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Medium Duty Truck Market Size
- Report ID: GMI6658
- Published Date: Sep 2023
- Report Format: PDF
Medium Duty Truck Market Size
Medium Duty Truck Market size was valued at USD 51.8 billion in 2023 and is projected to grow at a CAGR of 5.6% between 2024 and 2032. The rise in e-commerce is significantly influencing the market. 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 logistics, 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 growth.
The rising demand for rental services is fostering the medium-duty truck market size. Businesses are increasingly opting for truck rental solutions to cater to varying transportation needs without the commitment of ownership.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Medium-duty Truck Market Size in 2023: | USD 51.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.6% |
| 2032 Value Projection: | USD 85 Billion |
| Historical Data for: | 2018-2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 324 |
| Segments covered: | Class, Fuel, Horsepower, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For instance, in June 2023, Openforce and Ryder have joined forces to provide independent contractors with access to commercial vehicle rentals. Through this partnership, individuals utilizing the Openforce platform can take advantage of exclusive discounted rates when renting sprinter vans and box trucks from Ryder. 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.
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.
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Medium-duty Truck Market Scope
