Class 7 Truck Market - By Fuel (Diesel, Natural Gas, Hybrid Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Horsepower, By Axle, By Ownership & Forecast, 2024 – 2032

Class 7 Truck Market Size

Class 7 Truck market was valued at USD 49.7 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032. The market growth is driven by the rise of urban logistics and infrastructure investments. With cities expanding and urban population rising, the demand for efficient transportation of goods within these environments is increasing. The emerging trend of urban logistics also requires class 7 trucks for urban settings.
 

Moreover, investments in infrastructure projects, such as roads and bridges, will add to the product uptake due to higher dependency on reliable class 7 trucks for material transportation. For instance, in May 2022, Volta Trucks introduced its electric class 7 truck, the Volta Zero, specifically designed as an electric heavy-duty vehicle for urban logistics.
 

Economic growth and the expansion of e-commerce are significantly driving the market growth. A flourishing economy spurs increased production and trade, necessitating more class 7 trucks for the transportation of goods. Besides, the surge in online shopping is demanding efficient last-mile delivery solutions, which is a task well-suited for class 7 trucks. In addition to these trends, class 7 trucks are playing a pivotal role in facilitating the movement of goods in an evolving economy. For instance, in February 2024, Tata Motors introduced its acclaimed line of versatile heavy-duty trucks, the Ultra T.9 and Ultra T.14, for the South African market. The Ultra series is designed to provide exceptional productivity, boasting top-notch power, torque, and fuel efficiency while ensuring a reduced total cost of ownership (TCO).
 

Though the class 7 truck industry is thriving, it faces challenges due to emission regulations and safety standards, along with economic fluctuations. However, these obstacles are serving as catalysts for innovations in class 7 trucks. Rigorous emission standards are propelling the development of cleaner, more efficient trucks, appealing to environmentally conscious consumers. Furthermore, economic ups and downs are driving strategic planning and diversification for fostering resilience.
 

Class 7 Truck Market Trends

The industry is experiencing a transformative shift due to the growing inclination towards electric trucks and the increasing adoption of alternative fuels. Electric class 7 trucks are gaining momentum with the rising environmental concerns for offering reduced emissions and lower operating costs. The exploration of alternative fuels, such as hydrogen and natural gas provides viable options to reduce dependence on traditional diesel. The shift towards a more sustainable and diversified future is further enticing buyers with greener and more efficient class 7 truck options. For instance, in April 2024, BYD intends to introduce its inaugural electric pickup truck model, marking a significant step in the company's electric vehicle lineup.
 

Class 7 Truck Market Analysis

Based on fuel, the market is divided into diesel, natural gas, hybrid electric and others. In 2023, the diesel segment held a market share of over 80% in 2023. The diesel segment in the class 7 truck industry experienced lucrative growth in 2023, attributed to its unmatched power and efficiency. Industries rely heavily on the torque and durability offered by diesel for heavy-duty applications. From long-haul transport to construction, diesel has been largely preferred due to its performance and widespread availability. As the reliable backbone of the trucking industry, diesel engines continue to be the preferred choice for their robustness and fuel efficiency in meeting the demands of diverse sectors.
 

Based on the application, the market is categorized into freight delivery, utility services, construction & mining, and others. The freight delivery segment held a market share of over 34% in 2023. Class 7 truck industry from the freight delivery segment achieved a considerable foothold in 2023 and will gain traction from 2024 to 2032, owing to its crucial role in the transportation of goods. With the exponential growth of e-commerce and the need for timely deliveries, freight companies rely heavily on class 7 trucks for their robustness and versatility. These trucks are designed to handle heavy loads and long distances, making them the preferred choice for freight transport companies, further adding to the segment growth.
 

Asia Pacific dominated the global class 7 truck market with a major share of over 70% in 2023. Asia Pacific market is set to attain a notable revenue share by 2032, propelled by substantial investments and market-specific offerings. Booming economies like China and India are witnessing increased adoption of class 7 trucks with the rise in infrastructure projects. Manufacturers in the region are also tailoring trucks to meet diverse needs, from long-haul transport to urban logistics.
 

U.S. is likely to secure a substantial share of the class 7 truck industry through its robust economy and diverse industrial sectors. The extensive road networks and long-distance transportation requirements in the country are driving the demand for class 7 trucks. Manufacturers in the U.S. are offering a wide range of class 7 vehicles tailored to meet specific industry needs. Additionally, the focus on technological advancements and stringent safety regulations will contribute to the regional market dominance.
 

The demand for class 7 trucks is on the rise in South Korea, Japan, France, Germany, UK, Canada, Netherlands, UAE, and Saudi Arabia. These countries are experiencing economic growth, leading to increased transportation needs for goods and materials. Moreover, infrastructure developments, particularly in construction and logistics are driving the requirement for reliable and robust trucks. The shift towards cleaner and more efficient transportation solutions will also favor the demand for modern class 7 trucks in these nations.
 

Class 7 Truck Market Share

Volvo and Traton held significant market share of over 20% market share in 2023. These companies are enhancing their positions in the truck manufacturing sector with a multi-faceted strategy. Strategic acquisitions of innovative firms specializing in electric and autonomous vehicle technologies quickly broaden their product portfolios. Integrating these advanced capabilities enables them to cater to a wider range of transportation and logistics needs, attracting a diverse customer base. Moreover, substantial investments in research and development bolster their leadership in sustainable and efficient truck solutions, aligning with global environmental standards.
 

Collaborative ventures with logistics companies and technology providers facilitate the seamless integration of their trucks into modern fleet operations, increasing operational efficiency. Furthermore, their commitment to reducing carbon emissions and improving fuel efficiency meets current market demands and adheres to rigorous environmental regulations, enhancing their market appeal. This comprehensive approach solidifies their market presence significantly, positioning Volvo and Traton as leaders in the dynamically changing truck industry.
 

Class 7 Truck Market Companies

Major players operating in the market are:

• Ford
• Freightliner
• Navistar
• Isuzu Motors
• Kenworth
• Mack Trucks
• MAN
• Peterbilt
• Scania AB
• Volvo Trucks
   

Class 7 Truck Industry News

• In October 2023, Ashok Leyland's launch of the Ecomet Star 1915, a new truck in the Intermediate Commercial Vehicle (ICV) segment with an 18.49-ton GVW. The entry of the Ecomet Star 1915 intensifies competition within the ICV segment, challenging competitors to innovate and improve their offerings. This could lead to more advanced features, better pricing, and improved customer service across the industry.
   
• In January 2024, Volvo's debut of its latest global truck lineup, including a new heavy-duty truck platform for North America, represents a significant stride towards future readiness in the commercial vehicle industry. Volvo's introduction of a new heavy-duty truck platform incorporates the latest advancements in technology, such as electrification, automation, and enhanced connectivity. This sets a new benchmark for the industry, pushing competitors to accelerate their own innovations to stay competitive.
   

The class 7 truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) and shipment (Units) from 2021 to 2032, for the following segments:

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Market, By Fuel

• Diesel
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others 
• Natural gas
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others
• Hybrid electric
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others
• Others
  • Freight delivery
  • Utility services
  • Construction & mining
  • Others

Market, By Application

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

Market, By Axle

• 4x2
• 6x4
• 6x2

Market, By Horsepower

• Below 300HP
• 300HP - 400HP
• 400HP - 500HP
• 500HP & Above

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
  • 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