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Class 1 Truck Market Analysis

  • Report ID: GMI9175
  • Published Date: Apr 2024
  • Report Format: PDF

Class 1 Truck Market Analysis

Based on application, the market is divided into personal, and commercial. The personal segment held a market share of over 75% in 2023. The personal segment achieved a considerable foothold in 2023. These trucks cater to a wide range of individual needs, from every day commuting to outdoor adventures and weekend projects. Enhanced by advanced technology, they offer unmatched comfort, safety, and convenience features, appealing to a diverse consumer base. With customizable options to suit various lifestyles and preferences, the personal segment maintains its stronghold, driving the continued growth of the class 1 truck industry.

Class 1 Truck Revenue Market Share, By Fuel, 2023

Based on the fuel, the class 1 truck market is categorized into diesel, gasoline, hybrid, electric, and others. The diesel segment held a market share of over 80% in 2023, attributed to its robust performance and fuel efficiency. Diesel engines offer superior torque and towing capabilities, making them ideal for heavy-duty tasks. Additionally, their long-term cost-effectiveness appeals to commercial operators seeking durability and reliability. With advancements in diesel engine technology ensuring cleaner emissions and improved mileage, businesses continue to rely on diesel-powered trucks as the cornerstone of their fleets.

Asia Pacific Class 1 Truck Market Size, 2022 -2032, (USD Billion)

Asia Pacific dominated the global class 1 truck market with a major share of over 50% in 2023, propelled by rapid urbanization, infrastructure development, and increasing demand for commercial and personal transportation solutions. Additionally, favorable government initiatives and infrastructure development have facilitated the expansion of the automotive industry across the region. With a growing population and rising disposable incomes, the region has become a pivotal contributor to the global automotive industry, shaping trends and market dynamics.

Moreover, with a robust automotive industry and a culture deeply rooted in truck ownership, the United States has secured a significant portion of the class 1 truck market. Favorable economic conditions and a vast landscape necessitating personal and commercial transportation contribute to high demand. Furthermore, technological innovations in technology and manufacturing processes have enabled U.S. manufacturers to produce high-quality, reliable trucks, further cementing the country's importance in the market.

Experiencing a surge in demand, South Korea, Japan, France, Germany, UK, Canada, the Netherlands, the UAE, and Saudi Arabia have witnessed a considerable rise in class 1 truck adoption. This uptick is attributed to increasing urbanization, expanding logistics networks, and the versatility of class 1 trucks for personal and commercial use. Through targeted marketing efforts, innovative product offerings, and robust distribution channels, these nations have successfully captured substantial market shares in the class 1 truck industry.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of class 1 truck reached USD 1.7 trillion in 2023 and will grow at a 6% CAGR between 2024 and 2032, due to increasing demand for compact and fuel-efficient vehicles, advancements in technology, and the versatility and utility of class 1 trucks.

The personal segment achieved 75% share in 2023, driven by the increasing preference for compact and versatile vehicles for personal transportation needs.

Asia Pacific market exceeded 50% share in 2023, attributed to ongoing urban expansion, growing infrastructure enhancements, and rising need for both commercial and personal transportation options.

Major companies operating in the industry are Ford, General Motors, Stellantis, Toyota, Nissan, Honda, Hyundai, Mercedes, Volkswagen AG, Renault SA, Tata Motors among others.

Class 1 Truck Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 330
  • Countries covered: 28
  • Pages: 280
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