Class 7 Truck Market - By Fuel (Diesel, Natural Gas, Hybrid Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Horsepower, By Axle, By Ownership & Forecast, 2024 - 2032

Class 7 Truck Market - By Fuel (Diesel, Natural Gas, Hybrid Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Horsepower, By Axle, By Ownership & Forecast, 2024 - 2032

Global Class 7 truck market size will grow at over 4% CAGR during 2024-2032 due to the growing demand from e-commerce and last-minute delivery markets. According to Social Shephard, e-commerce sales will reach $8 trillion by 2027. As consumers increasingly turn to online shopping for convenience and accessibility, the need for efficient and reliable delivery solutions has risen. Class 7 trucks are key in meeting this demand and act as the backbone of last-mile logistics operations. These trucks are uniquely suited to navigate urban environments and deliver goods directly to customers' doorsteps, meeting the changing needs of the e-commerce ecosystem.

One prominent market trend is the increasing adoption of hybrid electric and alternative fuel technologies. As sustainability becomes a central focus for fleet owners and governments alike, we are increasingly moving towards cleaner and more efficient power systems. Hybrid electric cars, which combine an electric and a traditional internal combustion engine, offer significant fuel savings and reduced emissions, especially in urban environments. Additionally, alternative fuels such as biomethane, hydrogen, and compressed natural gas (CNG) are emerging as viable alternatives to diesel fuel, stimulating market growth.

The overall Class 7 Truck industry is classified based on fuel, application, horsepower, axle, ownership, and region.

The hybrid electric cars segment will grow rapidly through 2032, as by integrating electric systems with traditional combustion engines, hybrid electric cars can significantly save fuel and reduce emissions, especially in urban driving. As battery technology and regenerative braking systems advance, hybrid electric cars are becoming an increasingly profitable option for fleet managers looking to minimize operating costs and environmental impact. In addition, government incentives and emissions regulations are encouraging the adoption of hybrid electric vehicles, fueling market growth.

The utility segment will grow steadily through 2032, as Class 7 trucks are an integral part of many utility services. Fleet managers rely on these trucks to provide essential services to communities while maximizing productivity and minimizing downtime. In addition, advances in telematics and fleet management technologies enable real-time monitoring and optimization of truck operations, increasing efficiency and reliability. Further growth is expected as utility services develop and expand.

Europe Class 7 truck industry will grow significantly through 2032 due to a combination of economic growth, infrastructure development, and regulatory initiatives. As Europe moves towards cleaner and more sustainable transport solutions, fleet operators increasingly invest in advanced Class 7 trucks equipped with hybrid electric and alternative fuel technologies. Countries such as Germany, France, and the UK are leading the way in promoting the adoption of low-emission vehicles through incentives, subsidies, and emission regulations. In addition, the European Union's ambitious goals for carbon neutrality and improving air quality are encouraging investments in clean transport infrastructure and technologies that will drive market growth.