Class 2 Trucks Market Forecasts to 2030 – Global Analysis By Product (Full-Size Pickup, Step Van, Mini Van, Cargo Van and Other Products), Fuel, Drive Configuration, Application, End User and By Geography

Class 2 Trucks Market Forecasts to 2030 – Global Analysis By Product (Full-Size Pickup, Step Van, Mini Van, Cargo Van and Other Products), Fuel, Drive Configuration, Application, End User and By Geography

According to Stratistics MRC, the Global Class 2 Trucks Market is accounted for $720.3 million in 2024 and is expected to reach $1,347.4 million by 2030 growing at a CAGR of 11.0% during the forecast period. These trucks are larger than Class 1 vehicles but smaller than Class 3 trucks. Class 2 trucks are commonly used for transporting goods, making deliveries, and performing light-duty tasks. They include vehicles like full-size pickup trucks, step vans, and utility trucks. Due to their moderate size and versatility, Class 2 trucks are popular choices for businesses and individuals needing a balance of cargo capacity and maneuverability for various applications.

Market Dynamics:

Driver:

Growing environmental concerns to reduce emissions

The market is witnessing a growing emphasis on environmental concerns, leading to concerted efforts to reduce emissions. Manufacturers are increasingly focusing on developing and promoting electric and hybrid vehicles within this segment. Regulatory pressures and consumer demand for eco-friendly options are driving this shift, prompting innovations in battery technology, charging infrastructure, and vehicle design. These developments signify a pivotal moment in the transportation industry's sustainability journey, marking a significant step towards cleaner and greener mobility solutions.

Restraint:

Infrastructure Limitations

Class 2 trucks, falling within the medium-duty category, often struggle with inadequate road designs, limited parking and charging facilities for electric variants, and constrained delivery access in urban areas. These limitations hinder operational efficiency, increase costs, and impede the adoption of newer technologies like electric propulsion systems, posing considerable challenges for manufacturers, fleet operators, and logistics companies in the market.

Opportunity:

Rising municipal fleet purchases

The market is witnessing a significant surge in municipal fleet purchases. This trend is marked by a notable increase in procurement activities among local government entities, indicating a growing demand for vehicles like vans and pickups in this sector. Factors such as infrastructure development projects, urban expansion, and the need for efficient transportation solutions are driving this upward trajectory in municipal fleet acquisitions within the market.

Threat:

High operational expenses

In the market, high operational expenses pose a significant challenge, impacting profitability and sustainability. These expenses encompass fuel costs, maintenance fees, insurance premiums, and regulatory compliance expenses. Rising fuel prices further exacerbate the financial burden on trucking companies, affecting their ability to invest in fleet upgrades and technological advancements. Streamlining operational efficiencies and exploring alternative fuel options are crucial strategies for mitigating these cost pressures and improving overall industry competitiveness.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the Class 2 Trucks market. Supply chain disruptions led to delays in production and delivery of vehicles, causing a temporary decrease in sales. However, as businesses adapted to remote work and e-commerce surged, demand for last-mile delivery vehicles like Class 2 trucks increased. This shift towards online shopping and delivery services drove a gradual recovery in the market, with manufacturers focusing on innovative features to meet evolving customer needs amidst the pandemic.

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

The mini van segment is expected to be the largest during the forecast period. These compact yet robust vehicles are carving a niche for themselves by offering a perfect blend of utility and efficiency. With their smaller footprint, they navigate urban streets with ease while still boasting impressive cargo capacities. Businesses find them particularly appealing for last-mile deliveries, city logistics, and passenger transport. Their popularity signals a shift towards more versatile and adaptable solutions in the commercial vehicle landscape.

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

The food service segment is expected to have the highest CAGR during the forecast period. These trucks are favored for their versatility and capacity. They're increasingly being customized for food delivery, catering, and mobile kitchens. This trend aligns with the rising demand for convenient, on-the-go dining options, especially in urban areas. As a result, manufacturers are focusing on designing Class 2 trucks with enhanced features to meet the specific needs of the food service industry.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The trend towards electrification is becoming prominent in the segment as well. Several automakers are introducing electric versions of their popular models to cater to the growing demand for eco-friendly and low-emission vehicles. Automakers are focusing on meeting or exceeding these standards while delivering vehicles that meet customer expectations in terms of performance and capabilities.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period driven by factors such as urbanization, infrastructure development. Many companies are investing in electric Class 2 trucks to comply with environmental regulations and reduce operating costs over the long term. Additionally, there is growing interest in autonomous driving technologies, although their adoption is still in the early stages. Governments in the region are increasingly focusing on environmental sustainability, which is driving the adoption of cleaner and more efficient vehicles in this region.

Key players in the market

Some of the key players in Class 2 Trucks market include Ford Motor Company, General Motors, Chevrolet, Isuzu Motors Limited, Hino Motors, Volvo Trucks, Mercedes-Benz Trucks, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland, Hyundai Motor Company, Nissan, Freightliner, JAC Motors, Ram Trucks, International Trucks and Kenworth Truck Company.

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

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

Drive Configurations Covered:
• All-Wheel Drive
• Front-Wheel Drive
• Rear-Wheel Drive

Applications Covered:
• Service & Maintenance
• Recreation & Leisure
• Urban Delivery
• Food Service
• Delivery Services
• Other Applications

End Users Covered:
• Construction
• Agriculture
• Logistics
• Other End Users

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