Class 2 Trucks Market
Class 2 Trucks Market Forecasts to 2030 - Global Analysis By Product (Full-Size Pickup, Step Van, Mini Van, Cargo Van and Other Products), Fuel, Drive Configuration, Application, End User and By Geography
According to Stratistics MRC, the Global Class 2 Trucks Market is accounted for $720.3 million in 2024 and is expected to reach $1,347.4 million by 2030 growing at a CAGR of 11.0% during the forecast period. These trucks are larger than Class 1 vehicles but smaller than Class 3 trucks. Class 2 trucks are commonly used for transporting goods, making deliveries, and performing light-duty tasks. They include vehicles like full-size pickup trucks, step vans, and utility trucks. Due to their moderate size and versatility, Class 2 trucks are popular choices for businesses and individuals needing a balance of cargo capacity and maneuverability for various applications.
Market Dynamics:
Driver:
Growing environmental concerns to reduce emissions
The market is witnessing a growing emphasis on environmental concerns, leading to concerted efforts to reduce emissions. Manufacturers are increasingly focusing on developing and promoting electric and hybrid vehicles within this segment. Regulatory pressures and consumer demand for eco-friendly options are driving this shift, prompting innovations in battery technology, charging infrastructure, and vehicle design. These developments signify a pivotal moment in the transportation industry's sustainability journey, marking a significant step towards cleaner and greener mobility solutions.
Restraint:
Infrastructure Limitations
Class 2 trucks, falling within the medium-duty category, often struggle with inadequate road designs, limited parking and charging facilities for electric variants, and constrained delivery access in urban areas. These limitations hinder operational efficiency, increase costs, and impede the adoption of newer technologies like electric propulsion systems, posing considerable challenges for manufacturers, fleet operators, and logistics companies in the market.
Opportunity:
Rising municipal fleet purchases
The market is witnessing a significant surge in municipal fleet purchases. This trend is marked by a notable increase in procurement activities among local government entities, indicating a growing demand for vehicles like vans and pickups in this sector. Factors such as infrastructure development projects, urban expansion, and the need for efficient transportation solutions are driving this upward trajectory in municipal fleet acquisitions within the market.
Threat:
High operational expenses
In the market, high operational expenses pose a significant challenge, impacting profitability and sustainability. These expenses encompass fuel costs, maintenance fees, insurance premiums, and regulatory compliance expenses. Rising fuel prices further exacerbate the financial burden on trucking companies, affecting their ability to invest in fleet upgrades and technological advancements. Streamlining operational efficiencies and exploring alternative fuel options are crucial strategies for mitigating these cost pressures and improving overall industry competitiveness.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the Class 2 Trucks market. Supply chain disruptions led to delays in production and delivery of vehicles, causing a temporary decrease in sales. However, as businesses adapted to remote work and e-commerce surged, demand for last-mile delivery vehicles like Class 2 trucks increased. This shift towards online shopping and delivery services drove a gradual recovery in the market, with manufacturers focusing on innovative features to meet evolving customer needs amidst the pandemic.
The mini van segment is expected to be the largest during the forecast period
The mini van segment is expected to be the largest during the forecast period. These compact yet robust vehicles are carving a niche for themselves by offering a perfect blend of utility and efficiency. With their smaller footprint, they navigate urban streets with ease while still boasting impressive cargo capacities. Businesses find them particularly appealing for last-mile deliveries, city logistics, and passenger transport. Their popularity signals a shift towards more versatile and adaptable solutions in the commercial vehicle landscape.
The food service segment is expected to have the highest CAGR during the forecast period
The food service segment is expected to have the highest CAGR during the forecast period. These trucks are favored for their versatility and capacity. They're increasingly being customized for food delivery, catering, and mobile kitchens. This trend aligns with the rising demand for convenient, on-the-go dining options, especially in urban areas. As a result, manufacturers are focusing on designing Class 2 trucks with enhanced features to meet the specific needs of the food service industry.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The trend towards electrification is becoming prominent in the segment as well. Several automakers are introducing electric versions of their popular models to cater to the growing demand for eco-friendly and low-emission vehicles. Automakers are focusing on meeting or exceeding these standards while delivering vehicles that meet customer expectations in terms of performance and capabilities.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period driven by factors such as urbanization, infrastructure development. Many companies are investing in electric Class 2 trucks to comply with environmental regulations and reduce operating costs over the long term. Additionally, there is growing interest in autonomous driving technologies, although their adoption is still in the early stages. Governments in the region are increasingly focusing on environmental sustainability, which is driving the adoption of cleaner and more efficient vehicles in this region.
Key players in the market
Some of the key players in Class 2 Trucks market include Ford Motor Company, General Motors, Chevrolet, Isuzu Motors Limited, Hino Motors, Volvo Trucks, Mercedes-Benz Trucks, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland, Hyundai Motor Company, Nissan, Freightliner, JAC Motors, Ram Trucks, International Trucks and Kenworth Truck Company.
Key Developments:
In March 2024, Nissan Motor and Honda Motor announced that they had agreed to begin talks on a potential strategic partnership to collaborate on electric vehicles and automotive software, at a time when the two conventional carmakers are facing stiff competition from market newcomers.
In May 2023, Isuzu and Honda announced a partnership to develop and supply a fuel cell system for a heavy-duty truck that Isuzu plans to release in 2027.
Products Covered:
• Full-Size Pickup
• Step Van
• Mini Van
• Cargo Van
• Other Products
Fuels Covered:
• Gasoline
• Hybrid
• Electric
• Diesel
• Other Fuels
Drive Configurations Covered:
• All-Wheel Drive
• Front-Wheel Drive
• Rear-Wheel Drive
Applications Covered:
• Service & Maintenance
• Recreation & Leisure
• Urban Delivery
• Food Service
• Delivery Services
• Other Applications
End Users Covered:
• Construction
• Agriculture
• Logistics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Class 2 Trucks Market, By Product
5.1 Introduction
5.2 Full-Size Pickup
5.3 Step Van
5.4 Mini Van
5.5 Cargo Van
5.6 Other Products
6 Global Class 2 Trucks Market, By Fuel
6.1 Introduction
6.2 Gasoline
6.3 Hybrid
6.4 Electric
6.5 Diesel
6.6 Other Fuels
7 Global Class 2 Trucks Market, By Drive Configuration
7.1 Introduction
7.2 All-Wheel Drive
7.3 Front-Wheel Drive
7.4 Rear-Wheel Drive
8 Global Class 2 Trucks Market, By Application
8.1 Introduction
8.2 Service & Maintenance
8.3 Recreation & Leisure
8.4 Urban Delivery
8.5 Food Service
8.6 Delivery Services
8.7 Other Applications
9 Global Class 2 Trucks Market, By End User
9.1 Introduction
9.2 Construction
9.3 Agriculture
9.4 Logistics
9.5 Other End Users
10 Global Class 2 Trucks Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Ford Motor Company
12.2 General Motors
12.3 Chevrolet
12.4 Isuzu Motors Limited
12.5 Hino Motors
12.6 Volvo Trucks
12.7 Mercedes-Benz Trucks
12.8 Tata Motors Limited
12.9 Mahindra & Mahindra Limited
12.10 Ashok Leyland
12.11 Hyundai Motor Company
12.12 Nissan
12.13 Freightliner
12.14 JAC Motors
12.15 Ram Trucks
12.16 International Trucks
12.17 Kenworth Truck Company
List of Tables
1 Global Class 2 Trucks Market Outlook, By Region (2022-2030) ($MN)
2 Global Class 2 Trucks Market Outlook, By Product (2022-2030) ($MN)
3 Global Class 2 Trucks Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
4 Global Class 2 Trucks Market Outlook, By Step Van (2022-2030) ($MN)
5 Global Class 2 Trucks Market Outlook, By Mini Van (2022-2030) ($MN)
6 Global Class 2 Trucks Market Outlook, By Cargo Van (2022-2030) ($MN)
7 Global Class 2 Trucks Market Outlook, By Other Products (2022-2030) ($MN)
8 Global Class 2 Trucks Market Outlook, By Fuel (2022-2030) ($MN)
9 Global Class 2 Trucks Market Outlook, By Gasoline (2022-2030) ($MN)
10 Global Class 2 Trucks Market Outlook, By Hybrid (2022-2030) ($MN)
11 Global Class 2 Trucks Market Outlook, By Electric (2022-2030) ($MN)
12 Global Class 2 Trucks Market Outlook, By Diesel (2022-2030) ($MN)
13 Global Class 2 Trucks Market Outlook, By Other Fuels (2022-2030) ($MN)
14 Global Class 2 Trucks Market Outlook, By Drive Configuration (2022-2030) ($MN)
15 Global Class 2 Trucks Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
16 Global Class 2 Trucks Market Outlook, By Front-Wheel Drive (2022-2030) ($MN)
17 Global Class 2 Trucks Market Outlook, By Rear-Wheel Drive (2022-2030) ($MN)
18 Global Class 2 Trucks Market Outlook, By Application (2022-2030) ($MN)
19 Global Class 2 Trucks Market Outlook, By Service & Maintenance (2022-2030) ($MN)
20 Global Class 2 Trucks Market Outlook, By Recreation & Leisure (2022-2030) ($MN)
21 Global Class 2 Trucks Market Outlook, By Urban Delivery (2022-2030) ($MN)
22 Global Class 2 Trucks Market Outlook, By Food Service (2022-2030) ($MN)
23 Global Class 2 Trucks Market Outlook, By Delivery Services (2022-2030) ($MN)
24 Global Class 2 Trucks Market Outlook, By Other Applications (2022-2030) ($MN)
25 Global Class 2 Trucks Market Outlook, By End User (2022-2030) ($MN)
26 Global Class 2 Trucks Market Outlook, By Construction (2022-2030) ($MN)
27 Global Class 2 Trucks Market Outlook, By Agriculture (2022-2030) ($MN)
28 Global Class 2 Trucks Market Outlook, By Logistics (2022-2030) ($MN)
29 Global Class 2 Trucks Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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