Class 2 Trucks

Global Class 2 Trucks Market to Reach US$1.1 Billion by 2030

The global market for Class 2 Trucks estimated at US$688.6 Million in the year 2024, is expected to reach US$1.1 Billion by 2030, growing at a CAGR of 8.0% over the analysis period 2024-2030. Gasoline Engine, one of the segments analyzed in the report, is expected to record a 9.0% CAGR and reach US$593.6 Million by the end of the analysis period. Growth in the Diesel Engine segment is estimated at 7.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$187.6 Million While China is Forecast to Grow at 12.6% CAGR

The Class 2 Trucks market in the U.S. is estimated at US$187.6 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$236.0 Million by the year 2030 trailing a CAGR of 12.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.0% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR.

Global Class 2 Trucks Market – Key Trends & Drivers Summarized

Why Are Class 2 Trucks Emerging as a Core Segment in Light-Duty Vehicle Demand?

Class 2 trucks—defined in the U.S. classification system as those with a Gross Vehicle Weight Rating (GVWR) between 6,001 and 10,000 pounds—represent a critical bridge between light passenger vehicles and heavier-duty commercial fleets. This category primarily includes full-size pickup trucks, light-duty chassis cabs, and utility vans that are widely used across residential, commercial, and industrial sectors. As urban and suburban economies evolve, 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.

How Are Electrification and Powertrain Advancements Shaping the Class 2 Truck Landscape?

As the global automotive sector transitions toward low-emission and electric mobility, the Class 2 truck segment is undergoing a profound transformation. Increasing regulatory pressure to reduce greenhouse gas emissions and fuel consumption is prompting OEMs to introduce hybrid and battery-electric models in this weight category. Many leading manufacturers have already launched electric or plug-in hybrid Class 2 trucks, particularly in the form of light commercial vans and pickup trucks aimed at urban delivery, public fleet electrification, and green construction sectors. Unlike heavier trucks that face infrastructure and battery load limitations, Class 2 trucks are better positioned for electrification due to their lower energy demands and compatibility with existing charging systems. Concurrently, there is a strong push to improve traditional powertrains through turbocharging, variable valve timing, advanced transmissions, and lightweight materials—all designed to meet rising fuel economy standards without compromising performance. Clean diesel and natural gas variants are also gaining attention in specific industrial applications. As powertrain innovation continues to evolve, buyers of Class 2 trucks now have a wider choice of efficient and environmentally compliant models, many of which offer comparable towing and payload performance to larger trucks but with better operational cost profiles. This shift is not only modernizing the segment but also expanding its accessibility across regions transitioning toward sustainable transport solutions.

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.

SCOPE OF STUDY:

The report analyzes the Class 2 Trucks market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Engine Type (Gasoline Engine, Diesel Engine, Hybrid Engine, Electric Engine, Other Engines); Drive Configuration (All-Wheel Drive, Rear-Wheel Drive, Front-Wheel Drive)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 48 Featured) -

• Ashok Leyland
• BMW Group
• Fiat Professional (part of Stellantis)
• Ford Motor Company
• General Motors
• Honda Motor Co., Ltd.
• Hyundai Motor Company
• Isuzu Motors Ltd.
• Iveco Group
• Kia Corporation
• Mahindra & Mahindra Limited
• Mercedes-Benz Group
• Mitsubishi Motors Corporation
• Nissan Motor Corporation
• Peugeot S.A. (part of Stellantis)
• Renault Group
• Stellantis (Ram Trucks)
• Tata Motors Limited
• Toyota Motor Corporation
• Volkswagen Group

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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