Trucks Market Analysis

Trucks Market Analysis

To get key market trends

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Based on type, the trucks market is categorized into light-duty, medium-duty, and heavy-duty. The light-duty segment accounted for over 85% of the business share in 2022 and is projected to grow by 2032. Collaborations among automotive companies to produce light-duty trucks are boosting segment expansion. These partnerships leverage collective expertise and resources to develop efficient, eco-friendly, and cost-effective light-duty trucks. For instance, in July 2022, Isuzu Motors, Toyota, Hino Motors, and Commercial Japan Partnership Technologies revealed their collaborative intention to co-create fuel cell electric trucks designed for the broader light-duty consumer market. This endeavor aims to support the realization of a hydrogen-based society and carbon neutrality by broadening customer choices and bolstering the demand for hydrogen as an energy source.
 

Based on class, the trucks market is divided into class 3, class 4, class 5, class 6, class 7, and class 8. The class 3 segment accounted for over 90% of the market share in 2022. The launch of Class 3 electric commercial trucks is propelling growth within this market segment. These vehicles offer eco-friendly and efficient transportation solutions with substantial payload capacities. For instance, in August 2023, Mullen Automotive, a burgeoning Electric Vehicle (EV) manufacturer, unveiled its inaugural production vehicle, Mullen Three. This Class 3 electric truck is manufactured at Mullen's commercial vehicle assembly plant situated in Tunica, Mississippi. The vehicle is a low cab height electric truck in the Class 3 category, boasting an 11,000 gross vehicle weight rating, a turning radius of 38 feet, and exceptional visibility to facilitate maneuverability on narrow urban streets. Advancements in Class 3 EVs are attracting fleet operators and businesses looking to reduce operational costs and environmental impacts, thereby driving segment expansion in the overall market.
 

Asia Pacific led the trucks market with a major share of over 55% in 2022. Technological advancements in China's truck manufacturing sector are propelling the Asia Pacific market by offering innovative & cost-effective solutions. Chinese manufacturers are integrating advanced technologies, such as electric and autonomous driving systems, thereby enhancing the fuel efficiency and safety of these trucks. These competitive products are increasingly attractive to Asia Pacific buyers, stimulating regional demand. Additionally, China's role as a manufacturing hub for the Asia Pacific region ensures access to cutting-edge truck technologies, further augmenting market trends.