Class 5 Trucks Market Size - By Product (Bucket Trucks, Large Walk-in Truck, City Delivery), By Fuel (Gasoline, Diesel, Hybrid, Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Ownership & Forecast, 2024 - 2032

Class 5 Trucks Market Size - By Product (Bucket Trucks, Large Walk-in Truck, City Delivery), By Fuel (Gasoline, Diesel, Hybrid, Electric), By Application (Freight Delivery, Utility Services, Construction & Mining), By Ownership & Forecast, 2024 - 2032

Class 5 trucks market size is anticipated to grow at over 5.5% CAGR between 2024 and 2032, driven by the increasing demand for efficient and versatile commercial vehicles across various industries. This medium-duty truck category with a Gross Vehicle Weight Rating (GVWR) between 16,001 and 19,500 pounds, is widely used in logistics, delivery, and service industries to render the capability to handle substantial payloads while maintaining maneuverability in urban environments. The rise of e-commerce has significantly boosted the need for reliable delivery vehicles for offering the right balance between capacity and efficiency. For instance, in April 2024, Daimler Truck's launched 'RIZON' a battery-electric Class 4-5 trucks for the government of Canada’s 'Incentives for Medium- and Heavy-duty-Zero-Emission Vehicles' (iMHZEV) program.

Technological advancements in truck manufacturing, such as the integration of advanced telematics, driver assistance systems, and improved fuel efficiency will also fuel the market growth. Fleet operators are increasingly adopting these trucks due to their enhanced operational efficiency, safety features, and lower total cost of ownership. The push towards sustainability and the implementation of stricter emission regulations are also encouraging the development and adoption of cleaner, alternative fuel-powered Class 5 trucks, including electric and hybrid models.

The industry is classified into product, fuel, application, ownership and region.

Based on product, the class 5 trucks market value from the bucket trucks segment is anticipated to witness sustained growth through 2032, due to their crucial role in utilities, telecommunications, and maintenance services. These trucks, equipped with a hydraulic boom and bucket, are essential for tasks that require elevation, such as repairing power lines, installing telecommunications equipment, and maintaining streetlights and signage. Moreover, the increasing investments in infrastructure projects and the expansion of urban areas are also driving the product demand.

Class 5 trucks market from the construction & mining application segment will record decent growth rate during 2024-2032 owing to their essential role in transporting materials, equipment, and personnel across job sites. Class 5 trucks are well-suited for the demands of construction and mining operations as they offer durability, payload capacity, and off-road capabilities necessary for rugged environments. The ongoing global infrastructure development and the expansion of mining activities are also pushing the demand for reliable and versatile transportation solutions.

North America class 5 trucks industry size will witness rapid expansion between 2024 and 2032. The growth is attributed to the robust expansion of the logistics and e-commerce sectors, which demand efficient and reliable delivery vehicles for last-mile transportation. The implementation of stringent emission standards and environmental regulations is prompting fleet operators to upgrade to newer, cleaner class 5 trucks that comply with these regulations. Rising government incentives and funding for infrastructure improvements and urban development projects will add to the regional market growth.