
Class 3 Truck Market
Class 3 Truck Market Forecasts to 2030 - Global Analysis By Truck Type (City Delivery Truck and Box Truck), Fuel (Diesel and Gasoline), Vehicle (Hybrid Vehicle and Electric Vehicle), Drive Configuration (Two-Wheel Drive, Four-Wheel Drive and All-Wheel Drive) and By Geography

According to Stratistics MRC, the Global Class 3 Truck Market is accounted for $7.7 trillion in 2024 and is expected to reach $13.4 trillion by 2030 growing at a CAGR of 9.7% during the forecast period. A Class 3 truck, according to the United States Department of Transportation (DOT) classification system, falls within the medium-duty category with a gross vehicle weight rating (GVWR) ranging from 10,001 to 14,000 pounds. These trucks are versatile workhorses commonly used for various commercial purposes, including local delivery, utility maintenance, landscaping, and small-scale construction. Class 3 trucks typically feature a robust chassis capable of accommodating specialized bodies or attachments, offering flexibility to meet specific industry needs.
According to the U.S. Energy Information Administration report, gasoline prices were up 61% in June 2022 compared to June 2021.
Market Dynamics:
Driver:
Regulations related to emissions standards
Regulations regarding emissions standards have become increasingly stringent in recent years, compelling manufacturers in the Class 3 truck market to innovate and adapt. These regulations typically aim to reduce harmful pollutants emitted by vehicles, such as nitrogen oxides and particulate matter, contributing to cleaner air and environmental sustainability. Additionally, in response, manufacturers have developed advanced technologies, including cleaner-burning engines, exhaust after-treatment systems, and hybrid or electric powertrains, to meet these standards.
Restraint:
Payload and towing capacity limits
Payload and towing capacity limits are significantly constraining the Class 3 truck market, impacting both manufacturers and consumers. These limitations, imposed by regulations and engineering constraints, restrict the amount of weight a truck can carry and tow, affecting its utility for various industries such as construction, landscaping, and agriculture. However, for manufacturers, designing trucks that meet these limits while still offering competitive performance and features poses a considerable challenge.
Opportunity:
Innovations in vehicle design
Innovations in vehicle design are revolutionizing the Class 3 truck market by enhancing efficiency, safety, and sustainability. Advanced materials, such as lightweight alloys and composite materials, are being integrated into truck construction, reducing overall weight and improving fuel economy without compromising durability. Moreover, the integration of cutting-edge technology, including telematics systems and autonomous driving features, is streamlining operations, enhancing driver safety, and optimizing route planning.
Threat:
Cost of ownership
The Class 3 truck market is facing hindrances primarily due to the high cost of ownership. These trucks, commonly used for commercial purposes like delivery and small-scale transportation, come with substantial upfront costs, including purchasing price, insurance, and maintenance expenses. Ongoing operational costs such as fuel, maintenance, and compliance with regulations further inflate the total cost of ownership. This financial burden becomes particularly challenging for small businesses and independent operators, limiting their ability to invest in upgrading or expanding their fleet.
Covid-19 Impact:
Initially, the market experienced a significant slowdown as lockdowns and restrictions disrupted production, supply chains, and consumer demand. Many businesses, particularly those in non-essential sectors, postponed or canceled fleet expansions or replacements, leading to decreased sales and leasing activities. However, as the pandemic progressed, demand for last-mile delivery services surged due to increased e-commerce activity, driving a resurgence in the Class 3 truck market.
The City Delivery Truck segment is expected to be the largest during the forecast period
City Delivery Truck segment is expected to be the largest during the forecast period by offering versatile vehicles tailored for urban logistics. These trucks are adept at navigating congested city streets, due to their compact size and maneuverability. Equipped with advanced technology, such as telematics and electric powertrains, they prioritize efficiency and sustainability, meeting the evolving demands of urban delivery services. Moreover, their customizable configurations cater to a wide range of cargo needs, from perishable goods to e-commerce parcels.
The Gasoline segment is expected to have the highest CAGR during the forecast period
Gasoline segment is expected to have the highest CAGR during the forecast period. Gasoline engines offer a more cost-effective alternative to diesel, with lower initial purchase prices and reduced maintenance expenses. This affordability makes Class 3 trucks more accessible to a wider range of businesses and individuals. Advancements in gasoline engine technology have led to improved fuel efficiency and performance, closing the historical performance gap with diesel engines. Moreover, the availability of gasoline-powered options provides customers with greater flexibility in selecting the ideal truck for their specific needs, especially in regions where diesel infrastructure may be limited or where emissions regulations are less stringent.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the extrapolated period. As economic activities surge and urbanization accelerates, there's a heightened demand for efficient freight and logistics services across the region. Class 3 trucks, with their versatility and capability to handle varying loads, are becoming indispensable assets in the region's transportation infrastructure. Moreover, the need for reliable last-mile delivery solutions, particularly in densely populated urban areas, is propelling the regional adoption of Class 3 trucks equipped with advanced technology and safety features.
Region with highest CAGR:
Asia Pacific region is poised to witness profitable growth throughout the projection period. Regulations such as emission standards and safety requirements drive manufacturers to innovate and produce more environmentally friendly and safer vehicles in the region. By setting stringent standards, governments encourage the regional adoption of advanced technologies like hybrid and electric propulsion systems, reducing the carbon footprint of the transportation sector. Moreover, safety regulations promote the implementation of features such as advanced braking systems, lane departure warnings and stability control, improving road safety for both drivers and pedestrians.
Key players in the market
Some of the key players in Class 3 Truck market include Ashok Leyland, China FAW Group Corp., Ltd, Daimler AG, Dongfeng Motor Corporation, Fiat Toro, Ford Motor Company, General Motors, Honda Motor Co., Ltd, Hyundai Motor, International Trucks, Isuzu Motors Limited, Kenworth Truck Company, Mahindra & Mahindra Ltd, Nissan Motor, Peterbilt Motors Company, Renault Group, Tata Motors and Toyota Motor Corporation.
Key Developments:
In February 2024, NMG and General Motors have agreed to sign a multiyear supply agreement for 18,000 tonnes per annum of active anode material, covering a significant portion of NMG’s expected Phase-2 integrated production, from graphite ore to battery materials. General Motors commits to a US$150 million investment in two tranches, subject to certain closing conditions, to support advancement and ultimately construction of NMG’s Phase-2 operations.
In June 2023, Mullen Automotive, an electric vehicle manufacturer, revealed its collaboration with Phenix Truck Bodies and Van Equipment to develop a truck body for its Class 3 EV. Phenix will create a body configuration tailored to meet the requirements of Class 3 service body truck fleets, aiming to provide an electric alternative to traditional ICE vehicles.
In May 2023, Albemarle Corporation, a global leader in providing essential elements for mobility, energy, connectivity and health, announced a definitive agreement with Ford Motor Company to deliver battery-grade lithium hydroxide to support the automaker's ability to scale electric vehicle (EV) production.
Truck Types Covered:
• City Delivery Truck
• Box Truck
Fuels Covered:
• Diesel
• Gasoline
Vehicles Covered:
• Hybrid Vehicle
• Electric Vehicle
Drive Configurations Covered:
• Two-Wheel Drive
• Four-Wheel Drive
• All-Wheel Drive
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
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 Emerging Markets
3.7 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 3 Truck Market, By Truck Type
5.1 Introduction
5.2 City Delivery Truck
5.3 Box Truck
6 Global Class 3 Truck Market, By Fuel
6.1 Introduction
6.2 Diesel
6.3 Gasoline
7 Global Class 3 Truck Market, By Vehicle
7.1 Introduction
7.2 Hybrid Vehicle
7.3 Electric Vehicle
8 Global Class 3 Truck Market, By Drive Configuration
8.1 Introduction
8.2 Two-Wheel Drive
8.3 Four-Wheel Drive
8.4 All-Wheel Drive
9 Global Class 3 Truck Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Ashok Leyland
11.2 China FAW Group Corp., Ltd
11.3 Daimler AG
11.4 Dongfeng Motor Corporation
11.5 Fiat Toro
11.6 Ford Motor Company
11.7 General Motors
11.8 Honda Motor Co., Ltd
11.9 Hyundai Motor
11.10 International Trucks
11.11 Isuzu Motors Limited
11.12 Kenworth Truck Company
11.13 Mahindra & Mahindra Ltd
11.14 Nissan Motor
11.15 Peterbilt Motors Company
11.16 Renault Group
11.17 Tata Motors
11.18 Toyota Motor Corporation
List of Tables
1 Global Class 3 Truck Market Outlook, By Region (2022-2030) ($MN)
2 Global Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
3 Global Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
4 Global Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
5 Global Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
6 Global Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
7 Global Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
8 Global Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
9 Global Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
10 Global Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
11 Global Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
12 Global Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
13 Global Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
14 Global Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
15 North America Class 3 Truck Market Outlook, By Country (2022-2030) ($MN)
16 North America Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
17 North America Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
18 North America Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
19 North America Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
20 North America Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
21 North America Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
22 North America Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
23 North America Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
24 North America Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
25 North America Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
26 North America Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
27 North America Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
28 North America Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
29 Europe Class 3 Truck Market Outlook, By Country (2022-2030) ($MN)
30 Europe Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
31 Europe Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
32 Europe Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
33 Europe Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
34 Europe Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
35 Europe Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
36 Europe Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
37 Europe Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
38 Europe Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
39 Europe Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
40 Europe Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
41 Europe Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
42 Europe Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
43 Asia Pacific Class 3 Truck Market Outlook, By Country (2022-2030) ($MN)
44 Asia Pacific Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
45 Asia Pacific Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
46 Asia Pacific Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
47 Asia Pacific Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
48 Asia Pacific Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
49 Asia Pacific Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
50 Asia Pacific Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
51 Asia Pacific Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
52 Asia Pacific Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
53 Asia Pacific Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
54 Asia Pacific Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
55 Asia Pacific Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
56 Asia Pacific Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
57 South America Class 3 Truck Market Outlook, By Country (2022-2030) ($MN)
58 South America Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
59 South America Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
60 South America Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
61 South America Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
62 South America Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
63 South America Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
64 South America Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
65 South America Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
66 South America Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
67 South America Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
68 South America Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
69 South America Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
70 South America Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
71 Middle East & Africa Class 3 Truck Market Outlook, By Country (2022-2030) ($MN)
72 Middle East & Africa Class 3 Truck Market Outlook, By Truck Type (2022-2030) ($MN)
73 Middle East & Africa Class 3 Truck Market Outlook, By City Delivery Truck (2022-2030) ($MN)
74 Middle East & Africa Class 3 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
75 Middle East & Africa Class 3 Truck Market Outlook, By Fuel (2022-2030) ($MN)
76 Middle East & Africa Class 3 Truck Market Outlook, By Diesel (2022-2030) ($MN)
77 Middle East & Africa Class 3 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
78 Middle East & Africa Class 3 Truck Market Outlook, By Vehicle (2022-2030) ($MN)
79 Middle East & Africa Class 3 Truck Market Outlook, By Hybrid Vehicle (2022-2030) ($MN)
80 Middle East & Africa Class 3 Truck Market Outlook, By Electric Vehicle (2022-2030) ($MN)
81 Middle East & Africa Class 3 Truck Market Outlook, By Drive Configuration (2022-2030) ($MN)
82 Middle East & Africa Class 3 Truck Market Outlook, By Two-Wheel Drive (2022-2030) ($MN)
83 Middle East & Africa Class 3 Truck Market Outlook, By Four-Wheel Drive (2022-2030) ($MN)
84 Middle East & Africa Class 3 Truck Market Outlook, By All-Wheel Drive (2022-2030) ($MN)
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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