Mini trucks are light duty commercial vehicles with lower carriage capacity. Mini trucks are classified under the gross weight category of 01 to 14000 lbs. Mini trucks are utilized for commercial as well as domestic purposes; however, they are primarily used for commercial purposes.
Demand for mini trucks is rising, globally, owing to their advantages of multipurpose utility. Moreover, the mini truck market is being driven due to the expansion of the service and IT (Information Technology) industry. Rising preference for road trips and touring, due to increasing per capita income is propelling the production of mini trucks. Mini trucks are preferred for road touring due to their higher carriage capacity and higher strength to ride on diverse road conditions. Preference of the younger generation toward light trucks is likely to propel the mini truck market. Introduction of electric-powered mini trucks can be a restraining factor for the existing diesel and gasoline-powered mini trucks.
The mini truck market can be segment based on utility, fuel, carriage capacity, and region. Based on utility the commercial utility segment is expanding at a rapid pace, as most service industries employ light trucks for transport of small machinery. Increase in population is another factor boosting the mini truck market owing to the high demand for transporting goods in small capacities.
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Based on fuel, the diesel-powered mini truck segment is dominating the mini truck market due to its higher load-carrying capacity and lower cost of diesel, as compared to gasoline. Moreover, diesel-powered vehicles are more efficiency in terms of fuel economy, which adds to the profit margin of mini truck owners. However, the introduction of electric-powered mini trucks is considered as a boon for all industries and the electric-powered mini trucks is anticipated to expand at a significant pace due to preference of society toward eco-friendly mobility and government support to boost electric vehicles. Governing bodies in different countries are providing monetary benefits such as lower interest rates and tax exemptions in order to encourage the adoption of electric-powered vehicles.
In terms of carriage capacity, the mini truck market can be segmented into ultra-light trucks and light trucks. The light trucks segment is likely to hold a major share of the global mini truck market owing to their higher carriage capacity and higher lifespan, as compared to ultra-light mini trucks. Light trucks always have four or more wheels; however ultra-light trucks can have three wheels.
Based on region, APAC is a prominent and rapidly expanding market for mini truck owing to significant rise in industrialization in the region. Countries such as China and India are leading markets for mini truck in APAC. Rising per capita income in the region is prompting people to invest in small businesses, which is boosting the demand for mini trucks, as transportation source is necessary for most businesses.
Major players operating in the global mini truck market include Isuzu Motors Ltd., Ford Motor Company, Mahindra & Mahindra, Ashok Leyland, Ford Motor Company, Mazda Motor Corporation, Nissan Motor Company Ltd. and TATA Motors.