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Class 7 Truck Market Trends

Report ID: GMI9029
Published Date: Apr 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.