Here's a summary of the box truck market forecast for 2024
The box truck market size was valued at $12.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of over 4% from 2024 to 2032. The growth of the box truck market can be attributed to the increasing demand for last-mile deliveries due to the rise in e-commerce.
Additionally, advancements in technology have led to the development of electric and autonomous box trucks, which are expected to revolutionize the industry. In terms of fuel, diesel box trucks dominated the market in 2023, accounting for over 65% of the market share. However, electric and hybrid box trucks are gaining traction due to environmental regulations and sustainability goals.
The commercial segment accounted for around 60% of the box truck market share in 2023, with industries such as logistics, retail, and delivery services driving the demand. The North American market recorded around 24% of the revenue share in 2023, with the U.S. being the largest market due to the growing demand for e-commerce and the increasing focus on sustainability. Key players in the box truck market include Ford and General Motors, who are investing in electric and autonomous technologies to stay ahead of the competition.
The market is expected to witness significant growth in the coming years, driven by the increasing demand for last-mile deliveries and the adoption of sustainable technologies. In terms of challenges, the high initial cost of box trucks is a major barrier to entry for new players, and the market is expected to face competition from alternative modes of transportation such as drones and hyperloop systems.
However, the growth of the e-commerce industry and the increasing focus on sustainability are expected to drive the demand for box trucks in the coming years.
Overall, the box truck market is expected to witness significant growth in the coming years, driven by the increasing demand for last-mile deliveries and the adoption of sustainable technologies.
Key players in the market are investing in electric and autonomous technologies to stay ahead of the competition, and the market is expected to witness significant growth in the coming years.