Class 5 Trucks Market Analysis

Class 5 Trucks Market Analysis

To get key market trends

  Download Free Sample

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.