Class 7 Truck Market
Class 7 Truck Market Forecasts to 2030 - Global Analysis By Fuel (Natural Gas, Diesel, Hybrid Electric and Other Fuels), Application and By Geography
According to Stratistics MRC, the Global Class 7 Truck Market is accounted for $52.6 billion in 2024 and is expected to reach $74.7 billion by 2030 growing at a CAGR of 6.0% during the forecast period. A Class 7 truck, also known as a medium-duty truck, falls within the weight range of 26,001 to 33,000 pounds. These vehicles are versatile, often used in urban settings for a variety of purposes such as local delivery, towing, and vocational applications like construction and landscaping. With a Gross Vehicle Weight Rating (GVWR) higher than Class 6 trucks but lower than Class 8 heavy-duty trucks, Class 7 trucks strike a balance between power and maneuverability. They typically feature diesel engines for efficient power delivery and are designed to handle moderate to heavy loads while offering good fuel economy.
According to the United States Department of Transportation classification system, is a medium-duty commercial vehicle with a Gross Vehicle Weight Rating (GVWR) ranging from 26,001 to 33,000 pounds.
Market Dynamics:
Driver:
Rise of urban logistics and infrastructure investments
Infrastructure investments often include upgrades to urban transport systems and logistics hubs. This pushes for technological advancements in Class 7 trucks, such as enhanced telematics, electric and hybrid powertrains, and automation features. These technologies improve efficiency, reduce emissions, and comply with stringent urban environmental regulations. As urban logistics expands, companies invest in expanding and modernizing their fleets. This involves acquiring more Class 7 trucks to handle the increased volume of urban deliveries and upgrading existing fleets to incorporate the latest technologies and meet new infrastructure demands.
Restraint:
Range anxiety for electric trucks
Range anxiety, the fear that an electric truck will run out of battery before reaching its destination, poses significant challenges for the Class 7 truck market. This concern is particularly acute for medium-duty trucks, which often operate in urban environments but may also need to cover substantial distances. Range anxiety can deter logistics companies from adopting electric Class 7 trucks, fearing disruptions in delivery schedules and increased operational inefficiencies due to frequent recharging needs. This can lead to higher operational costs and logistical challenges, making diesel or hybrid alternatives more attractive.
Opportunity:
Flourishing economy and e-commerce boom
Economic growth drives increased production and consumer spending, leading to higher demand for goods transportation. Class 7 trucks, ideal for handling substantial loads in urban and regional settings, become essential for businesses to meet this heightened demand efficiently. The e-commerce boom, characterized by rising online shopping and rapid delivery expectations, further accelerates this demand. E-commerce requires reliable logistics and frequent, timely deliveries, often facilitated by Class 7 trucks due to their balance of payload capacity and manoeuvrability in urban environments.
Threat:
Infrastructure limitations for alternative fuels
The scarcity of refueling stations for alternative fuels such as electricity, hydrogen, and compressed natural gas (CNG) hampers the adoption of cleaner, more efficient Class 7 trucks. Logistics companies may be reluctant to invest in alternative fuel trucks due to the fear of insufficient refueling options, leading to operational inefficiencies and increased downtime. This delay impedes environmental progress and the market's adaptation to stricter emission regulations, potentially stalling overall industry growth.
Covid-19 Impact
Initially, widespread lockdowns and economic uncertainty led to a sharp decline in demand for goods transportation, affecting Class 7 truck sales negatively. Many industries scaled back operations, reducing the need for medium-duty trucks. However, as the pandemic progressed, certain sectors experienced increased demand, such as e-commerce and home delivery services, driving up the need for Class 7 trucks for urban logistics. The pandemic also highlighted the importance of resilient and adaptable supply chains, leading to increased investment in fleet modernization and efficiency improvements.
The hybrid electric segment is expected to be the largest during the forecast period
The hybrid electric segment is estimated to have a lucrative growth, as hybrid electric Class 7 trucks offer several advantages, including reduced fuel consumption, lower emissions, and improved efficiency compared to traditional diesel-powered trucks.0020 Moreover, hybrid electric trucks provide versatility, as they can operate using both electric and conventional propulsion systems. This flexibility reduces range anxiety associated with fully electric vehicles and enables hybrid trucks to handle longer routes or operate in areas with limited charging infrastructure.
The freight delivery segment is expected to have the highest CAGR during the forecast period
The freight delivery segment is anticipated to witness the highest CAGR growth during the forecast period, owing the growing need for freight delivery, driven by e-commerce, urbanization, and globalization, directly fuels demand for Class 7 trucks. These trucks are crucial for transporting goods over short to medium distances, especially in urban areas where larger vehicles struggle to navigate efficiently.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the urbanization in countries like China, India, and Southeast Asian nations drives demand for Class 7 trucks, especially for urban logistics and last-mile delivery services. These trucks are essential for transporting goods efficiently within congested city centers. Moreover the booming e-commerce sector in the Asia Pacific region fuels demand for Class 7 trucks to support the delivery of online purchases. As more consumers turn to online shopping, logistics companies require a robust fleet of medium-duty trucks to meet delivery timelines.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to investments in infrastructure, including road and highway construction, impact the demand for Class 7 trucks. These vehicles are vital for transporting materials and equipment to construction sites, as well as for urban logistics and distribution networks. In addition regulatory standards for emissions and fuel efficiency play a significant role in shaping the Class 7 truck market. Manufacturers must comply with emissions regulations such as EPA standards, driving innovation in engine technology and alternative fuel options.
Key players in the market
Some of the key players in the Class 7 Truck Market include Autocar, Daimler AG, Ford, Freightliner, Hino, Kenworth, KIA, Mack Trucks, MAN, Navistar, NiteHawk, Peterbilt, Scania AB, Tata Motors, Tymco, Volkswagen Group and Volvo Trucks
Key Developments:
In May 2024, Tata Motors’ subsidiaries – TPEM and TMPV join hands with Bajaj Finance, offers financing program for authorized passenger and electric vehicle dealers. Through this memorandum of understanding (MoU), the participating companies will come together to leverage Bajaj Finance’s wide reach to help dealers
In May 2024, Tata Motors enhances its electric last-mile mobility offering; launches the all-new Tata Ace EV 1000. The Ace EV is developed with rich inputs from its customers and the new variant will address evolving needs from various sectors like FMCG, beverages, paints & lubricants, LPG & dairy.
In May 2024, Volkswagen starts pre-sales of the new, more powerful Golf GTI. The fast-shifting seven-speed DSG ensures that the Golf GTI’s power is transferred to the drive axle with virtually no interruptions to traction during gear changes.
Fuels Covered:
• Natural Gas
• Diesel
• Hybrid Electric
• Other Fuels
Applications Covered:
• Freight Delivery
• Utility Services
• Construction & Mining
• 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
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 Application Analysis
3.7 Emerging Markets
3.8 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 7 Truck Market, By Fuel
5.1 Introduction
5.2 Natural Gas
5.3 Diesel
5.4 Hybrid Electric
5.5 Other Fuels
6 Global Class 7 Truck Market, By Application
6.1 Introduction
6.2 Freight Delivery
6.3 Utility Services
6.4 Construction & Mining
6.5 Other Applications
7 Global Class 7 Truck Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Autocar
9.2 Daimler AG
9.3 Ford
9.4 Freightliner
9.5 Hino
9.6 Kenworth
9.7 KIA
9.8 Mack Trucks
9.9 MAN
9.10 Navistar
9.11 NiteHawk
9.12 Peterbilt
9.13 Scania AB
9.14 Tata Motors
9.15 Tymco
9.16 Volkswagen Group
9.17 Volvo Trucks
List of Tables
1 Global Class 7 Truck Market Outlook, By Region (2022-2030) ($MN)
2 Global Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
3 Global Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
4 Global Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
5 Global Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
6 Global Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
7 Global Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
8 Global Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
9 Global Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
10 Global Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
11 Global Class 7 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
12 North America Class 7 Truck Market Outlook, By Country (2022-2030) ($MN)
13 North America Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
14 North America Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
15 North America Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
16 North America Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
17 North America Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
18 North America Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
19 North America Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
20 North America Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
21 North America Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
22 North America Class 7 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
23 Europe Class 7 Truck Market Outlook, By Country (2022-2030) ($MN)
24 Europe Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
25 Europe Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
26 Europe Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
27 Europe Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
28 Europe Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
29 Europe Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
30 Europe Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
31 Europe Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
32 Europe Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
33 Europe Class 7 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
34 Asia Pacific Class 7 Truck Market Outlook, By Country (2022-2030) ($MN)
35 Asia Pacific Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
36 Asia Pacific Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
37 Asia Pacific Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
38 Asia Pacific Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
39 Asia Pacific Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
40 Asia Pacific Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
41 Asia Pacific Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
42 Asia Pacific Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
43 Asia Pacific Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
44 Asia Pacific Class 7 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
45 South America Class 7 Truck Market Outlook, By Country (2022-2030) ($MN)
46 South America Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
47 South America Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
48 South America Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
49 South America Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
50 South America Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
51 South America Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
52 South America Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
53 South America Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
54 South America Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
55 South America Class 7 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
56 Middle East & Africa Class 7 Truck Market Outlook, By Country (2022-2030) ($MN)
57 Middle East & Africa Class 7 Truck Market Outlook, By Fuel (2022-2030) ($MN)
58 Middle East & Africa Class 7 Truck Market Outlook, By Natural Gas (2022-2030) ($MN)
59 Middle East & Africa Class 7 Truck Market Outlook, By Diesel (2022-2030) ($MN)
60 Middle East & Africa Class 7 Truck Market Outlook, By Hybrid Electric (2022-2030) ($MN)
61 Middle East & Africa Class 7 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
62 Middle East & Africa Class 7 Truck Market Outlook, By Application (2022-2030) ($MN)
63 Middle East & Africa Class 7 Truck Market Outlook, By Freight Delivery (2022-2030) ($MN)
64 Middle East & Africa Class 7 Truck Market Outlook, By Utility Services (2022-2030) ($MN)
65 Middle East & Africa Class 7 Truck Market Outlook, By Construction & Mining (2022-2030) ($MN)
66 Middle East & Africa Class 7 Truck Market Outlook, By Other Applications (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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