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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.
Major players operating in the market are:
Ford, Freightliner, Navistar, Isuzu Motors, Kenworth, Mack Trucks, MAN, Peterbilt, Scania AB, and Volvo Trucks are some of the major class 7 truck companies worldwide.
Asia Pacific industry accounted for over 70% revenue share in 2023 and is expected to witness notable growth from 2024 to 2032, due to the rise in infrastructure projects and growing need for long-haul transport.
The diesel fuel segment in the class 7 truck industry accumulated over 80% share in 2023 and is estimated to depict substantial growth between 2024 and 2032, due to its unmatched power and efficiency.
Industry size for class 7 truck recorded USD 49.7 billion in 2023 and is expected to depict over 4% CAGR from 2024 to 2032, owing to the rise of urban logistics and infrastructure investments.