Commercial Vehicles - United States

United States

The projected unit sales in the Commercial Vehicles market in the United States are estimated to reach 13.75m vehicles by 2024.
It is expected that these unit sales will experience a compound annual growth rate of 2.18% between 2024 and 2030, resulting in a projected market volume of 15.65m vehicles by 2030.
The production of Commercial Vehicles market the in the United States is also expected to increase to 11.18m vehicles by 2030, indicating the potential for significant growth in the market.
From an international perspective, it is evident that the in the United States will dominate the sales, with 13.75m vehicles units projected to be sold in 2024.
The United States is experiencing a growing demand for electric commercial vehicles, driven by government incentives and increased environmental awareness.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in United States is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Commercial Vehicles market in United States are shifting towards more fuel-efficient and environmentally friendly vehicles.

With increasing concerns about climate change and rising fuel costs, customers are looking for vehicles that offer better fuel efficiency and lower emissions. This has led to a rise in the demand for electric and hybrid commercial vehicles, as well as vehicles powered by alternative fuels such as natural gas. In addition to fuel efficiency, customers in the United States are also placing a greater emphasis on safety features in commercial vehicles.

With the increasing number of accidents involving commercial vehicles, customers are seeking vehicles that come equipped with advanced safety technologies such as collision avoidance systems, lane departure warning systems, and blind spot detection systems. This trend is driving the adoption of these safety features in commercial vehicles in the United States. The Commercial Vehicles market in United States is also witnessing several market trends that are shaping its development.

One such trend is the rise of e-commerce and last-mile delivery services. With the growth of online shopping, there is a greater demand for vehicles that can efficiently deliver goods to customers' doorsteps. This has led to an increase in the demand for smaller, more maneuverable commercial vehicles that are well-suited for urban environments.

Another trend in the Commercial Vehicles market in United States is the integration of advanced technologies such as telematics and connectivity. These technologies enable fleet operators to track and monitor their vehicles in real-time, optimize routes, and improve overall fleet efficiency. The adoption of these technologies is expected to continue to grow in the coming years, as fleet operators look for ways to improve their operations and reduce costs.

Local special circumstances in the United States, such as government regulations and incentives, also play a role in the development of the Commercial Vehicles market. The government has implemented stricter emission standards and fuel efficiency regulations, which are driving the adoption of electric and hybrid commercial vehicles. Additionally, there are various incentives and subsidies available for customers and fleet operators who choose to purchase or operate environmentally friendly vehicles.

Underlying macroeconomic factors, such as economic growth and infrastructure development, also contribute to the development of the Commercial Vehicles market in United States. As the economy grows, there is an increased demand for commercial vehicles to support various industries such as construction, logistics, and transportation. Furthermore, the ongoing investment in infrastructure projects, such as road construction and expansion, creates a need for commercial vehicles to support these projects.

In conclusion, the Commercial Vehicles market in United States is experiencing growth and development due to customer preferences for fuel-efficient and safe vehicles, market trends such as e-commerce and connectivity, local special circumstances such as government regulations and incentives, and underlying macroeconomic factors such as economic growth and infrastructure development. These factors are driving the adoption of advanced technologies and alternative fuels in commercial vehicles, as well as the demand for smaller, more maneuverable vehicles for last-mile delivery services.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.