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The integration of telematics and connectivity solutions is an ongoing trend in the medium duty truck industry. Advanced technology enables the real-time monitoring of vehicle performance, driver behavior, and route optimization. Telematics systems enhance fleet management, reduce fuel consumption, and improve overall operational efficiency. This trend aligns with the industry's push for data-driven decision-making, cost savings, and sustainability, making telematics a crucial component in shaping the future of medium-duty truck operations.
Stringent emission regulations and a growing emphasis on sustainability are pushing companies to launch EVs to reduce their carbon footprint. For instance, in May 2023, Lion launched Lion5, an all-electric Class 5 medium-duty truck equipped with LionBattery packs. The LionBattery is designed to optimize performance, integration, and packaging throughout Lion's complete portfolio of commercial trucks and buses.
The market size of medium-duty truck reached USD 51.8 billion in 2023 and is set to witness 5.6% CAGR from 2024 to 2032, led by the rise in e-commerce.
The freight & logistics segment recorded a market share of over 45% in 2023, due to escalating e-commerce activities and global trade.
Asia Pacific market held a revenue share of 45% in 2023, owing to factors such as rapid urbanization and industrialization.
Ashok Leyland Limited, BharatBenz, Daimler Trucks, Eicher Motors Limited, Ford, Freightliner, Isuzu Motors, Kenworth, Navistar, Peterbilt, SCANIA AB, Tata Motors Limited, and Hino Motors.