A commercial vehicle is any motor vehicle that is used for business, not for personal, reasons, such as delivering passengers, cargo, or specialized equipment. A vast variety of automobiles, including trucks, buses, vans, trailers, and heavy-duty vehicles built to carry out different commercial jobs, fall under this group. Commercial vehicles are essential to international supply chains, logistics, and public transit networks, supporting sectors such as passenger services, freight transportation, construction, and agriculture. They are designed to go farther, carry heavier loads, and withstand harsher weather than passenger automobiles.
United States Commercial Vehicle Market Driving Factors and Challenges
Drivers: Heavy and light-duty commercial vehicle delivery has increased due to the e-commerce industry's explosive growth, which has raised the demand for prompt and effective product delivery. The U.S. Department of Commerce estimates that e-commerce sales in the United States were USD 1.03 trillion in 2022. Furthermore, a projected USD 1,798.2 billion was spent on retail sales in the second quarter of 2023. Moreover, one of the main drivers of market expansion is the rising government expenditure on building road infrastructure to support the transportation and logistics industry. For example, in November 2021, the Bipartisan Infrastructure Law authorized USD 550 billion for investments in mass transit, water infrastructure, broadband, roads, bridges, resilience, and fiscal years 2022–2026.
Challenges: The expansion and operating efficiency of the commercial vehicle sector in the United States are impacted by a number of noteworthy obstacles. The persistent driver shortage—caused by an aging workforce and a dearth of new drivers entering the field—is one of the main problems. As a result, there is a greater need for skilled drivers, which raises wages and causes delays in logistics. The cost of fuel is also increasing, and there is demand to cut emissions and increase fuel efficiency, especially as environmental rules and carbon reduction targets becoming more stringent.
Impact of COVID-19 on United States Commercial Vehicle Market
The COVID-19 pandemic had a negative impact on the U.S. economy. Many businesses scaled back or temporarily stopped operations during lockdowns and restrictions. The reduced demand for goods and services had an effect on the need for the product, especially in industries like non-essential retail, hospitality, and tourism. Additionally, the pandemic restrictions caused demand and production challenges for automakers and their subcontractors. It also stopped the supply chain for machinery, paints, and steel parts, mostly for raw materials coming from Asian countries. Consequently, there were considerable hold-ups in fulfilling existing orders.
United States Commercial Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Daimler AG (Mercedes-Benz AG), Daimler Truck Holding AG, Ford Motor Company, General Motors Company, Hino Motors Ltd., Isuzu Motors Limited, PACCAR Inc., Ram Trucking, Inc., Toyota Motor Corporation, Volvo Group, Others.
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.