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Class 7 Truck Market Size
- Report ID: GMI9029
- Published Date: Apr 2024
- Report Format: PDF
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).
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Class 7 Truck Market Size in 2023: | USD 49.7 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 71.5 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 320 |
| Segments covered: | Fuel, Application, Axle, Horsepower, Ownership |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
Frequently Asked Questions (FAQ) :
Class 7 Truck Market Scope
