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Class 5 Trucks Market Trends

  • Report ID: GMI9172
  • Published Date: Apr 2024
  • Report Format: PDF

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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of class 5 trucks reached USD 21.4 billion in 2023 and is set to witness 5.5% CAGR between 2024 and 2032, led by increasing environmental concerns and advancements in battery technology.

The diesel segment accounted over 83% market share, due to its high energy density and cost-effectiveness for heavy-duty applications.

Asia Pacific market generated 47% share in 2023, owing to urbanization, infrastructure development, and expanding logistics networks.

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

Class 5 Trucks Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 300
  • Countries covered: 24
  • Pages: 240
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