1. What is the projected Compound Annual Growth Rate (CAGR) of the U.S. Commercial Vehicle Market?
The projected CAGR is approximately 10.4%.
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U.S. Commercial Vehicle MarketU.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 2026-2034
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.
Globally, North America stands out as the largest and most influential market for commercial vehicles, closely followed by Europe and the Asia-Pacific region. Within North America, the United States plays a dominant role, contributing over 70% to the region's total revenue generated by commercial vehicle sales and services. On a global scale, China commands the largest market share within the Asia-Pacific landscape, while Germany leads the European market in commercial vehicle penetration and innovation.
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.
The market is segmented based on the following factors:
Strengths:
Weaknesses:
Opportunities:
Threats:
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 10.4% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
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
The projected CAGR is approximately 10.4%.
Key companies in the market include 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.).
The market segments include Vehicle Type, Propulsion Type.
The market size is estimated to be USD 581.31 USD Billion as of 2022.
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August 2023 – BYD | RIDE delivered two K7M 30’ battery-electric buses to the City of Burlington in North Carolina to serve the passengers of its Link Transit Fleet. The 30-foot buses can accommodate up to 22 passengers and are equipped with the industry’s safest batteries, providing a smooth, quiet, and sustainable ride throughout the city.
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The market size is provided in terms of value, measured in USD Billion and volume, measured in Thousand Units.
Yes, the market keyword associated with the report is "U.S. Commercial Vehicle Market," which aids in identifying and referencing the specific market segment covered.
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