Class 4 Truck Market
Class 4 Truck Market Forecasts to 2030 - Global Analysis By Product (Large Walk-in, Box Truck, City Delivery and Other Products), Fuel (Diesel, Natural Gas, Hybrid, Electric and Other Fuels), Gross Vehicle Weight Rating, Ownership, Application and by Geography
According to Stratistics MRC, the Global Class 4 Truck Market is accounted for $6.08 billion in 2024 and is expected to reach $9.91 billion by 2030 growing at a CAGR of 8.50% during the forecast period. Medium-duty trucks, or class 4 trucks, fill a crucial role in the commercial vehicle market. The gross vehicle weight rating (GVWR) of these trucks usually falls between 14,001 and 16,000 pounds. They are adaptable workhorses, capable of doing everything from small-scale towing and transportation to local delivery and utility work. Moreover, class 4 trucks balance maneuverability and payload capacity with their moderate size and sturdy build, making them ideal for maneuvering through urban streets and towing heavy loads.
According to the American Trucking Associations (ATA), the trucking industry is the backbone of the American economy, responsible for transporting goods that sustain businesses and communities nationwide.
Market Dynamics:
Driver:
Growing need for services related to urban delivery
The growth of e-commerce has increased demand for prompt and effective urban delivery services. Class 4 trucks are a great option for last-mile delivery services because they can maneuver easily through city streets. Additionally, in response to the increasing demand for urban logistics, businesses are growing their fleets of Class 4 trucks as a result of the growth of online shopping and the expectation of same-day delivery.
Restraint:
Hefty purchase price up front
Class 4 trucks typically cost more to buy outright than smaller cars, which can be prohibitive, particularly for fleet managers and small businesses with tight budgets. Some prospective buyers may be discouraged from entering the market or growing their fleets due to the initial investment required to purchase Class 4 trucks, as well as additional costs for equipment installation and customization. Furthermore, the financial burden associated with Class 4 trucks is further increased by the total cost of ownership, which includes fuel, insurance, and maintenance costs.
Opportunity:
Growing interest in environmentally friendly transportation options
Class 4 trucks have a big chance to benefit from the move towards greener transportation options, given the rising concerns about environmental sustainability and the need to cut carbon emissions. By making investments in the creation of Class 4 trucks that run on alternative fuels, hybrids, or electricity, manufacturers can take advantage of this trend. Moreover, manufacturers can meet the growing demand from environmentally conscious consumers and businesses for sustainable transportation solutions by providing vehicles with lower emissions and less of an impact on the environment.
Threat:
Market saturation and competitive pressures
There are many truck manufacturers fighting for market share and customer attention in the fiercely competitive Class 4 truck market. Intense competition can cause manufacturers to strive to differentiate their products and draw in customers, which can result in pricing pressures, margin erosion, and increased marketing expenses. Furthermore, market saturation in specific areas or market segments can restrict prospects for growth and compel manufacturers to look into other markets or niche markets in order to maintain growth.
Covid-19 Impact:
The Class 4 truck market has been significantly impacted by the COVID-19 pandemic, which has resulted in supply chain disruptions, production delays, and demand fluctuations. Sales of Class 4 trucks decreased as a result of numerous companies delaying or cancelling fleet expansion and upgrade projects as lockdown measures were implemented and economic activity decreased. Moreover, mobility limitations and social distancing policies impacted logistics and transportation operations, which in turn affected the use of Class 4 trucks, especially in industries like construction, hospitality, and retail.
The City Delivery segment is expected to be the largest during the forecast period
In the Class 4 truck market, city delivery usually commands the largest share. Because of their mobility and accessibility, these trucks are ideal for navigating crowded city streets and effectively delivering goods to customers and businesses. Additionally, Class 4 trucks with advanced safety features, fuel-efficient engines, and ergonomic driver cabins are becoming more and more popular in the city delivery segment due to the growth of e-commerce and the growing demand for same-day and next-day delivery services.
The Electric segment is expected to have the highest CAGR during the forecast period
In the Class 4 truck market, the electric segment is growing at the highest CAGR. Recent years have seen a notable increase in the popularity of electric Class 4 trucks due to the growing emphasis on sustainability and the need to reduce carbon emissions. Furthermore, these trucks provide zero-emission transportation options for short-haul and urban delivery because they are battery- and electric motor-powered. Due to advancements in battery technology, government incentives encouraging the adoption of electric vehicles, and the expansion of charging infrastructure, the electric segment is growing rapidly.
Region with largest share:
North America holds the largest market share for Class 4 trucks. Due to the substantial demand from numerous industries, including construction, utilities, delivery services, and municipal applications, North America leads the world in the Class 4 truck market. The region boasts a strong industrial infrastructure, a booming logistics sector, and a vast network of road transportation. Moreover, class 4 trucks, which prioritize efficiency, dependability, and adaptability, are widely used on the continent for urban delivery, utility maintenance, and commercial transportation requirements.
Region with highest CAGR:
In the Class 4 truck market, the Asia-Pacific region has the highest CAGR. The demand for medium-duty trucks is being driven by rising economic activity, rapid urbanization, and infrastructure development in a number of industries, including municipal services, construction, and logistics. Additionally, rising urban populations, burgeoning e-commerce sectors, and government initiatives to update transportation infrastructure are driving substantial growth in commercial vehicle sales in emerging economies within the Asia-Pacific region, including China, India, and Southeast Asian nations.
Key players in the market
Some of the key players in Class 4 Truck market include General Motors, Navistar International Corporation, Tata Motors, Ford Motor Company, Volvo Group, Mitsubishi Fuso Truck and Bus Corporation, Scania AB, Isuzu Motors Ltd., Mahindra & Mahindra Ltd., Ram Trucks (Stellantis), Daimler Trucks North America LLC.
Hino Motors Ltd.
Key Developments:
In May 2024, Tata Motors and South Indian Bank have entered into a memorandum of understanding (MoU) to provide accessible financing solutions to commercial vehicle customers and dealerships. Under this agreement, South Indian Bank will extend financing services across Tata Motors’ complete commercial vehicle range, leveraging its extensive network and tailored repayment options.
In January 2024, Volvo Group has signed an option agreement with John Cockerill Defense, which gives the Volvo Group the right to sell French military vehicle maker Arquus after mandatory consultations with staff representative bodies. The consultations are expected to be finalized in Q1 2024. The amount of the agreement was not disclosed.
In October 2023, General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, a person briefed on the deal said Monday. The deal follows the pattern set with Ford last week and Jeep maker Stellantis over the weekend.
Products Covered:
• Large Walk-in
• Box Truck
• City Delivery
• Other Products
Fuels Covered:
• Diesel
• Natural Gas
• Hybrid
• Electric
• Other Fuels
Gross Vehicle Weight Ratings Covered:
• Class 4a
• Class 4b
Ownerships Covered:
• Fleet Operator
• Independent Operator
• Government Agencies
• Rental and Leasing Companies
• Manufacturers and Dealerships
• Other Ownerships
Applications Covered:
• Urban Delivery
• Refrigerated Transport
• Construction
• Utilities
• Other Applications
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 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 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 4 Truck Market, By Product
5.1 Introduction
5.2 Large Walk-in
5.3 Box Truck
5.4 City Delivery
5.5 Other Products
6 Global Class 4 Truck Market, By Fuel
6.1 Introduction
6.2 Diesel
6.3 Natural Gas
6.4 Hybrid
6.5 Electric
6.6 Other Fuels
7 Global Class 4 Truck Market, By Gross Vehicle Weight Rating
7.1 Introduction
7.2 Class 4a
7.3 Class 4b
8 Global Class 4 Truck Market, By Ownership
8.1 Introduction
8.2 Fleet Operator
8.3 Independent Operator
8.4 Government Agencies
8.5 Rental and Leasing Companies
8.6 Manufacturers and Dealerships
8.7 Other Ownerships
9 Global Class 4 Truck Market, By Application
9.1 Introduction
9.2 Urban Delivery
9.3 Refrigerated Transport
9.4 Construction
9.5 Utilities
9.6 Other Applications
10 Global Class 4 Truck 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 General Motors
12.2 Navistar International Corporation
12.3 Tata Motors
12.4 Ford Motor Company
12.5 Volvo Group
12.6 Mitsubishi Fuso Truck and Bus Corporation
12.7 Scania AB
12.8 Isuzu Motors Ltd.
12.9 Mahindra & Mahindra Ltd.
12.10 Ram Trucks (Stellantis)
12.11 Daimler Trucks North America LLC
12.12 Hino Motors Ltd.
List of Tables
1 Global Class 4 Truck Market Outlook, By Region (2022-2030) ($MN)
2 Global Class 4 Truck Market Outlook, By Product (2022-2030) ($MN)
3 Global Class 4 Truck Market Outlook, By Large Walk-in (2022-2030) ($MN)
4 Global Class 4 Truck Market Outlook, By Box Truck (2022-2030) ($MN)
5 Global Class 4 Truck Market Outlook, By City Delivery (2022-2030) ($MN)
6 Global Class 4 Truck Market Outlook, By Other Products (2022-2030) ($MN)
7 Global Class 4 Truck Market Outlook, By Fuel (2022-2030) ($MN)
8 Global Class 4 Truck Market Outlook, By Diesel (2022-2030) ($MN)
9 Global Class 4 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
10 Global Class 4 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
11 Global Class 4 Truck Market Outlook, By Electric (2022-2030) ($MN)
12 Global Class 4 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
13 Global Class 4 Truck Market Outlook, By Gross Vehicle Weight Rating (2022-2030) ($MN)
14 Global Class 4 Truck Market Outlook, By Class 4a (2022-2030) ($MN)
15 Global Class 4 Truck Market Outlook, By Class 4b (2022-2030) ($MN)
16 Global Class 4 Truck Market Outlook, By Ownership (2022-2030) ($MN)
17 Global Class 4 Truck Market Outlook, By Fleet Operator (2022-2030) ($MN)
18 Global Class 4 Truck Market Outlook, By Independent Operator (2022-2030) ($MN)
19 Global Class 4 Truck Market Outlook, By Government Agencies (2022-2030) ($MN)
20 Global Class 4 Truck Market Outlook, By Rental and Leasing Companies (2022-2030) ($MN)
21 Global Class 4 Truck Market Outlook, By Manufacturers and Dealerships (2022-2030) ($MN)
22 Global Class 4 Truck Market Outlook, By Other Ownerships (2022-2030) ($MN)
23 Global Class 4 Truck Market Outlook, By Application (2022-2030) ($MN)
24 Global Class 4 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
25 Global Class 4 Truck Market Outlook, By Refrigerated Transport (2022-2030) ($MN)
26 Global Class 4 Truck Market Outlook, By Construction (2022-2030) ($MN)
27 Global Class 4 Truck Market Outlook, By Utilities (2022-2030) ($MN)
28 Global Class 4 Truck Market Outlook, By Other Applications (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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