Class 7 Truck Market Research Report By Engine Power (Below 200 horsepower, 200-299 horsepower, 300 horsepower and above), By Payload Capacity (Below 16,000 pounds, 16,000-19,500 pounds, 19,500-26,000 pounds, Above 26,000 pounds), By Application (Dry Van, Refrigerated, Flatbed, Dump, Tanker), By Fuel Type (Diesel, Natural Gas, Electric), By Axle Configuration (6x4, 4x2, 6x2, 8x4) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Class 7 Truck Market Overview:

As per MRFR analysis, the Class 7 Truck Market Size was estimated at 11.43 (USD Billion) in 2022.The Class 7 Truck Market Industry is expected to grow from 11.87(USD Billion) in 2023 to 16.7 (USD Billion) by 2032. The Class 7 Truck Market CAGR (growth rate) is expected to be around 3.87% during the forecast period (2024 - 2032).

Key Class 7 Truck Market Trends Highlighted

The demand for class 7 trucks is rising further due to more e-commerce activities, more freight being transported, and supply chain disruptions. The need for moving small freight in urban and sub urban areas is another major opportunity for the companies operating in these markets, as is the increasing penetration of electric and hybrid Class 7 trucks targeting the transport market. Opportunities also lie in the increasing market for last-mile delivery and attempts by the companies to venturing in telematics and connectivity development. The recent trends revolve around shortening lead times, more leasing and renting, and new entrants in the market such as autonomous driving and platooning technologies. The market will keep pushing upwards further focusing on innovation, sustainability, and the dynamic nature of the logistics and transport industry.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Class 7 Truck Market Drivers

Rising Demand for Efficient Transportation

One of the main driving factors of the Class 7 Truck Market Industry is the increasing demand for efficient transportation solutions. As they own various designs, class 7 trucks are such an example, as they are equipped with features that provide companies and organizations with an opportunity to increase the level of their transportation efficiency. They take advantage of the improved fuel efficiency, reduced level of emissions, and upgraded safety features.Also, businesses get an opportunity to enhance the efficiency of their operations through the adoption of such advanced technologies as telematics and vehicle tracking systems. As a result, the organizations can ensure cost optimization as one of the central reasons for going in favor of class 7 trucks that are considered to be more sustainable in the modern context.

Expansion of E-commerce and Logistics Sector

E-commerce and the logistics business practically do not know the crisis; their rapid growth is one of the main engines of this year’s industry’s Class 7 Truck Market growth. Along with the online orders and delivery of goods to your home, the need for reliable and fast means of transportation is growing. The class 7 trucks confidently “feel themselves” in these conditions: there can be different types of transportation, as well as they are used on potentially large distances, transporting goods between different warehouses or distribution centers.

Government Regulations and Incentives

Apart from growing environmental concerns, government regulations and incentives concerning emissions, and fuel efficiency are also boosting the growth of the Class 7 Truck Market Industry. Stringent emissions regulations imposed by the EPA, for example, and equivalent authorities elsewhere, as well as the prevailing Euro 6 standards in Europe, have prompted manufacturers to develop cleaner and more efficient Class 7 trucks. Furthermore, the fact that governments also introduce incentives in the form of tax breaks or subsidies for environmentally friendly and highly fuel-efficient trucks encourages growth of the demand for the identified vehicles.In other words, the measures taken by the governments to protect the environment help boost the overall growth of the Class 7 truck market since they create the premises for growth of demand for environmentally friendly and efficient vehicles.

Class 7 Truck Market Segment Insights:

Class 7 Truck Market Engine Power Insights

The Engine Power segment is a significant factor in the Class 7 Truck Market. In 2023, the 'Below 200 horsepower' segment held the largest market share, accounting for around 42.3% of the global revenue. This segment is expected to maintain its dominance throughout the forecast period, reaching a projected valuation of 7.2 billion USD by 2032. The '200-299 horsepower' segment is anticipated to exhibit a steady growth rate, capturing a market share of approximately 34.6% by 2032. Meanwhile, the '300 horsepower and above' segment is poised for significant growth, driven by the rising demand for high-powered trucks for heavy-duty applications.This segment is projected to reach a valuation of 3.8 billion USD by 2032, representing a market share of around 23%. The growth in the Engine Power segment is primarily attributed to the increasing adoption of Class 7 trucks in various industries, including construction, mining, and transportation. Additionally, advancements in engine technology, such as improved fuel efficiency and emissions reduction, are expected to further drive the growth of this segment.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Class 7 Truck Market Payload Capacity Insights

The Class 7 Truck Market is segmented based on payload capacity, which includes 'Below 16,000 pounds', '16,000-19,500 pounds', '19,500-26,000 pounds', and 'Above 26,000 pounds'. The 'Below 16,000 pounds' segment held the largest market share in 2023, and it is projected to continue its dominance throughout the forecast period (2023-2032). This can be attributed to the increasing demand for lightweight trucks for various applications, such as last-mile delivery and urban transportation. The '16,000-19,500 pounds' segment is expected to witness significant growth during the forecast period due to the rising demand for medium-duty trucks for regional transportation and construction activities.The '19,500-26,000 pounds' segment is projected to grow steadily, driven by the increasing adoption of heavy-duty trucks for long-haul transportation and specialized applications. The 'Above 26,000 pounds' segment is anticipated to experience moderate growth, primarily due to the demand for specialized trucks for heavy-duty applications, such as mining and construction.

Class 7 Truck Market Application Insights

The Class 7 Truck Market is segmented by Application into Dry Van, Refrigerated, Flatbed, Dump, and Tanker. Dry Van is expected to hold the largest market share in 2023, accounting for around 40% of the Class 7 Truck Market revenue. The growth of the Dry Van segment can be attributed to the increasing demand for transportation of general goods and commodities. Refrigerated is expected to be the fastest-growing segment, with a CAGR of 4.5% during the forecast period. The growth of the Refrigerated segment can be attributed to the increasing demand for transportation of perishable goods.Flatbed is expected to account for a significant market share, owing to its versatility and ability to transport a wide range of goods. Dump is expected to be a niche segment, with a market share of around 10% in 2023. Tanker is expected to account for a small market share, owing to its specific application in the transportation of liquids and gases.

Class 7 Truck Market Fuel Type Insights

The Class 7 Truck Market segmentation by Fuel Type includes Diesel, Natural Gas, and Electric. Diesel holds the largest market share due to its wide availability, well-established infrastructure, and cost-effectiveness. In 2023, the Diesel segment accounted for approximately 85% of the Class 7 Truck Market revenue. Natural Gas is gaining traction due to its lower emissions and cost advantages, and is expected to witness significant growth over the forecast period. Electric Class 7 trucks, though still a niche segment, offer zero emissions and are expected to gain popularity in the long run, driven by government regulations and environmental concerns.The Class 7 Truck Market data indicates a growing shift towards alternative fuel types, with the Electric segment expected to register the highest CAGR during the forecast period.

Class 7 Truck Market Axle Configuration Insights

Axle configuration plays a crucial role in determining the load-bearing capacity, maneuverability, and fuel efficiency of Class 7 trucks. Among the various axle configurations available, 6x4, 4x2, 6x2, and 8x4 are the most prevalent in the Class 7 Truck Market. The 6x4 configuration, with three axles and six wheels, offers a balance of load-bearing capacity and maneuverability. Its versatility makes it suitable for various applications, including regional hauling, construction, and waste management. The 4x2 configuration, with two axles and four wheels, prioritizes maneuverability and fuel efficiency.It is commonly used for light to medium-duty applications, such as urban deliveries and pickup and delivery services. The 6x2 configuration, featuring two rear axles with six wheels, provides enhanced load-bearing capacity compared to 4x2 trucks. Its stability and traction make it ideal for heavy-duty applications, such as long-haul transportation and construction. The 8x4 configuration, with four axles and eight wheels, offers the highest load-bearing capacity among these configurations. It is primarily used in specialized applications, such as heavy equipment transport and mining operations, where maximum load capacity is crucial.

Class 7 Truck Market Regional Insights

The regional segmentation of the Class 7 Truck Market offers valuable insights into the geographical distribution of market growth and opportunities. North America holds a significant share of the market, driven by robust infrastructure development and increasing demand for heavy-duty trucks. Europe follows closely, with a well-established automotive industry and a growing focus on sustainability, leading to rising demand for electric and hybrid Class 7 trucks. Asia Pacific is projected to witness the fastest growth in the coming years, fueled by rapid urbanization and economic expansion.South America and the Middle East and Africa present emerging markets with potential for growth as infrastructure and transportation needs evolve. By understanding the regional dynamics and specific growth drivers, businesses can tailor their strategies to target key markets and capitalize on growth opportunities in the Class 7 Truck Market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Class 7 Truck Market Key Players And Competitive Insights:

The most prominent competitive edge seeking strategies observed in the representatives from the Class 7 Truck Market include investment in research and development, product portfolio expansion, and the development of distribution networks. Furthermore, major players in the industry tend to engage in strategic partnerships and acquirements to improve their operations and address weaknesses or develop a stronger market presence. The cause of the described strategies is the fact that the development of the Class 7 Truck Market hinges on the increasing demand for suitable and efficient means of transport, the growth of e-commerce and logistics operations, and the boosting of governmental sustainability regulations. As a result, the competitive landscape of the Class 7 Truck Market will most likely remain highly competitive, with some lobbying for market share through the call of innovation, others focusing on cost reduction, and the rest trying to accumulate consumer loyalty. One of the current major competitors in the Class 7 Truck Market is Daimler Trucks North America (DTNA), the subsidiary of the Overseas company Daimler AG – the company is represented by the organic brand Freightliner, which offers a vast range of trucks that are identifiable by their durability, fuel-efficiency, and overall environmental and advanced safety features throughout North America and the expandingly other parts of the world – with reliance on innovation and high consumer satisfaction, Daimler Trucks North America has proven to be versatile and steady player in the industry. Another such key player in the Class 7 Truck Market is the parent company of Kenworth and Peterbilt, PACCAR Inc.. The described organization is characterized by the production of especially stable and reliable Class 7 trucks that are focused on performance and durability through global presence and specialization in the provider’s quality and central consumer approach, the vast dealer network of the brand, and strong brand name causes the company to hold a distinct competitive edge over other industry representatives.

Key Companies in the Class 7 Truck Market Include:

• UD Trucks


• MAN


• Iveco


• Scania


• Isuzu


• Hino Motors


• FAW


• Volvo


• Daimler Truck


• Dongfeng


• SAIC Motor


• JAC Motors


• Traton


• FUSO


• PACCAR

Class 7 Truck Market Industry Developments

The Class 7 Truck Market is projected to reach USD 16.7 billion by 2032, exhibiting a CAGR of 3.87% during the forecast period (2024-2032). The market growth is driven by increasing demand for medium-duty trucks for various applications such as distribution, construction, and logistics. Stringent emission regulations and rising fuel costs have led to the adoption of fuel-efficient and eco-friendly Class 7 trucks. Technological advancements, such as autonomous driving and connected vehicles, are expected to further enhance the market growth in the coming years. Key industry players are focusing on developing innovative products and expanding their global presence to cater to the evolving customer needs.

Class 7 Truck Market Segmentation Insights

• Class 7 Truck Market Engine Power Outlook


• Below 200 horsepower


• 200-299 horsepower


• 300 horsepower and above

• Class 7 Truck Market Payload Capacity Outlook


• Below 16,000 pounds


• 16,000-19,500 pounds


• 19,500-26,000 pounds


• Above 26,000 pounds

• Class 7 Truck Market Application Outlook


• Dry Van


• Refrigerated


• Flatbed


• Dump


• Tanker

• Class 7 Truck Market Fuel Type Outlook


• Diesel


• Natural Gas


• Electric

• Class 7 Truck Market Axle Configuration Outlook


• 6x4


• 4x2


• 6x2


• 8x4

• Class 7 Truck Market Regional Outlook


• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa