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Commercial Truck Market Trends

Report ID: GMI9241
Published Date: Apr 2024
Report Format: PDF

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Commercial Truck Market Trends

Commercial truck industry trends are heavily influenced by rising subsidiary programs from leading regions. These programs, often initiated by governments or industry leaders, aim to stimulate the adoption of commercial trucks through incentives, subsidies, and infrastructure investments. For instance, in regions like Europe and North America, there's a growing emphasis on electrification and clean energy, leading to subsidies for electric and hybrid trucks. Similarly, programs promoting fuel efficiency, safety standards, and technological advancements are shaping the market.

Furthermore, emerging markets are witnessing increased investment in transportation infrastructure, driving demand for commercial trucks. These trends indicate a shift towards sustainability, innovation, and efficiency in the commercial truck industry, reflecting the broader global economic and environmental priorities.

For instance, in April 2024, Norway introduced a new funding program for electric commercial vehicles, providing monthly awards. Initially, the business development agency Enova will subsidize the acquisition of 108 heavy-duty electric vehicles with either battery-electric or fuel-cell drives.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of commercial truck recorded USD 9 trillion in 2023 and will expand at a 7% CAGR between 2024 and 2032, owing to expanding global trade, the rise of e-commerce, and technological advancements for enhancing vehicle efficiency and safety.

The diesel segment secured more than 83% of the market share in 2023, attributed to the established infrastructure supporting diesel refueling stations.

Asia Pacific market captured 60% share in 2023, driven by burgeoning urbanization, robust economic growth, and increasing industrialization across the region.

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