Class 5 Trucks Market Size & Share 2024 - 2032
Market Size by Product (Bucket Trucks, Large Walk-in Truck, City Delivery), by Fuel (Gasoline, Diesel, Hybrid, Electric), by Application (Freight Delivery, Utility Services, Construction & Mining), by Ownership & Forecast.
Report ID: GMI9172
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Published Date: April 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Class 5 Trucks Market Size
Class 5 Trucks Market size was valued at USD 21.4 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The industry is witnessing a shift towards electrification, driven by increasing environmental concerns and advancements in battery technology. Manufacturers are investing in electric vehicle development to meet sustainability goals and cater to evolving customer preferences.
Class 5 Trucks Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in April 2024, Daimler Truck unveiled its latest brand of electric vehicles, 'RIZON,' during its Canadian premiere of battery-electric class 4-5 trucks at Truck World in Toronto. The company has announced that these innovative e-trucks will be accessible to Canadian customers beginning June 2024. This launch is expected to bolster the market by providing environmentally friendly and advanced transportation solutions.
The adoption of advanced safety and technology features in class 5 trucks is propelled by a pressing need to enhance driver and road safety, comply with stringent regulations, and improve operational efficiency. Innovations such as collision avoidance systems, lane departure warnings, and telematics not only mitigate accidents but also optimize fleet management, reduce maintenance costs, and boost productivity, thus compelling manufacturers, and fleet operators alike to integrate these technologies into their vehicles and operations.
Volatile fuel prices can significantly impact operational costs within the class 5 trucks market, leading to budgetary uncertainties and financial strain for fleet operators. Fluctuating fuel prices impact profit margins, as fuel expenses often represent a substantial portion of operational costs. Such unpredictability complicates budget planning and can hinder long-term investment strategies. Moreover, sudden spikes in fuel prices may force businesses to pass on increased costs to customers, potentially affecting competitiveness and customer satisfaction.
Class 5 Trucks Market Trends
An emerging shift in the class 5 trucks industry involves the integration of autonomous driving technologies. As advancements in automation continue, manufacturers are exploring solutions to enhance driver assistance systems, improve safety, and increase operational efficiency. This growth reflects a broader industry movement towards semi-autonomous and eventually fully autonomous commercial vehicles, reshaping the future of transportation. For instance, in January 2024, Continental and Aurora concluded the design phase of the world's inaugural scalable autonomous trucking system, signifying a notable advancement in autonomous vehicle technology. This collaboration is poised to revolutionize the transportation industry by deploying autonomous trucks on a large scale.
A significant trend shaping the class 5 trucks market is the growing focus on lightweight materials and design optimization. Manufacturers are increasingly incorporating lightweight materials such as aluminum and advanced composite materials to reduce vehicle weight without compromising strength and durability. These initiatives are aimed at improving fuel efficiency, increasing payload capacity, and enhancing the overall performance while meeting stringent emissions regulations. Additionally, design optimization strategies, including aerodynamic enhancements and streamlined chassis designs, are being employed to further enhance fuel economy and operational efficiency.
Class 5 Trucks Market Analysis
Based on fuel type, the market is divided into diesel, natural gas, hybrid electric, and others. The diesel segment accounted for a market share of over 83% in 2023. Diesel remains a dominant fuel choice in the market due to its high energy density and cost-effectiveness for heavy-duty applications. Despite increasing interest in alternative fuels, diesel continues to be favored for its reliability, established infrastructure, and familiarity among fleet operators. Ongoing advancements in diesel engine technology aim to improve fuel efficiency and reduce emissions, ensuring its relevance in the market.
For instance, in April 2024, Thunder Creek Equipment introduced the Class 5 Isuzu NRR chassis to their array of gasoline service solutions for truck upfits. With a robust 19,500 GVWR, the Isuzu NRR chassis is adaptable for various applications. These truck upfits offer cost-effective fluid delivery to clients and jobsites, a heavy-duty six-speed automatic gearbox, and the reliable performance of a turbocharged Isuzu diesel engine.
Based on application, the class 5 trucks market is categorized into freight delivery, utility services, construction & mining, and others. The freight delivery segment is expected to hold over USD 12 billion revenue by 2032. Freight delivery is witnessing a notable shift towards last-mile solutions. With the rise of e-commerce and consumer demand for faster delivery, there is an increasing need for efficient and agile delivery vehicles capable of navigating urban environments. Class 5 trucks are being adapted with features such as compact designs, electric drivetrains, and advanced telematics to meet these evolving demands.
For instance, in August 2022, GoBolt and Lightning eMotors forged a strategic alliance to roll out all-electric vans and trucks throughout North America. This collaboration marks a significant step in GoBolt's venture into the U.S. market, aiming to serve an additional 12.75 million households by embracing a streamlined, customer-focused, and eco-friendly approach to vertical supply chain integration.
Asia Pacific dominated the global class 5 trucks market with a major share of over 47% in 2023. In the Asia Pacific region, the market is experiencing rapid growth driven by urbanization, infrastructure development, and expanding logistics networks. Rising demand for reliable transportation solutions in emerging economies like China and India is fueling the adoption of class 5 trucks for various applications, including last-mile delivery, construction, and utility services, driving significant market expansion in the region.
In Europe, the class 5 trucks market is witnessing a notable trend towards electrification and sustainability. Stringent emissions regulations, coupled with increasing environmental awareness, are driving manufacturers and fleet operators to invest in electric and alternative fuel-powered class 5 trucks. Initiatives promoting clean transportation and the development of charging infrastructure further accelerate the adoption of eco-friendly vehicles in the region.
In North America, the class 5 trucks market is experiencing a shift towards connectivity and data-driven solutions. Fleet operators are increasingly leveraging telematics and onboard sensors to gather real-time data on vehicle performance, driver behavior, and logistics optimization. This trend enables enhanced fleet management, predictive maintenance, and improved operational efficiency, driving the adoption of advanced technology in the region.
Class 5 Trucks Market Share
Daimler AG, Hino Motors, and Kenworth dominate class 5 trucks industry holding market share over 23%. Daimler AG, a leading global manufacturer, dominates market with its diverse portfolio of brands, including Freightliner and Mercedes-Benz. These brands offer a wide range of class 5 trucks tailored to various applications, from urban delivery to vocational use, meeting the needs of different industries.
Kenworth and Hino, subsidiaries of PACCAR Inc. and Toyota Group, respectively, are known for their reliability, durability, and innovative features, Kenworth and Hino trucks are preferred choices for businesses in construction, utilities, and logistics. With their established reputations, extensive dealer networks, and ongoing investments in research and development, Daimler AG, Kenworth, and Hino continue to dominate and drive innovation in the market.
Class 5 Trucks Market Companies
Major companies operating in the class 5 trucks industry are:
Class 5 Trucks Industry News
The class 5 truck market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:
Market, By Product
Market, By Fuel
Market, By Application
Market, By Ownership
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →