logistics. With their established reputations, extensive dealer networks, and ongoing investments in research and development, Daimler AG, Kenworth, and Hino continue to dominate and drive innovation in the market.
 

Class 5 Trucks Market Companies

Major companies operating in the class 5 trucks industry are:

• Daimler AG
• Doosan
• Fiat Chrysler Automobiles
• Ford
• Hino
• Kenworth
• Navistar, Inc. 
• PACCAR
• Stellantis
• Toyota
• Volvo Group
   

Class 5 Trucks Industry News

• In May 2023, The Lion Electric Company introduced the Lion5, an all-electric Class 5 truck. Equipped with LionBattery packs, the company's newly developed 800V battery packs, the Lion5 boasts a maximum payload capacity of 16,500 pounds and a driving range of up to 200 miles, making it ideal for last-mile delivery and various other applications. Available in class 5 and 6 configurations, it can be charged to 80% capacity in approximately 1.5 hours.
   
• In March 2023, Hino Trucks revealed plans to launch class 5 and class 6 electric trucks, including the M5e and L6e models, starting in 2024. These electric trucks will utilize SEA Electric's SEA-Drive power system, featuring battery capacities of 138 kWh for the M5e and 220 kWh for the L6e.
   

The class 5 truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:

Market, By Product

• Bucket trucks
• Large walk-in truck
• City delivery

Market, By Fuel

• Diesel
• Natural gas
• Hybrid electric
• Others

Market, By Application

• Freight delivery
• Utility Services
• Construction & mining
• Others

Market, By Ownership

• Fleet operator
• Independent operator

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA