U.S. Commercial Vehicle MarketU.S. Commercial Vehicle Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
U.S. Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles), by Propulsion Type (ICE, BEV, Hybrids, FCEVs), by Forecast 2024-2032
Base Year: 2023
120 Pages
U.S. Commercial Vehicle Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
Key Insights
The U.S. Commercial Vehicle Market size was valued at USD 581.31 USD Billion in 2023 and is projected to reach USD 1161.96 USD Billion by 2032, exhibiting a CAGR of 10.4 % during the forecast period. A commercial vehicle is an automobile that is used for business purposes and not for personal uses. Some of the familiar uses of commercial vehicles include transporting cargo, machinery, or people for business reasons. These vehicles include trucks, vans, buses, and trailers for commercial use, all of which are designed uniquely to suit business necessities. Commercial vehicles often have powertrain systems such as powerful engines, structural framework, and body such as extra car capacity for carrying goods and easy loading and offloading. In general, there are several advantages of using commercial vehicles, these are higher efficiency, affordable transport services, as well as the ability to do more business. Current trends in the US market can be attributed to the customer’s inclinations towards green solutions and innovations in technology preference the technological usage of trucks and vans in an environmentally responsible manner due to certain environmental policies that have been passed to curb on emission and fuel consumption.
U.S. Commercial Vehicle Trends
- Increasing penetration of electric vehicles: Growing environmental concerns, fueled by stringent government regulations, have led to a rise in the adoption of electric and alternative fuel vehicles.
- Rise of autonomous driving: Advancements in sensor and software technologies are driving the development of autonomous and semi-autonomous commercial vehicles.
- Connected vehicles: Advanced connectivity features allow commercial vehicles to transmit and receive vital data, improving operations, safety, and efficiency.
- Shared mobility: Ride-sharing and last-mile delivery services are contributing to the growth of the light commercial vehicle segment.
Driving Forces: What's Propelling the U.S. Commercial Vehicle Market
- Surging freight demand driven by accelerated e-commerce growth and supply chain complexities.
- Environmental sustainability concerns, mandating the transition to low- and zero-emission vehicles.
- Government initiatives offering tax credits and other incentives for sustainable commercial vehicle adoption.
- Technological breakthroughs in autonomous driving, AI, and connectivity, enhancing fleet efficiency and safety.
- Expanding logistics and transportation networks, fueled by the rise of e-commerce and globalization.
Challenges and Restraints in U.S. Commercial Vehicle Market
- High procurement costs: Electric and autonomous vehicles are more expensive to purchase compared to traditional vehicles.
- Limited charging infrastructure: The availability of charging stations is still a challenge, especially for long-distance travel.
- Range anxiety: Owners of electric vehicles may experience anxiety due to the limited range of vehicles.
- Government regulatory hurdles: Stringent regulations can delay or hinder the development and adoption of new technologies.
- Slower adoption of autonomous vehicles: The widespread adoption of autonomous commercial vehicles may take longer due to safety concerns and complex regulatory frameworks.
Emerging Trends in U.S. Commercial Vehicle
- Electrification: Electric vehicles are becoming increasingly popular due to their environmental benefits and lower operating costs.
- Autonomy: Autonomous vehicles offer potential benefits such as increased safety, reduced operating costs, and increased efficiency.
- Connected vehicles: Connected vehicles allow for real-time fleet management, vehicle diagnostics, and predictive maintenance.
- Mobility as a service: Shared mobility services and on-demand delivery are growing, leading to demand for light commercial vehicles.
- Alternative fuel vehicles: Vehicles powered by natural gas, propane, and hydrogen are gaining traction as cleaner alternatives to diesel vehicles.
Growth Catalysts in U.S. Commercial Vehicle Industry
- Government investments in infrastructure: Investments in road and charging infrastructure will facilitate the adoption of electric and autonomous vehicles.
- Collaborations between automakers and technology companies: Strategic partnerships will accelerate the development and commercialization of new technologies.
- Increasing demand for sustainable solutions: Rising environmental concerns are driving the adoption of electric and low-emission vehicles.
- Technological advancements: Innovations in batteries, sensors, and software will improve the performance and cost-effectiveness of electric and autonomous vehicles.
- Growing e-commerce industry: The continued expansion of e-commerce will drive demand for delivery and logistics services, fueling the light commercial vehicle segment.
Market Segmentation: U.S. Commercial Vehicle Analysis
Vehicle Type
- Light Commercial Vehicles (LCVs): <6,000 GVW
- Medium Commercial Vehicles (MCVs): 6,000 - 26,000 GVW
- Heavy Commercial Vehicles (HCVs): >26,000 GVW
Propulsion Type
- Internal Combustion Engine (ICE)
- Battery Electric Vehicle (BEV)
- Hybrid Vehicles
- Fuel Cell Electric Vehicles (FCEVs)
Leading Players in the U.S. Commercial Vehicle Market
- Paccar Inc. (U.S.)
- General Motors (U.S.)
- Ford Motor Company (U.S.)
- Navistar, Inc. (U.S.)
- BYD (China)
- Mercedes-Benz Group (Germany)
- AB Volvo (Sweden)
- Scania (Sweden)
- Nikola Corporation (U.S.)
- Workhorse Group (U.S.)
Significant developments in U.S. Commercial Vehicle Sector
- August 2023: BYD delivered two K7M 30’ battery-electric buses to the City of Burlington in North Carolina.
- June 2023: General Motors acquired ALGOLiON Ltd., an Israel-based battery software startup, for an undisclosed amount.
- May 2023: Scania announced plans to reshape its bus and coach business to provide customers with competitive and sustainable mobility solutions.
- March 2022: Volvo Trucks received an order of 50 Volvo VNR Electric Trucks for WattEV's Truck-as-a-Service start-up.
- September 2021: Ford invested USD 11 billion to set up plants to produce electric vehicle parts and assemble F-series trucks.
Comprehensive Coverage U.S. Commercial Vehicle Market Report
- Market size and forecasts by revenue, volume, and key segments (2023-2029)
- In-depth segmentation by vehicle type (heavy-duty trucks, medium-duty trucks, light commercial vehicles), propulsion type (diesel, gasoline, electric, hybrid), and geographical region.
- Analysis of market dynamics, driving factors, challenges, and growth opportunities.
- Profiles and competitive strategies of key industry players, including OEMs, technology providers, and logistics service providers.
- Exploration of emerging trends, such as platooning, connected supply chains, and last-mile delivery solutions.
- Detailed examination of regional market dynamics, including North America, Europe, Asia-Pacific, and South America.
- SWOT analysis, DROCs framework, and Porter's Five Forces analysis for comprehensive market assessment.
- Customized market research and consulting services to address specific business needs.
Regional Insight
North America is the largest market for commercial vehicles, followed by Europe and Asia-Pacific. The U.S. is the dominant market in North America, accounting for over 70% of the region's revenue. China is the largest market in Asia-Pacific, while Germany is the leader in Europe.
Pricing Strategies
Pricing strategies vary depending on the type of vehicle, propulsion system, and manufacturer. Electric and autonomous vehicles tend to be more expensive than traditional diesel vehicles. However, government incentives and rebates may reduce the cost of these vehicles.
Segmentation
The market is segmented based on the following factors:
- Vehicle Type: Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles
- Propulsion Type: Internal Combustion Engine (ICE), Battery Electric Vehicle (BEV), Hybrid Vehicles, Fuel Cell Electric Vehicles (FCEVs)
- Region: North America, Europe, Asia-Pacific, South America, Middle East and Africa
SWOT Analysis
Strengths:
- Growing demand for commercial vehicles due to increasing freight volumes and e-commerce activities.
- Technological advancements in electric and autonomous vehicles.
- Government incentives and subsidies to promote the adoption of clean and energy-efficient vehicles.
Weaknesses:
- High procurement costs of electric and autonomous vehicles.
- Limited charging infrastructure for electric vehicles.
- Range anxiety associated with electric vehicles.
Opportunities:
- Increasing investments in infrastructure to support the adoption of electric and autonomous vehicles.
- Government regulations to promote the adoption of clean energy vehicles.
- Growing demand for shared mobility services and on-demand delivery.
Threats:
- Economic fluctuations can impact the demand for commercial vehicles.
- Stringent emission regulations can increase the cost of production for manufacturers.
- Competition from alternative modes of transportation, such as rail and air.
U.S. Commercial Vehicle Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 10.4% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1 Increasing Demand for Forged Products in Power
- 3.2.2 Agriculture
- 3.2.3 Aerospace
- 3.2.4 and Defense to Drive Industry Expansion
- 3.3. Market Restrains
- 3.3.1. High Maintenance Cost May Limit the Market Growth
- 3.4. Market Trends
- 3.4.1. Rising Adoption of Automation in Manufacturing to Drive Market Growth
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 5.1. Market Analysis, Insights and Forecast - by Vehicle Type
- 5.1.1. Light Commercial Vehicles
- 5.1.2. Medium Commercial Vehicles
- 5.1.3. Heavy Commercial Vehicles
- 5.2. Market Analysis, Insights and Forecast - by Propulsion Type
- 5.2.1. ICE
- 5.2.2. BEV
- 5.2.3. Hybrids
- 5.2.4. FCEVs
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1.
- 5.1. Market Analysis, Insights and Forecast - by Vehicle Type
- 6. Northeast U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 6.1.1 Light Commercial Vehicles
- 6.1.2 Medium Commercial Vehicles
- 6.1.3 Heavy Commercial Vehicles
- 6.2. Market Analysis, Insights and Forecast - By Propulsion Type
- 6.2.1 ICE
- 6.2.2 BEV
- 6.2.3 Hybrids
- 6.2.4 FCEVs
- 7. Southeast U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 7.1.1 Light Commercial Vehicles
- 7.1.2 Medium Commercial Vehicles
- 7.1.3 Heavy Commercial Vehicles
- 7.2. Market Analysis, Insights and Forecast - By Propulsion Type
- 7.2.1 ICE
- 7.2.2 BEV
- 7.2.3 Hybrids
- 7.2.4 FCEVs
- 8. Midwest U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 8.1.1 Light Commercial Vehicles
- 8.1.2 Medium Commercial Vehicles
- 8.1.3 Heavy Commercial Vehicles
- 8.2. Market Analysis, Insights and Forecast - By Propulsion Type
- 8.2.1 ICE
- 8.2.2 BEV
- 8.2.3 Hybrids
- 8.2.4 FCEVs
- 9. Southwest U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 9.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 9.1.1 Light Commercial Vehicles
- 9.1.2 Medium Commercial Vehicles
- 9.1.3 Heavy Commercial Vehicles
- 9.2. Market Analysis, Insights and Forecast - By Propulsion Type
- 9.2.1 ICE
- 9.2.2 BEV
- 9.2.3 Hybrids
- 9.2.4 FCEVs
- 10. West U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 10.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 10.1.1 Light Commercial Vehicles
- 10.1.2 Medium Commercial Vehicles
- 10.1.3 Heavy Commercial Vehicles
- 10.2. Market Analysis, Insights and Forecast - By Propulsion Type
- 10.2.1 ICE
- 10.2.2 BEV
- 10.2.3 Hybrids
- 10.2.4 FCEVs
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2023
- 11.2. Company Profiles
- 11.2.1 Paccar Inc. (U.S.)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 General Motors (U.S.)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Ford Motor Company (U.S.)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Navistar Inc. (U.S.)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 BYD (China)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 Mercedes-Benz Group (Germany)
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 AB Volvo (Sweden)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Scania (Sweden)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Nikola Corporation (U.S.)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Workhorse Group (U.S.)
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.1 Paccar Inc. (U.S.)
List of Figures
- Figure 1: U.S. Commercial Vehicle Market Revenue Breakdown (USD Billion, %) by Product 2023 & 2031
- Figure 2: U.S. Commercial Vehicle Market Value Share (%), by Vehicle Type 2023 & 2031
- Figure 3: U.S. Commercial Vehicle Market Value Share (%), by Propulsion Type 2023 & 2031
- Figure 4: U.S. Commercial Vehicle Market Share (%) by Company 2023
List of Tables
- Table 1: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2018 & 2031
- Table 2: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 3: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2018 & 2031
- Table 4: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2018 & 2031
- Table 5: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 6: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 7: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2018 & 2031
- Table 8: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 9: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2018 & 2031
- Table 10: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2018 & 2031
- Table 11: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 12: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 13: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2018 & 2031
- Table 14: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 15: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2018 & 2031
- Table 16: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2018 & 2031
- Table 17: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 18: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Country 2018 & 2031
- Table 19: Northeast U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 20: Northeast U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 21: Southeast U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 22: Southeast U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 23: Midwest U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 24: Midwest U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 25: Southwest U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 26: Southwest U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 27: West U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 28: West U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 29: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2018 & 2031
- Table 30: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 31: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2018 & 2031
- Table 32: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2018 & 2031
- Table 33: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 34: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 10.4% from 2018-2032 |
| Segmentation |
|
STEP 1 - Identification of Relevant Samples Size from Population Database
STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.
Note* : In applicable scenarios
STEP 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
STEP 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.
About Market Research Forecast
MR Forecast provides premium market intelligence on deep technologies that can cause a high level of disruption in the market within the next few years. When it comes to doing market viability analyses for technologies at very early phases of development, MR Forecast is second to none. What sets us apart is our set of market estimates based on secondary research data, which in turn gets validated through primary research by key companies in the target market and other stakeholders. It only covers technologies pertaining to Healthcare, IT, big data analysis, block chain technology, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Energy & Power, Automobile, Agriculture, Electronics, Chemical & Materials, Machinery & Equipment's, Consumer Goods, and many others at MR Forecast. Market: The market section introduces the industry to readers, including an overview, business dynamics, competitive benchmarking, and firms' profiles. This enables readers to make decisions on market entry, expansion, and exit in certain nations, regions, or worldwide. Application: We give painstaking attention to the study of every product and technology, along with its use case and user categories, under our research solutions. From here on, the process delivers accurate market estimates and forecasts apart from the best and most meaningful insights.
Products generically come under this phrase and may imply any number of goods, components, materials, technology, or any combination thereof. Any business that wants to push an innovative agenda needs data on product definitions, pricing analysis, benchmarking and roadmaps on technology, demand analysis, and patents. Our research papers contain all that and much more in a depth that makes them incredibly actionable. Products broadly encompass a wide range of goods, components, materials, technologies, or any combination thereof. For businesses aiming to advance an innovative agenda, access to comprehensive data on product definitions, pricing analysis, benchmarking, technological roadmaps, demand analysis, and patents is essential. Our research papers provide in-depth insights into these areas and more, equipping organizations with actionable information that can drive strategic decision-making and enhance competitive positioning in the market.
