Medium-duty Truck Market Share

Asia Pacific Market Forecast

Asia Pacific medium-duty truck market is anticipated to hold revenue share of over 45.2% by the end of 2037, primarily due to the rising industrial and urban activities. The rapid infrastructure development activities and swift migration of people towards urban cities necessitate the use of medium-duty trucks for construction and material transportation. Medium-duty vehicles with high-volume transportation capabilities are prime choice vehicles, particularly in transportation.

The rapid industrialization and e-commerce growth in China are pushing the demand for advanced medium-duty trucks. For instance, according to the International Trade Administration report, China is the world’s largest market for e-commerce and contributes to 50% of global transactions. This highlights that the huge freight and logistics operations carried out in China directly fuel the demand for advanced medium-duty trucks.

India is witnessing high mining operations with an estimated 1319 carried out in FY 2022, 545 for metallic mineral mining and 775 for non-metallic minerals respectively. The rising mining activities are fuelling the need for modern high-performance, medium-duty materials for material transportation. Thus, the expanding mining activities are expected to offer lucrative opportunities for modern medium-duty truck manufacturers in India.

North America Market Statistics

The North America medium-duty truck market is projected to expand at a healthy CAGR during the projected timeframe. The continuous advancements in truck production and strict regulations on carbon emissions are anticipated to boost the adoption of modern medium-duty trucks in the region. The end use industries such as construction, freight, and logistics are highly advanced and open to employing the latest technologies, which is contributing to the increasing sales of modern medium-duty trucks for transportation purposes.

In the U.S., strict environmental regulations are the prime factors augmenting the sales of electric medium-duty truck market. For instance, in March 2024, the U.S. Environmental Protection Agency announced a new set of national pollution standards for passenger vehicles, light-duty trucks, and medium-duty trucks for model years 2027 through 2032 and beyond. These new set of standards are anticipated to mitigate over 7 billion tons of carbon emissions in the coming years. Thus, to comply with these regulations the manufacturers are more focused on the production of sustainable medium-duty trucks, and end use organizations are also adopting EV medium-duty trucks to align with sustainability trends.

The swiftly expanding e-commerce sector in Canada is pushing the demand for advanced and reliable delivery vehicles such as modern medium-duty trucks. The logistics companies in the country are highly advanced and invest more in innovative delivery solutions such as medium-duty trucks with telematics and advanced driver-assistance systems. Furthermore, the country’s zero-emission initiative is driving the electrification trend in the medium-duty truck market. Road transportation is a major contributor to the air population growth and to mitigate this government is implementing strict clean transportation regulations, further fuelling the sales of EV medium-duty vehicles.