Medium Duty Truck Market Analysis

Medium Duty Truck Market Analysis

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Based on fuel, the diesel segment held over 60% of the market share in 2023. 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 growth during the forecast period.
 

Based on application, the freight & logistics segment accounted for 45% of the medium-duty truck market share in 2023. Augmented collaborations are driving advancements in the market's freight and logistics segment. Strengthened partnerships between key players contribute to improved efficiency, innovative solutions, and the integration of cutting-edge technologies.
 

For instance, in August 2023, Eicher Trucks and Buses, has enhanced its collaboration with Safexpress, a logistics and the supply chain organization. As a significant milestone in this enduring partnership, the Eicher Trucks and Buses officially delivered India's inaugural 5.5 T electric truck, the Eicher Pro 2055 EV, to Safexpress.
 

Asia Pacific medium-duty truck market recorded around 45% of the revenue share in 2023, 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 demand.