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Class 3 Truck Market Trends

  • Report ID: GMI9168
  • Published Date: Apr 2024
  • Report Format: PDF

Class 3 Truck Market Trends

The class 3 truck industry is experiencing significant trends stemming from the increasing regulatory approvals of new trucks. Regulatory bodies worldwide are setting standards aimed at enhancing vehicle safety, reducing emissions, and promoting innovation in the automotive industry. As manufacturers introduce new Class 3 trucks that comply with these regulations, several trends emerge. There is a growing emphasis on vehicle electrification, with more electric Class 3 trucks entering the market. These vehicles offer zero-emission solutions and often benefit from incentives aimed at promoting cleaner transportation. Also, there is a trend towards enhanced safety features, including advanced driver assistance systems and collision avoidance technologies.

Lastly, there's an increased focus on vehicle connectivity, enabling better fleet management and optimization of operations. These trends shape the Class 3 truck market, driving innovation and meeting evolving regulatory requirements. For instance, in February 2024, California Air Resources Board certification was received by Mullen Automotive for its Class 3 low cab forward all-electric chassis truck. This certification is granted to vehicle manufacturers that meet stringent emissions standards by CARB regulations.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of class 3 truck reached USD 7 trillion in 2023 and will grow at over 7.5% CAGR between 2024 and 2032, owing to their versatility and functionality.

Commercial segment will capture 64% market share by 2032, as class 3 trucks are equipped with powerful engines capable of handling heavy loads, making them ideal for demanding tasks.

Asia Pacific class 3 truck industry held a major share of around 68% in 2023, driven by an increasing need for reliable transportation solutions.

Daimler AG, Ford Motor, General Motors , International Trucks , Isuzu Motors Limited, Nissan Motor, Stellantis , Toyota Motor, Volvo Group among others.

Class 3 Truck Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 305
  • Countries covered: 28
  • Pages: 250
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