Medium-duty Truck Market Size - By Fuel (Diesel, Natural Gas, Hybrid, Electric, Gasoline), Horsepower (Below 150 HP, 150 HP - 250 HP, Above 250 HP), Application (Construction & Mining, Freight & Logistics), Class & Global Forecast, 2023 - 2032

Medium-duty Truck Market Size - By Fuel (Diesel, Natural Gas, Hybrid, Electric, Gasoline), Horsepower (Below 150 HP, 150 HP - 250 HP, Above 250 HP), Application (Construction & Mining, Freight & Logistics), Class & Global Forecast, 2023 - 2032

Global Medium-duty Truck Market share will expand at 5.2% CAGR between 2023 and 2032, driven by the accelerating rate of urbanization across both developed and developing regions. According to recent UNCTAD estimates, the share of the urban population rose to 56.5% in 2021. This percentage is typically greater in developed regions, with 79.5% of the population residing in urban areas in 2021, as opposed to the developing world, where it stands at 51.8%. In less developed countries (LDCs), urban residents constitute a minority at 35.3%.

As cities expand, the demand for efficient transportation and delivery services within urban areas rises. Medium-duty trucks are well-suited for navigating congested city streets and meeting the logistical requirements of growing urban populations. This increased demand for urban transportation and delivery solutions will drive the expansion of the medium-duty truck market in the coming years.

The overall medium-duty truck market is segregated based on class, fuel, horsepower, application, and region.

Electric medium-duty truck industry will garner noticeable gains over 2023-2032, primarily driven by a growing focus on sustainability and environmental responsibility. As cities and companies increasingly prioritize reducing emissions and embracing cleaner transportation options, electric medium-duty trucks offer a compelling solution. Their lower carbon footprint, reduced operating costs, and governmental incentives for electrification encourage the adoption of these vehicles, making them an attractive choice for businesses aiming to achieve greener, more eco-friendly logistics and delivery solutions.

The construction & mining segment could contribute significantly to the medium-duty truck industry size through 2032. Medium-duty trucks are increasingly utilized in construction and mining applications due to their versatility and cost-effectiveness. These vehicles offer a balance between power and maneuverability, making them suitable for transporting equipment, materials, and personnel in challenging job site conditions. Their efficiency in navigating rugged terrain and congested areas, combined with their lower operating costs compared to heavy-duty counterparts, makes medium-duty trucks an attractive choice for businesses in the construction and mining industries seeking improved operational efficiency.

North America medium-duty truck industry will record a healthy growth rate between 2023 and 2032 due to the region's robust and diverse economy, driving demand for versatile transport solutions in urban and suburban areas. Moreover, stringent emissions regulations and the growing emphasis on sustainability have spurred interest in more fuel-efficient and eco-friendly medium-duty trucks. With evolving technology and a strong manufacturing base, North America is poised to continue leading in this sector.