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Class 8 Truck Market Trends

Report ID: GMI9096
Published Date: Apr 2024
Report Format: PDF

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Class 8 Truck Market Trends

The Class 8 truck industry is witnessing dynamic trends driven by the rising wave of modifications and product launches from leading companies. In response to evolving customer needs and regulatory demands, manufacturers are increasingly focusing on innovation and customization. Advanced features such as autonomous driving capabilities, telematics systems, and enhanced fuel efficiency are becoming standard offerings. Moreover, the emergence of electric and alternative fuel-powered Class 8 trucks is reshaping the industry landscape, reflecting a growing emphasis on sustainability.

These trends enhance the performance and safety of Class 8 trucks while revolutionizing how goods are transported. As leading companies continue to push the boundaries of technology and design, the Class 8 truck market is poised for further transformation and growth.

For instance, in April 2024, Volvo Trucks North America commenced accepting orders for its latest Class 8 VNL tractor. Production of this redesigned flagship model by the Volvo Group unit is slated to commence later in the summer of 2024, with customer deliveries scheduled to follow later in the year.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of class 8 truck reached recorded USD 271.3 billion in 2023 and will expand at a 5% CAGR between 2024 and 2032, owing to increasing global trade and e-commerce activities, infrastructure development projects, and advancements in technology.

The diesel segment secured more than 75% of the market share in 2023, attributed to unparalleled power, efficiency, and reliability, particularly for long-haul transportation needs, coupled with advancements in diesel engine technology.

Asia Pacific market captured 60% share in 2023, driven by rapid industrialization, burgeoning infrastructure projects, and the escalating demand for efficient freight transportation.

Prominent companies operating in the class 8 truck market are Daimler, Freightliner, Navistar, Isuzu Motors, Kenworth, Mack Trucks, MAN, Peterbilt, Scania AB, Volvo Trucks among others.