US Commercial Vehicle Market Growth Drivers 2024, Revenue, Rising Trends, Demand, Key Players, Business Opportunities, Challenges and Forecast till 2033: SPER Market Research
Any motor vehicle used for transporting people, goods, or specialized equipment for business purposes rather than for personal use is referred to as a commercial vehicle. This group includes a wide range of vehicles manufactured to perform various commercial tasks, such as trucks, buses, vans, trailers, and heavy-duty vehicles. Commercial vehicles are vital to global supply chains, logistics, and public transportation systems, supporting industries like freight transportation, passenger services, construction, and agriculture. They are made to be more resilient to inclement weather, travel farther, and carry more weight than passenger cars.
According to SPER market research, ‘United States Commercial Vehicle Market Growth, Size, Trend Analysis – By Vehicle Type, By Propulsion Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the United States Commercial Vehicle Market is predicted to reach USD 291.83 Billion by 2033 with a CAGR of 6.72%.
Drivers: The rapid expansion of the e-commerce sector has led to a surge in the delivery of heavy and light-duty commercial vehicles, as the need for efficient and timely product delivery has increased. An estimated USD 1.03 trillion was spent on e-commerce in the US in 2022, according to the U.S. Department of Commerce. Moreover, retail purchases in the second quarter of 2023 were estimated to have cost USD 1,798.2 billion. Also, the government’s increasing spending on road infrastructure to support the logistics and transportation sector is one of the primary factors propelling market progress. In November 2021, for instance, the Bipartisan Infrastructure Law approved USD 550 billion for investments in fiscal years 2022–2026, mass transit, water infrastructure, broadband, roads, bridges, and resilience.
Challenges: The commercial vehicle industry in the United States faces several significant challenges that affect its growth and operational effectiveness. An aging workforce and a lack of fresh drivers joining the profession are the primary causes of the ongoing driver shortage. Because of this, there is a larger demand for qualified drivers, which drives up wages and slows logistics. As environmental regulations and carbon reduction targets become increasingly strict, there is a growing need to reduce emissions and improve fuel efficiency, and the cost of gasoline is also rising.
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Impact of COVID-19 on United States Commercial Vehicle Market
The U.S. economy was negatively impacted by the COVID-19 pandemic. During lockdowns and limitations, many companies reduced their activities or temporarily ceased them. The need for the product was impacted by the decreased demand for products and services, particularly in sectors like non-essential retail, hospitality, and tourism. Automakers and their subcontractors also had difficulties with demand and production as a result of the pandemic limitations. Additionally, it halted the supply chain for steel parts, paints, and machinery, mostly for raw materials sourced from Asian nations. As a result, there were significant delays in completing current orders.
United States Commercial Vehicle Market Key Players:
Additionally, some of the market key players are; Daimler AG (Mercedes-Benz AG), Daimler Truck Holding AG, Ford Motor Company, General Motors Company.
United States Commercial Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, United States Commercial Vehicle Market is segmented as; Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles.
By Propulsion Type: Based on the Propulsion Type, United States Commercial Vehicle Market is segmented as; ICE, BEV, Hybrids, FCEVs.
By Region: This research also includes data for Eastern region, Western region, Southern region, Northern region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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US Commercial Vehicle Market Share
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