Class 7 Truck Market Analysis

Class 7 Truck Market Analysis

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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.