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Report
Class 3 Truck Market Size - By Vehicle (Walk-in, Box truck, City delivery, Heavy-duty Pick-up), By Fuel (Gasoline, Diesel, Hybrid, Electric), By Drive Configuration (2WD, 4WD, AWD), By Application (Commercial, Commercial) & Forecast, 2024 - 2032
Market Report I 2024-04-23 I 250 Pages I Global Market Insights
Global Class 3 Truck Market size will record a 7.5% CAGR between 2024 and 2032, driven by the rise in e-commerce and urbanization. A noticeable rise in online shopping demands efficient last-mile delivery solutions, enhancing the need for nimble and versatile trucks in urban areas. Class 3 trucks, known for their maneuverability and payload capacities suited to city logistics, are crucial in meeting these evolving transportation needs. As urban populations grow and consumer expectations for fast delivery rise, the demand for class 3 trucks will expand, driving market expansion globally.
For instance, in August 2023, Mullen launched production of a Class 3 EV truck designed for short-haul deliveries, featuring a 120-mile range and 5,800-pound hauling capacity, catering to business logistics needs efficiently. This development signifies increasing demand for electric vehicles in urban delivery services, driven by environmental regulations and operational cost efficiencies. As businesses prioritize eco-friendly solutions and governments support clean transportation initiatives, Mullen's entry could catalyze innovation and competitiveness within the global class 3 truck industry.
The class 3 truck market is segmented based on vehicle, fuel, drive configuration, application, and region.
The city delivery segment will establish a considerable foothold by 2032 due to increasing urbanization and e-commerce demand. These trucks, known for their maneuverability and payload capacity, cater effectively to last-mile delivery needs in congested urban areas. With a focus on efficiency and sustainability, cities are increasingly adopting Class 3 trucks for logistics, boosting market growth. Their versatility in transporting goods across short distances while complying with stringent emission regulations positions them as pivotal in modern urban logistics solutions.
The electric segment will amass notable gains by 2032, attributed to growing environmental regulations and demand for sustainable transportation solutions. Electric trucks offer zero-emission operations, reducing carbon footprints in urban environments. Advances in battery technology extend their range and charging efficiency, enhancing their viability for city delivery and logistics. As governments incentivize electric vehicle adoption and industries prioritize sustainability, the electric segment will expand, meeting market needs for efficient, environmentally friendly transportation solutions in urban and suburban settings.
Europe class 3 truck industry share will achieve a remarkable CAGR from 2024 to 2032, owing to stringent emissions regulations and a growing focus on sustainable urban logistics. The region's emphasis on reducing carbon footprints favors the adoption of electric and low-emission vehicles. With increasing urbanization and e-commerce demands, Class 3 trucks are crucial for efficient city delivery. European investments in infrastructure and incentives for clean transportation technologies position the region as a key contributor to global class 3 truck market forecasts, shaping industry standards and advancements.
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360 degree synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material providers
3.2.2 Component providers
3.2.3 Manufacturer
3.2.4 Technology providers
3.2.5 Dealers/distributors
3.2.6 End-users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing popularity of Class 3 trucks in industrial application
3.8.1.2 The increasing demand for box trucks for last mile delivery
3.8.1.3 Technological advancements in in-vehicle technology
3.8.1.4 Increasing government investment in electric vehicle charging infrastructure
3.8.2 Industry pitfalls & challenges
3.8.2.1 High upfront cost of class 3 trucks
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)
5.1 Key trends
5.2 Walk-in
5.3 Box truck
5.4 City delivery
5.5 Heavy-duty pick-up
Chapter 6 Market Estimates & Forecast, By Fuel, 2021 - 2032 ($Bn, Units)
6.1 Key trends
6.2 Gasoline
6.3 Diesel
6.4 Hybrid
6.5 Electric
6.6 Others
Chapter 7 Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn, Units)
7.1 Key trends
7.2 Personal
7.3 Commercial
Chapter 8 Market Estimates & Forecast, By Drive Configuration, 2021 - 2032 ($Bn, Units)
8.1 Key trends
8.2 2WD
8.3 4WD
8.4 AWD
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Russia
9.3.6 Belgium
9.3.7 Sweden
9.3.8 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 Indonesia
9.4.6 Thailand
9.4.7 Vietnam
9.4.8 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 MEA
9.6.1 South Africa
9.6.2 UAE
9.6.3 Saudi Arabia
9.6.4 Iran
9.6.5 Turkey
9.6.6 Rest of MEA
Chapter 10 Company Profiles
10.1 Ashok Leyland
10.2 China FAW Group Corp., Ltd.
10.3 Daimler AG
10.4 Dongfeng Motor Corporation
10.5 Fiat Toro
10.6 Ford Motor Company
10.7 General Motors
10.8 Honda Motor Co., Ltd.
10.9 Hyundai Motor Compan
10.10 International Trucks
10.11 Isuzu Motors Limited
10.12 Kenworth Truck Company
10.13 Mahindra & Mahindra Ltd.
10.14 Nissan Motor
10.15 Peterbilt Motors Company
10.16 Renault Group
10.17 Stellantis
10.18 Tata Motors
10.19 Toyota Motor Corporation
10.20 Volvo Group
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