Medium Duty Truck Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Medium Duty Truck Market was estimated at USD 51.8 billion in 2023 and is expected to grow at a CAGR of 5.6% between 2024 and 2032. The rise of e-commerce is a major driver of market expansion, as the increasing demand for efficient and timely delivery of goods fuels the need for medium-duty trucks. These trucks play a key role in last-mile logistics, facilitating quick and localized deliveries in urban areas. As online shopping continues to grow, the demand for versatile medium-duty trucks capable of managing urban deliveries is expected to rise, contributing to the overall market growth. However, the industry faces challenges with the evolving emission standards.
Stricter regulations require manufacturers to invest in advanced emission control technologies, leading to increased production costs. This also creates challenges for operators who may need to retrofit or replace existing fleets to meet new standards. Balancing compliance with these regulations while maintaining cost-effectiveness is a growing concern for both manufacturers and buyers in the market. In terms of fuel type, the diesel segment dominated the market in 2023, accounting for over 60% of the market share.
Diesel engines are preferred for their torque, fuel efficiency, and suitability for heavy loads and long-distance transportation. Advancements in diesel technology have also led to cleaner emissions, addressing environmental concerns. Additionally, the well-established refueling setup and lower diesel fuel costs in comparison to oil contribute to the popularity of diesel-powered medium-duty trucks. The rising demand for freight transportation in industries like logistics and construction is expected to further drive this segment during the forecast period.
When categorized by application, the freight and logistics segment captured 45% of the market share in 2023. Increased collaborations between industry players are driving innovation and efficiency in this sector, integrating new technologies and solutions to enhance logistics operations. The Asia-Pacific region dominated the medium-duty truck market, holding approximately 45% of the revenue share in 2023. Rapid urbanization and industrialization are key factors boosting the demand for efficient goods transportation in the region. The rise of e-commerce and shifting consumer behaviors have created a need for reliable last-mile delivery solutions. Additionally, infrastructure development projects are driving demand for medium-duty trucks used in construction and material transportation.The growing middle-class population and economic growth are further accelerating the demand for commercial vehicles, pushing manufacturers to offer region-specific solutions. The expansion of industries and urban centers is expected to fuel significant growth in the Asia-Pacific market over the coming years.
Stricter regulations require manufacturers to invest in advanced emission control technologies, leading to increased production costs. This also creates challenges for operators who may need to retrofit or replace existing fleets to meet new standards. Balancing compliance with these regulations while maintaining cost-effectiveness is a growing concern for both manufacturers and buyers in the market. In terms of fuel type, the diesel segment dominated the market in 2023, accounting for over 60% of the market share.
Diesel engines are preferred for their torque, fuel efficiency, and suitability for heavy loads and long-distance transportation. Advancements in diesel technology have also led to cleaner emissions, addressing environmental concerns. Additionally, the well-established refueling setup and lower diesel fuel costs in comparison to oil contribute to the popularity of diesel-powered medium-duty trucks. The rising demand for freight transportation in industries like logistics and construction is expected to further drive this segment during the forecast period.
When categorized by application, the freight and logistics segment captured 45% of the market share in 2023. Increased collaborations between industry players are driving innovation and efficiency in this sector, integrating new technologies and solutions to enhance logistics operations. The Asia-Pacific region dominated the medium-duty truck market, holding approximately 45% of the revenue share in 2023. Rapid urbanization and industrialization are key factors boosting the demand for efficient goods transportation in the region. The rise of e-commerce and shifting consumer behaviors have created a need for reliable last-mile delivery solutions. Additionally, infrastructure development projects are driving demand for medium-duty trucks used in construction and material transportation.The growing middle-class population and economic growth are further accelerating the demand for commercial vehicles, pushing manufacturers to offer region-specific solutions. The expansion of industries and urban centers is expected to fuel significant growth in the Asia-Pacific market over the coming years.
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032, (USD Billion)
2.3 Regional trends
2.4 Class trends
2.5 Fuel trends
2.6 Horsepower trends
2.7 Application trends
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Technology provider
3.2.3 Manufacturer
3.2.4 Distributor
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rise in e-commerce
3.8.1.2 Increasing demand for last-mile deliveries
3.8.1.3 Growing urbanization
3.8.1.4 Growing small & medium enterprises drive truck demand
3.8.1.5 Rising demand for rental services
3.8.2 Industry pitfalls & challenges
3.8.2.1 Uncertain economic conditions
3.8.2.2 Evolving emission standards
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, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Ford Motor Company
4.3.2 General Motors
4.3.3 Hino Motors, Ltd.
4.3.4 ISUZU MOTORS
4.3.5 Mercedes-Benz Group AG
4.3.6 PACCAR Inc
4.3.7 Traton Group
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
CHAPTER 5 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY CLASS (REVENUE & UNITS)
5.1 Key trends, by class
5.2 Class
5.3 Class
5.4 Class
CHAPTER 6 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY FUEL (REVENUE & UNITS)
6.1 Key trends, by fuel
6.2 Diesel
6.3 Natural gas
6.4 Hybrid
6.5 Electric
6.6 Gasoline
CHAPTER 7 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY HORSEPOWER (REVENUE & UNITS)
7.1 Key trends, by horsepower
7.2 Below 150 HP
7.3 150 HO – 250 HP
7.4 Above 250 HP
CHAPTER 8 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY APPLICATION (REVENUE & UNITS)
8.1 Key trends, by application
8.2 Construction & mining
8.3 Freight & logistics
8.4 Others
CHAPTER 9 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY REGION (REVENUE & UNITS)
9.1 Key trends, by region
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Italy
9.3.5 Russia
9.3.6 Nordics
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
CHAPTER 10 COMPANY PROFILES (BUSINESS OVERVIEW, FINANCIAL DATA, PRODUCT LANDSCAPE, STRATEGIC OUTLOOK, SWOT ANALYSIS)
10.1 Ashok Leyland Limited
10.2 BharatBenz
10.3 Daimler Trucks
10.4 Eicher Motors Limited
10.5 Ford
10.6 Freightliner
10.7 Hino Motors
10.8 Isuzu Motors
10.9 Kenworth
10.10 Navistar
10.11 Peterbilt
10.12 SCANIA AB
10.13 Tata Motors Limited
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032, (USD Billion)
2.3 Regional trends
2.4 Class trends
2.5 Fuel trends
2.6 Horsepower trends
2.7 Application trends
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Technology provider
3.2.3 Manufacturer
3.2.4 Distributor
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rise in e-commerce
3.8.1.2 Increasing demand for last-mile deliveries
3.8.1.3 Growing urbanization
3.8.1.4 Growing small & medium enterprises drive truck demand
3.8.1.5 Rising demand for rental services
3.8.2 Industry pitfalls & challenges
3.8.2.1 Uncertain economic conditions
3.8.2.2 Evolving emission standards
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, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Ford Motor Company
4.3.2 General Motors
4.3.3 Hino Motors, Ltd.
4.3.4 ISUZU MOTORS
4.3.5 Mercedes-Benz Group AG
4.3.6 PACCAR Inc
4.3.7 Traton Group
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
CHAPTER 5 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY CLASS (REVENUE & UNITS)
5.1 Key trends, by class
5.2 Class
5.3 Class
5.4 Class
CHAPTER 6 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY FUEL (REVENUE & UNITS)
6.1 Key trends, by fuel
6.2 Diesel
6.3 Natural gas
6.4 Hybrid
6.5 Electric
6.6 Gasoline
CHAPTER 7 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY HORSEPOWER (REVENUE & UNITS)
7.1 Key trends, by horsepower
7.2 Below 150 HP
7.3 150 HO – 250 HP
7.4 Above 250 HP
CHAPTER 8 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY APPLICATION (REVENUE & UNITS)
8.1 Key trends, by application
8.2 Construction & mining
8.3 Freight & logistics
8.4 Others
CHAPTER 9 MEDIUM DUTY TRUCK MARKET ESTIMATES & FORECAST, BY REGION (REVENUE & UNITS)
9.1 Key trends, by region
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Italy
9.3.5 Russia
9.3.6 Nordics
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
CHAPTER 10 COMPANY PROFILES (BUSINESS OVERVIEW, FINANCIAL DATA, PRODUCT LANDSCAPE, STRATEGIC OUTLOOK, SWOT ANALYSIS)
10.1 Ashok Leyland Limited
10.2 BharatBenz
10.3 Daimler Trucks
10.4 Eicher Motors Limited
10.5 Ford
10.6 Freightliner
10.7 Hino Motors
10.8 Isuzu Motors
10.9 Kenworth
10.10 Navistar
10.11 Peterbilt
10.12 SCANIA AB
10.13 Tata Motors Limited
