1. What is the projected Compound Annual Growth Rate (CAGR) of the U.S. Commercial Vehicle Market?
The projected CAGR is approximately 10.4%.
U.S. Commercial Vehicle MarketU.S. Commercial Vehicle Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
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 2025-2033
Base Year: 2024
120 Pages
U.S. Commercial Vehicle Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
U.S. Commercial Vehicle Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
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
- Robust Government Investments in Infrastructure: Significant government initiatives and funding for infrastructure development, including road upgrades and the expansion of EV charging networks, are acting as major tailwinds. These investments are crucial for facilitating the widespread adoption of electric and autonomous commercial vehicles by addressing range anxiety and operational feasibility.
- Synergistic Collaborations Between Automakers and Technology Companies: The U.S. commercial vehicle industry is witnessing a surge in strategic alliances between established automotive manufacturers and cutting-edge technology firms. These partnerships are instrumental in accelerating the research, development, and commercialization of groundbreaking technologies, such as advanced driver-assistance systems (ADAS), sophisticated AI for autonomous driving, and integrated fleet management software.
- Escalating Demand for Sustainable and Eco-Friendly Solutions: Growing global awareness of environmental issues and increasingly stringent emissions regulations are powerfully driving the demand for commercial vehicles that offer reduced environmental impact. This translates to a strong market push towards electric vehicles (EVs), hybrid powertrains, and other low-emission alternatives across various commercial applications.
- Pioneering Technological Advancements: Continuous innovation in key areas like battery technology (offering longer ranges and faster charging), advanced sensor suites for enhanced perception, and sophisticated software platforms for vehicle control and connectivity are making electric and autonomous commercial vehicles more performant, reliable, and economically viable for fleet operators.
- Unprecedented Growth of the E-commerce Industry: The persistent and rapid expansion of the e-commerce sector is creating an insatiable demand for efficient and timely delivery and logistics services. This surge directly fuels the demand for light commercial vehicles (LCVs) and medium-duty trucks, essential for last-mile delivery and supply chain operations.
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 Overview:
- Detailed analysis of market size and growth 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
- Market Dynamics:
- Thorough examination of market dynamics, including driving factors, challenges, and growth opportunities
- Analysis of technological advancements, regulatory changes, and economic trends shaping the market
- Industry Landscape:
- Comprehensive profiles and competitive strategies of key industry players, including OEMs, technology providers, and logistics service providers
- Assessment of market share, product offerings, and innovation initiatives
- Identification of key alliances, partnerships, and acquisitions
- Emerging Trends:
- Exploration of emerging trends, such as platooning, connected supply chains, and last-mile delivery solutions
- Analysis of disruptive technologies and their potential impact on the market
- Regional Market Dynamics:
- Detailed examination of regional market dynamics, including North America, Europe, Asia-Pacific, and South America
- Analysis of growth drivers, market maturity, and competitive landscapes in each region
- Strategic Analysis:
- Comprehensive SWOT analysis, DROCs framework, and Porter's Five Forces analysis for a robust market assessment
- Identification of opportunities, threats, and competitive advantages
- Customized Services:
- Customized market research and consulting services to address specific business needs
- Tailored reports, data analysis, and strategic recommendations
Regional Insight
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
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 | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 10.4% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 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, 2019-2031
- 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, 2019-2031
- 7. Southeast U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2019-2031
- 8. Midwest U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2019-2031
- 9. Southwest U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2019-2031
- 10. West U.S. Commercial Vehicle Market Analysis, Insights and Forecast, 2019-2031
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2024
- 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 2024 & 2032
- Figure 2: U.S. Commercial Vehicle Market Share (%) by Company 2024
List of Tables
- Table 1: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 2: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Region 2019 & 2032
- Table 3: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2019 & 2032
- Table 4: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2019 & 2032
- Table 5: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2019 & 2032
- Table 6: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2019 & 2032
- Table 7: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 8: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Region 2019 & 2032
- Table 9: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 10: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Country 2019 & 2032
- Table 11: Northeast U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 12: Northeast U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2019 & 2032
- Table 13: Southeast U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 14: Southeast U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2019 & 2032
- Table 15: Midwest U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 16: Midwest U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2019 & 2032
- Table 17: Southwest U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 18: Southwest U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2019 & 2032
- Table 19: West U.S. Commercial Vehicle Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 20: West U.S. Commercial Vehicle Market Volume (Thousand Units) Forecast, by Application 2019 & 2032
- Table 21: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Vehicle Type 2019 & 2032
- Table 22: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2019 & 2032
- Table 23: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Propulsion Type 2019 & 2032
- Table 24: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Propulsion Type 2019 & 2032
- Table 25: U.S. Commercial Vehicle Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 26: U.S. Commercial Vehicle Market Volume Thousand Units Forecast, by Country 2019 & 2032
Methodology
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 segments, 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 mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.
Frequently Asked Questions
2. Which companies are prominent players in the U.S. Commercial Vehicle Market?
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.).
3. What are the main segments of the U.S. Commercial Vehicle Market?
The market segments include Vehicle Type, Propulsion Type.
4. Can you provide details about the market size?
The market size is estimated to be USD 581.31 USD Billion as of 2022.
5. What are some drivers contributing to market growth?
Increasing Demand for Forged Products in Power. Agriculture. Aerospace. and Defense to Drive Industry Expansion.
6. What are the notable trends driving market growth?
Rising Adoption of Automation in Manufacturing to Drive Market Growth.
7. Are there any restraints impacting market growth?
High Maintenance Cost May Limit the Market Growth.
8. Can you provide examples of recent developments in the market?
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.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 2850, USD 3850, and USD 4850 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in USD Billion and volume, measured in Thousand Units.
11. Are there any specific market keywords associated with the report?
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.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the U.S. Commercial Vehicle Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the U.S. Commercial Vehicle Market?
To stay informed about further developments, trends, and reports in the U.S. Commercial Vehicle Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.