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Box Truck Market Size
- Report ID: GMI8256
- Published Date: Feb 2024
- Report Format: PDF
Box Truck Market Size
Box Truck Market size was valued at USD 12.9 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032. The rapid growth of online shopping has resulted in a surge in the number of shipments that require delivery. This generates the need for delivery trucks, particularly those capable of navigating metropolitan areas and reaching individual customers’ doorsteps. These trucks perform well in urban areas owing to their mobility and small size. They can easily navigate through narrow streets, busy traffic, and tight parking spots, making them ideal for the "last mile" of deliveries.
These factors has resulted in a fueling market growth and requiring manufacturers to innovate and adapt to suit the changing demands of the e-commerce and last-mile delivery scenario. For instance, in October 2023, Amazon invested in Rivian's production facility specifically for electric vans including box trucks. The company plans to have at least 100,000 electric delivery vans on the road by 2030. This signifies Amazon's commitment to electrifying its delivery fleet and increasing capacity to meet the surging demand from e-commerce.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Box Truck Market Size in 2023: | USD 12.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 19 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 320 |
| Segments covered: | Product, Fuel, and Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Businesses in different sectors have distinct requirements for trucks. Customization enables producers to meet these various demands by providing a broader choice of solutions. It enables firms to select elements that improve their delivery processes. Customization is fueling substantial growth in the box truck market by meeting varied requirements, enhancing efficiency, providing competitive benefits, and ensuring investment resilience.
For instance, in January 2024, Ford introduced its latest ProMaster Van with the "Built to Fit Upfitter Program," providing pre-engineered mounting options and solutions for effortless customization of shelving, racks, and other equipment typically utilized in box truck across different industries. This initiative is intended to address the varied requirements of businesses operating in the construction, e-commerce, and other sectors.
The high initial cost of box trucks is a major challenge faced by the box truck market, potentially slowing down its growth. Compared to other small delivery vehicles, these trucks, particularly electric or hybrid variants, require a substantially bigger initial investment. This can deter new entrants, small firms, and startups who may lack the funds to buy a fleet. This high initial cost may limit market competitiveness and innovations. The high cost could force enterprises to operate with smaller fleets, thereby restricting their ability to meet delivery demands and develop their business. This can indirectly impact the total market growth of box trucks.
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Box Truck Market Scope
