Commercial Vehicles - North America

North America

In 2024, the projected unit sales in the Commercial Vehicles market in North America are expected to reach 16.24m vehicles.
This market is anticipated to demonstrate a compound annual growth rate (CAGR 2024-2030) of 2.22%, resulting in a projected market volume of 18.53m vehicles by 2030.
This projection indicates the potential growth of the Commercial Vehicles market.
Furthermore, it is noteworthy that the in the United States is expected to account for the majority of sales in 2024, with a figure of 13,750.00k vehicles.
North America's commercial vehicle market is experiencing a surge in demand for electric trucks as companies prioritize sustainability and emission reduction.

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 North America is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences in the Commercial Vehicles market in North America are shifting towards more fuel-efficient and environmentally friendly vehicles. Customers are increasingly concerned about the impact of their vehicles on the environment and are seeking out options that reduce emissions and improve fuel efficiency. This shift in preferences is driving manufacturers to invest in the development of electric and hybrid commercial vehicles, as well as vehicles with improved fuel efficiency.

Trends in the market are also influencing the growth of the Commercial Vehicles market in North America. One major trend is the increasing demand for last-mile delivery vehicles. With the rise of e-commerce and online shopping, there is a growing need for efficient and reliable delivery services.

This has led to an increase in the number of commercial vehicles on the road, particularly in urban areas. Additionally, there is a growing trend towards the use of telematics and connectivity in commercial vehicles. This technology allows for improved fleet management and optimization, leading to increased efficiency and cost savings for businesses.

Local special circumstances are also playing a role in the development of the Commercial Vehicles market in North America. For example, government regulations and incentives are encouraging the adoption of electric and hybrid vehicles. In some regions, there are tax credits and subsidies available to businesses that invest in these types of vehicles.

This has incentivized businesses to transition to more sustainable options, further driving the growth of the market. Underlying macroeconomic factors are also contributing to the growth of the Commercial Vehicles market in North America. The overall economic growth in the region, coupled with low interest rates, has led to increased business investment and consumer spending.

This has created a favorable environment for the commercial vehicles market, as businesses are expanding their fleets and consumers are purchasing more goods that require delivery. In conclusion, the Commercial Vehicles market in North America is experiencing significant growth and development due to shifting customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and environmentally friendly vehicles, the increasing need for last-mile delivery vehicles, the adoption of telematics and connectivity, government regulations and incentives, and overall economic growth are all contributing to the positive trajectory of the market.

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.