Medium-duty Truck Market Size - By Fuel (Diesel, Natural Gas, Hybrid, Electric, Gasoline), Horsepower (Below 150 HP, 150 HP – 250 HP, Above 250 HP), Application (Construction & Mining, Freight & Logistics), Class & Global Forecast, 2023 – 2032

Medium-duty Truck Industry Analysis

Medium-duty Truck Market size was valued at USD 49.5 billion in 2022 and is projected to grow at a CAGR of over 5.2% between 2023 and 2032, due to the rise in e-commerce. With the increase in online shopping, there is a growing demand for efficient & timely delivery of goods. Medium-duty trucks play a crucial role in last-mile delivery, enabling swift and localized deliveries to consumers. The surge in e-commerce activities necessitates a fleet of versatile medium-duty trucks capable of navigating urban areas and fulfilling the growing volume of orders, driving market size.
 

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The rising demand for rental services is fostering the medium-duty truck market growth. Businesses are increasingly opting for truck rental solutions to cater to varying transportation needs without the commitment of ownership. This trend boosts the overall utilization of medium-duty trucks, driving market demand. Rental services offer flexibility to businesses, enabling them to scale operations efficiently, reduce upfront costs, and access specialized vehicles as required. This demand for flexible logistics solutions is contributing to market expansion. For instance, in June 2023, Openforce and Ryder started offering commercial medium-duty vehicle rental for last-mile delivery.
 

The evolving emission standards pose a challenge to the medium-duty truck market. As regulations become more stringent, manufacturers need to invest in advanced emission control technologies, which can increase the production cost. Adapting the existing fleets to meet new standards may require retrofitting or replacement, incurring additional expenses for operators. Balancing compliance with emission norms while maintaining cost-effectiveness becomes a complex task, impacting both manufacturers and buyers in the market.
 

COVID-19 Impact

The COVID-19 pandemic detrimentally impacted the medium-duty truck market in several ways. Lockdowns and restrictions disrupted manufacturing and supply chains, leading to production delays and reduced vehicle availability. Economic uncertainties prompted many businesses to defer or cancel fleet expansion plans, causing a drop in demand. The shift to remote work and online shopping reduced commercial transportation needs, further affecting sales. Financial constraints and decreased consumer spending also influenced freight volumes, affecting the need for medium-duty trucks. These factors resulted in decreased sales & revenue for manufacturers and dealers in the market.
 

Medium-duty Truck Market Trends

The integration of telematics and connectivity solutions is an ongoing trend in the medium duty truck industry. Advanced technology enables the real-time monitoring of vehicle performance, driver behavior, and route optimization. Telematics systems enhance fleet management, reduce fuel consumption, and improve overall operational efficiency. This trend aligns with the industry's push for data-driven decision-making, cost savings, and sustainability, making telematics a crucial component in shaping the future of medium-duty truck operations.
 

Medium-duty Truck Fuel Segmentation

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The diesel segment will hold a commendable share in the fuel segment of medium duty truck market by 2032. Diesel engines offer better torque and fuel efficiency for heavy loads and long hauls, making them suitable for commercial applications. Additionally, advancements in diesel technology have led to cleaner emissions and improved environmental standards, addressing previous concerns. Moreover, the established refueling infrastructure and lower diesel fuel costs compared to gasoline also contribute to its popularity. With the increasing demand for freight transportation, especially in sectors including logistics and construction, the reliability and cost-effectiveness of diesel-powered medium-duty trucks are expected to drive market revenue.
 

Medium-duty Truck Application Segmentation

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The freight & logistics segment accounted for 45% of the medium-duty truck market share in 2022, due to escalating e-commerce activities and global trade. With the increasing consumer demand for quick deliveries, the need for efficient transportation rises, driving the demand for medium-duty trucks. Moreover, urbanization is also fueling the demand for last-mile deliveries. These factors, coupled with advancements in tracking and automation technologies, are set to propel the freight & logistics application, boosting industry growth.
 

Medium-duty Truck Regional Analysis

Asia Pacific medium-duty truck market recorded 45% of revenue share in 2022 and is anticipated to reach USD 22.5 billion by 2032, owing to factors such as rapid urbanization and industrialization, thereby driving the demand for efficient goods transportation. The expansion of e-commerce and changing consumer behavior necessitate reliable last-mile delivery solutions.
 

Moreover, infrastructure development projects also require medium-duty trucks for construction and material transportation. The growing middle-class population and economic growth further increase commercial vehicle demand. As a result, manufacturers are focusing on tailored offerings for the region. The ongoing expansion of industries and urban centers is expected to significantly boost the regional market value.
 

Medium-duty Truck Industry Leaders

Major companies operating in the medium-duty truck market are Ashok Leyland Limited, BharatBenz, Daimler Trucks, Eicher Motors Limited, Ford, Freightliner, Isuzu Motors, Kenworth, Navistar, Peterbilt, SCANIA AB, Tata Motors Limited, and Hino Motors.
 

Medium-duty Truck Industry News

• In April 2023, Daimler launched a new electric medium-duty truck brand in the U.S. Vehicle distribution will start in the fourth quarter of 2023 through an exclusive agreement with Velocity Vehicle Group.

This medium-duty truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032 for the following segments:

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Market, By Class

• Class 4
• Class 5
• Class 6

Market, By Fuel

• Diesel
• Natural Gas
• Hybrid
• Electric
• Gasoline

Market, By Horsepower

• Below 150 HP
• 150 HO – 250 HP
• Above 250 HP

Market, By Application

• Construction & Mining
• Freight & Logistics
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia