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Light Duty Truck Market Trends

Report ID: GMI6595
Published Date: Aug 2023
Report Format: PDF

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Light Duty Truck Market Trends

The increasing emphasis on fuel efficiency and lower emissions is driving the light duty truck industry growth, pushing manufacturers to develop more eco-friendly & efficient models. Stricter regulations and environmental consciousness are prompting consumers & businesses to opt for vehicles with better fuel economy and reduced emissions. This trend is propelling the adoption of innovative technologies, such as hybrid & electric powertrains, and driving market size as eco-conscious consumers seek vehicles that align with their sustainability goals.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of light duty truck reached USD 7.2 trillion in 2022 and is set to witness 9.2% CAGR from 2023 to 2032, due to the growing number of businesses focusing on efficient last-mile delivery and urban logistics worldwide.

The diesel fuel type segment recorded over 65% of the market share in 2022, on account of benefits, such as fuel efficiency and exceptional uptime.

Asia-Pacific was valued at 65% of the market share in 2022, owing to the growing adoption of trucks equipped with advanced features, improved efficiency, and modern designs in the region.

Scania, Daimler Cars, TuSimple, Inc., Hino Carss, Waymo (Alphabet Inc.), Tesla, AB Volvo, PACCAR Inc., Navistar, Inc., Embark Carss, Inc., PlusAI, Inc., and Kodiak Robotics are some of the major light duty truck companies worldwide.