(MENAFN- GlobeNewsWire - Nasdaq) The global Class 2 Trucks market is set to expand from $688.6 million in 2024 to $1.1 billion by 2030, driven by an 8% CAGR. Market growth is fueled by trends in electrification, powertrain advancements, and configuration innovation. These trucks are integral to growing urban and suburban economies, serving sectors like construction and logistics due to their versatile payload capabilities. Key insights include the rise of electric models, regulatory changes, and tariff impacts on this category. The report provides comprehensive market analysis, regional insights, and actionable forecasts essential for strategic business decisions.Dublin, May 22, 2025 (GLOBE NEWSWIRE) -- The "Class 2 Trucks - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Class 2 Trucks was estimated at US$688.6 Million in 2024 and is projected to reach US$1.1 Billion by 2030, growing at a CAGR of 8% from 2024 to 2030.
This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Class 2 Trucks market.
Why Are Class 2 Trucks Emerging as a Core Segment in Light-Duty Vehicle Demand?
Class 2 trucks are becoming essential tools in construction, utility services, landscaping, trades, delivery logistics, agriculture, and independent contracting work. Their ability to haul moderate payloads and tow equipment without the complexity or licensing requirements of heavier truck classes makes them highly versatile.
Additionally, their dual-utility appeal - as both work vehicles and personal lifestyle transports - has positioned them as a top choice among small businesses and owner-operators alike. In rural and semi-urban regions, Class 2 trucks are often used for farm logistics, ranch operations, and light construction. In urban centers, service providers rely on them for mobile operations such as HVAC servicing, plumbing, electrical repair, and parcel delivery. As business ecosystems decentralize and demand for mobile, self-reliant, and multi-role vehicles grows, Class 2 trucks are proving indispensable across a broadening range of use cases.
Is Product Innovation and Configuration Customization Expanding Market Appeal?
Class 2 trucks are witnessing a wave of innovation, with OEMs introducing increasingly sophisticated features, configurations, and customization options that appeal to diverse end-users across industries. These vehicles are no longer viewed merely as utilitarian tools - they are now integrated with premium comfort features, advanced safety technologies, and digital connectivity platforms. Manufacturers are equipping Class 2 trucks with driver-assist technologies (ADAS), lane-keeping systems, blind spot monitoring, adaptive cruise control, and integrated telematics, transforming the driving experience while enhancing safety and operational oversight.
Connectivity tools such as fleet management apps, vehicle health monitoring, over-the-air updates, and cloud-based diagnostics are being widely adopted by both commercial fleet owners and individual operators.
Furthermore, customizable chassis configurations and modular body options are enabling customers to tailor trucks for specific industries - from cargo vans for parcel delivery to crew-cab pickups for construction crews and tradesmen. In the aftermarket and specialty upfitting sector, there is a booming demand for purpose-built truck bodies including refrigeration units, utility boxes, mobile service labs, and even off-grid expedition conversions. As lifestyle-based ownership increases among outdoor enthusiasts, campers, and overlanding communities, OEMs are also offering Class 2 trucks with off-road performance packages, enhanced suspension systems, and all-terrain capability. This broadening of design, functionality, and application scope is significantly driving both B2B and B2C demand, positioning Class 2 trucks as highly versatile assets across the mobility value chain.
What's Fueling the Sustained Growth of the Global Class 2 Trucks Market?
The growth in the Class 2 trucks market is driven by several factors rooted in commercial activity trends, evolving consumer usage patterns, technology proliferation, and supportive regulatory frameworks. A key driver is the continued expansion of service-based economies and mobile workforce models, where Class 2 trucks serve as the backbone for trades, technicians, delivery operators, and field service professionals. Additionally, the growing focus on electrification - especially among municipal fleets and last-mile delivery services - is accelerating demand for Class 2 electric trucks and vans that balance cargo capacity with environmental compliance. Rising infrastructure development, suburban housing growth, and small-scale construction activity are also fueling demand for utility vehicles that can efficiently operate in constrained urban environments. At the consumer level, lifestyle shifts toward multi-purpose vehicle ownership are driving demand for Class 2 pickup trucks that serve dual roles as family transport and recreational haulers. Moreover, better fuel efficiency, improved powertrains, tax incentives for commercial vehicle upgrades, and access to fleet electrification grants are further supporting adoption across developed markets. The emergence of digital fleet platforms, vehicle subscription models, and telematics-based usage optimization is opening new market channels and boosting appeal among small businesses. Meanwhile, increasing manufacturing investments in emerging markets such as Southeast Asia, Latin America, and Africa are helping to localize Class 2 truck production and meet region-specific needs. Together, these economic, technological, and behavioral forces are contributing to a steady and sustained global growth trajectory for Class 2 trucks, ensuring their continued relevance in the evolving mobility ecosystem.
Report Scope
The report analyzes the Class 2 Trucks market, presented in terms of market value (US$ Thousand). The analysis covers the key segments outlined below.
Segments:
Engine Type (Gasoline Engine, Diesel Engine, Hybrid Engine, Electric Engine, Other Engines) Drive Configuration (All-Wheel Drive, Rear-Wheel Drive, Front-Wheel Drive)
Key Insights:
Market Growth: Understand the significant growth trajectory of the Gasoline Engine segment, which is expected to reach US$593.6 Million by 2030 with a CAGR of a 9.0%. The Diesel Engine segment is also set to grow at 7.9% CAGR over the analysis period. Regional Analysis: Gain insights into the U.S. market, estimated at $187.6 Million in 2024, and China, forecasted to grow at an impressive 12.6% CAGR to reach $236.0 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030. In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Company Profiles: Coverage of players such as Ashok Leyland, BMW Group, Fiat Professional (part of Stellantis), Ford Motor Company, General Motors and more. Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Tariff Impact Analysis: Key Insights for 2025
Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.
The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.
What's Included in This Edition:
Tariff-adjusted market forecasts by region and segment Analysis of cost and supply chain implications by sourcing and trade exposure Strategic insights into geographic shifts
Buyers receive a free 2025 update with:
Finalized tariff impacts and new trade agreement effects Updated projections reflecting global sourcing and cost shifts Expanded country-specific coverage across the industry
Key Attributes:
CONTACT:
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