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Class 1 Truck Market Size

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

Class 1 Truck Market Size

Class 1 Truck Market size was valued at USD 1.7 trillion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032. The market growth is driven by economic growth and escalating urbanization. As economies expand, the demand for transportation services rises. Furthermore, with more people residing in urban areas, there is an increased need for versatile vehicles to support commuting and small-scale commercial activities. These factors, coupled with evolving consumer preferences, propel the market's growth, meeting the diverse transportation needs of urban populations.


For instance, in February 2023, Eicher Trucks and Buses unveiled the new Pro 2000 series of light-duty trucks in the UAE and Middle East. This series introduces next-gen features, focusing on enhancing owner profitability with leading fuel efficiency and reliability.

The surge in e-commerce, coupled with advancements in vehicle design, connectivity features, and alternative fuel options, is fueling the expansion of the class 1 truck industry. As e-commerce flourishes, there's an increased need for efficient last-mile delivery solutions, boosting demand for class 1 trucks. Innovations in vehicle design and connectivity enhance functionality, while alternative fuel options address sustainability concerns, collectively driving growth in this dynamic market segment.

For instance, in January 2024, Mahindra & Mahindra Ltd. (M&M) introduced the Supro Profit Truck Excel series, offering both diesel and CNG Duo options. Leveraging the Supro platform's success, this series aims to redefine last-mile connectivity with its superior power, style, safety, and comfort.

High upfront costs and economic downturns pose barriers to the growth of the truck industry. However, these present opportunities for innovation and adaptation. Amidst economic fluctuations, manufacturers can explore creative financing options to make trucks more accessible to consumers. Besides, focusing on efficiency improvements and cost-saving measures can mitigate the impact of high upfront costs, fostering resilience in the industry. By embracing these challenges as opportunities for growth and innovation, the market can navigate through economic uncertainties with confidence and agility.

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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