HS Code:
The category 'With a capacity of 40.8 metric tons or less' typically falls under HS Code 8704, which covers motor vehicles for the transport of goods. This specific subcategory includes trucks and vans designed for cargo transport with a gross vehicle weight not exceeding 40.8 metric tons. These vehicles are widely used in logistics, construction, and small-scale freight operations across various industries. The category is significant in global trade due to the essential role these vehicles play in domestic and international supply chains, particularly for last-mile delivery and regional transport.
Total Trade Volume
USD 25.6 billion
Data from 2022
Source
United Nations Comtrade Database
USD 6.2 billion
24.2% of total trade of total trade
Increasing
USD 4.8 billion
18.8% of total trade of total trade
Stable
USD 3.5 billion
13.7% of total trade of total trade
Increasing
USD 2.9 billion
11.3% of total trade of total trade
Increasing
USD 1.8 billion
7.0% of total trade of total trade
Stable
Average Rate
6.5%
Highest Rate
25% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Shift towards electric and hybrid vehicles
Increasing demand for eco-friendly transport solutions is driving innovation and investment in electric trucks with capacities under 40.8 metric tons, particularly in urban logistics.
2021-2023
Rising e-commerce demand
Growth in online shopping has boosted the need for smaller capacity trucks for last-mile delivery, particularly in densely populated regions.
2020-2022
Supply chain disruptions
Global semiconductor shortages and logistical bottlenecks have slowed production and delivery of vehicles, impacting trade volumes temporarily.
2021-2022
The European Union introduced stricter emission regulations for commercial vehicles, including those under 40.8 metric tons, pushing manufacturers to adopt cleaner technologies.
January 2023
Increased production costs for manufacturers but potential long-term growth in demand for compliant vehicles in the EU market.
Revised rules of origin under the USMCA have incentivized North American production of light and medium-duty trucks, benefiting manufacturers in the US, Canada, and Mexico.
July 2022
Strengthened regional trade ties and reduced tariffs among member countries, boosting trade volumes.
Chinese manufacturers have ramped up exports of electric trucks in this capacity category, capitalizing on government subsidies and growing global demand for sustainable transport.
March 2023
Increased competition for traditional manufacturers in Europe and North America, potentially lowering prices for consumers.