Market Research

Class 1 Truck Market Forecasts to 2030 – Global Analysis By Product (Mini Van, Cargo Van, Full-Size Pickup, Step Van and Other Products), Fuel, Application, End User and By Geography

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from $4,150 200 Pages Stratistics Market Research Consulting July, 2024 SMR19043860
Best Price Guarantee
Price from $4,150
Length 200 Pages
Publisher Stratistics Market Research Consulting
Published Date July, 2024
SKU SMR19043860

Class 1 Truck Market Forecasts to 2030 – Global Analysis By Product (Mini Van, Cargo Van, Full-Size Pickup, Step Van and Other Products), Fuel, Application, End User and By Geography


According to Stratistics MRC, the Global Class 1 Truck Market is accounted for $1.8 trillion in 2024 and is expected to reach $2.9 trillion by 2030 growing at a CAGR of 8.0% during the forecast period. These trucks are often light-duty and include vehicles like small pickup trucks and vans. Class 1 trucks are typically used for personal transportation or light commercial purposes due to their relatively smaller size and weight capacity compared to larger classes of trucks. They are versatile, maneuverable, and economical, making them popular choices for everyday tasks such as commuting, small-scale deliveries, and utility services in urban and suburban environments.

Market Dynamics:

Driver:

Urbanization and population growth

Urbanization and population growth are key drivers of demand in the market. As cities expand and populations increase, there's a growing need for efficient transportation of goods and services within urban areas. Class 1 Trucks, with their compact size and versatility, are becoming increasingly popular in these settings. They offer maneuverability and cost-effectiveness, making them ideal for navigating crowded city streets and meeting the demands of a burgeoning urban population.

Restraint:

Limited payload and towing capacity

The market faces a significant challenge with limited payload and towing capacity. This constraint restricts the versatility and utility of these trucks for various applications, especially in industries requiring heavier loads or towing capabilities. Manufacturers are pressured to innovate in engine performance, chassis design, and materials to overcome these limitations while complying with regulatory standards.

Opportunity:

Evolving consumer preferences

There's a growing demand for electric and hybrid options as sustainability gains importance. Efficiency and connectivity features are also becoming crucial, with buyers prioritizing advanced technology for navigation, safety, and entertainment. Customization options, such as modular designs and flexible interiors, are gaining traction, catering to diverse needs across industries. Overall, consumers are seeking eco-friendly, technologically advanced, and customizable solutions in the segment.

Threat:

Fuel price fluctuations

The market has witnessed significant fuel price fluctuations in recent years. These fluctuations can be attributed to various factors such as geopolitical tensions, supply and demand imbalances, and regulatory changes. The volatility in fuel prices has had a direct impact on operating costs for trucking companies, influencing their profitability and pricing strategies. As a result, businesses in this sector closely monitor fuel price trends and often adapt their operations to mitigate the effects of these fluctuations.

Covid-19 Impact:

The Class 1 truck market, primarily comprising light-duty trucks, witnessed several effects due to COVID-19. Initially, there was a slowdown in production and sales as supply chains were disrupted. However, as the pandemic progressed, demand surged for last-mile delivery vehicles, driven by e-commerce growth. This led to increased interest in electric and autonomous Class 1 trucks, reflecting a shift towards sustainability and efficiency post-COVID.

The cargo van segment is expected to be the largest during the forecast period

The cargo van segment is expected to be the largest during the forecast period. Their versatility, fuel efficiency, and compact size make them ideal for urban deliveries and small businesses. With advancements in electric and hybrid technology, cargo vans are also becoming more eco-friendly, appealing to environmentally conscious consumers. This shift has prompted manufacturers to innovate and expand their offerings in the Class 1 segment, catering to a diverse range of industries and transportation needs.

The agriculture segment is expected to have the highest CAGR during the forecast period

The agriculture segment is expected to have the highest CAGR during the forecast period. Small-scale farmers are increasingly opting for eco-friendly trucks equipped with advanced features like efficient engines, electric or hybrid drivetrains, and smart farming technologies. These trucks not only reduce environmental impact but also enhance productivity and operational convenience for farmers, marking a significant evolution in agricultural practices within the segment.

Region with largest share:

North America is projected to hold the largest market share during the forecast period driven by factors such as increasing consumer demand for trucks with versatile capabilities, advancements in technology leading to improved fuel efficiency and performance, and a trend towards crossover vehicles that offer a blend of car-like comfort and truck-like utility. Additionally, factors such as lower fuel prices, attractive financing options, and a strong economy have also contributed to the growth of the market in the region.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. The demand is fueled by various industries such as construction, logistics, and transportation. These trucks are used for carrying light to medium-weight goods and materials, making them essential for businesses. Competition in this market is intense, with companies focusing on product innovation, cost-efficiency, and expanding their distribution networks to gain a competitive edge.

Key players in the market

Some of the key players in Class 1 Truck market include Volvo Trucks, Mercedes-Benz Trucks, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland, Hyundai Motor Company, Nissan, Ford Motor Company, General Motors, Chevrolet, Isuzu Motors Limited, Freightliner, JAC Motors, Ram Trucks and Hino Motors.

Key Developments:

In March 2024, Nissan Motor and Honda Motor announced that they had agreed to begin talks on a potential strategic partnership to collaborate on electric vehicles and automotive software, at a time when the two conventional carmakers are facing stiff competition from market newcomers.

In May 2023, Isuzu and Honda announced a partnership to develop and supply a fuel cell system for a heavy-duty truck that Isuzu plans to release in 2027.

Products Covered:
• Mini Van
• Cargo Van
• Full-Size Pickup
• Step Van
• Other Products

Fuels Covered:
• Hybrid
• Electric
• Diesel
• Gasoline
• Other Fuels

Applications Covered:
• Urban Delivery
• Food Service
• Delivery Services
• Other Applications

End Users Covered:
• Construction
• Agriculture
• Logistics

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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


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 End User Analysis
3.9 Emerging Markets
3.10 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 1 Truck Market, By Product
5.1 Introduction
5.2 Mini Van
5.3 Cargo Van
5.4 Full-Size Pickup
5.5 Step Van
5.6 Other Products
6 Global Class 1 Truck Market, By Fuel
6.1 Introduction
6.2 Hybrid
6.3 Electric
6.4 Diesel
6.5 Gasoline
6.6 Other Fuels
7 Global Class 1 Truck Market, By Application
7.1 Introduction
7.2 Urban Delivery
7.3 Food Service
7.4 Delivery Services
7.5 Other Applications
8 Global Class 1 Truck Market, By End User
8.1 Introduction
8.2 Construction
8.3 Agriculture
8.4 Logistics
8.5 Other End Users
9 Global Class 1 Truck Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Volvo Trucks
11.2 Mercedes-Benz Trucks
11.3 Tata Motors Limited
11.4 Mahindra & Mahindra Limited
11.5 Ashok Leyland
11.6 Hyundai Motor Company
11.7 Nissan
11.8 Ford Motor Company
11.9 General Motors
11.10 Chevrolet
11.11 Isuzu Motors Limited
11.12 Freightliner
11.13 JAC Motors
11.14 Ram Trucks
11.15 Hino Motors
List of Tables
Table 1 Global Class 1 Truck Market Outlook, By Region (2022-2030) ($MN)
Table 2 Global Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 3 Global Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 4 Global Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 5 Global Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 6 Global Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 7 Global Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 8 Global Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 9 Global Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 10 Global Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 11 Global Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 12 Global Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 13 Global Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 14 Global Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 15 Global Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 16 Global Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 17 Global Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 18 Global Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 19 Global Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 20 Global Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 21 Global Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 22 Global Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 23 Global Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Table 24 North America Class 1 Truck Market Outlook, By Country (2022-2030) ($MN)
Table 25 North America Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 26 North America Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 27 North America Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 28 North America Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 29 North America Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 30 North America Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 31 North America Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 32 North America Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 33 North America Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 34 North America Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 35 North America Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 36 North America Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 37 North America Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 38 North America Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 39 North America Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 40 North America Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 41 North America Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 42 North America Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 43 North America Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 44 North America Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 45 North America Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 46 North America Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Table 47 Europe Class 1 Truck Market Outlook, By Country (2022-2030) ($MN)
Table 48 Europe Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 49 Europe Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 50 Europe Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 51 Europe Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 52 Europe Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 53 Europe Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 54 Europe Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 55 Europe Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 56 Europe Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 57 Europe Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 58 Europe Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 59 Europe Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 60 Europe Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 61 Europe Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 62 Europe Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 63 Europe Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 64 Europe Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 65 Europe Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 66 Europe Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 67 Europe Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 68 Europe Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 69 Europe Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Table 70 Asia Pacific Class 1 Truck Market Outlook, By Country (2022-2030) ($MN)
Table 71 Asia Pacific Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 72 Asia Pacific Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 73 Asia Pacific Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 74 Asia Pacific Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 75 Asia Pacific Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 76 Asia Pacific Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 77 Asia Pacific Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 78 Asia Pacific Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 79 Asia Pacific Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 80 Asia Pacific Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 81 Asia Pacific Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 82 Asia Pacific Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 83 Asia Pacific Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 84 Asia Pacific Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 85 Asia Pacific Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 86 Asia Pacific Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 87 Asia Pacific Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 88 Asia Pacific Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 89 Asia Pacific Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 90 Asia Pacific Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 91 Asia Pacific Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 92 Asia Pacific Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Table 93 South America Class 1 Truck Market Outlook, By Country (2022-2030) ($MN)
Table 94 South America Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 95 South America Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 96 South America Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 97 South America Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 98 South America Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 99 South America Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 100 South America Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 101 South America Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 102 South America Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 103 South America Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 104 South America Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 105 South America Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 106 South America Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 107 South America Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 108 South America Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 109 South America Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 110 South America Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 111 South America Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 112 South America Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 113 South America Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 114 South America Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 115 South America Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)
Table 116 Middle East & Africa Class 1 Truck Market Outlook, By Country (2022-2030) ($MN)
Table 117 Middle East & Africa Class 1 Truck Market Outlook, By Product (2022-2030) ($MN)
Table 118 Middle East & Africa Class 1 Truck Market Outlook, By Mini Van (2022-2030) ($MN)
Table 119 Middle East & Africa Class 1 Truck Market Outlook, By Cargo Van (2022-2030) ($MN)
Table 120 Middle East & Africa Class 1 Truck Market Outlook, By Full-Size Pickup (2022-2030) ($MN)
Table 121 Middle East & Africa Class 1 Truck Market Outlook, By Step Van (2022-2030) ($MN)
Table 122 Middle East & Africa Class 1 Truck Market Outlook, By Other Products (2022-2030) ($MN)
Table 123 Middle East & Africa Class 1 Truck Market Outlook, By Fuel (2022-2030) ($MN)
Table 124 Middle East & Africa Class 1 Truck Market Outlook, By Hybrid (2022-2030) ($MN)
Table 125 Middle East & Africa Class 1 Truck Market Outlook, By Electric (2022-2030) ($MN)
Table 126 Middle East & Africa Class 1 Truck Market Outlook, By Diesel (2022-2030) ($MN)
Table 127 Middle East & Africa Class 1 Truck Market Outlook, By Gasoline (2022-2030) ($MN)
Table 128 Middle East & Africa Class 1 Truck Market Outlook, By Other Fuels (2022-2030) ($MN)
Table 129 Middle East & Africa Class 1 Truck Market Outlook, By Application (2022-2030) ($MN)
Table 130 Middle East & Africa Class 1 Truck Market Outlook, By Urban Delivery (2022-2030) ($MN)
Table 131 Middle East & Africa Class 1 Truck Market Outlook, By Food Service (2022-2030) ($MN)
Table 132 Middle East & Africa Class 1 Truck Market Outlook, By Delivery Services (2022-2030) ($MN)
Table 133 Middle East & Africa Class 1 Truck Market Outlook, By Other Applications (2022-2030) ($MN)
Table 134 Middle East & Africa Class 1 Truck Market Outlook, By End User (2022-2030) ($MN)
Table 135 Middle East & Africa Class 1 Truck Market Outlook, By Construction (2022-2030) ($MN)
Table 136 Middle East & Africa Class 1 Truck Market Outlook, By Agriculture (2022-2030) ($MN)
Table 137 Middle East & Africa Class 1 Truck Market Outlook, By Logistics (2022-2030) ($MN)
Table 138 Middle East & Africa Class 1 Truck Market Outlook, By Other End Users (2022-2030) ($MN)

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