United States Commercial Vehicle Market Introduction and Overview
According to SPER Market Research, the United States Commercial Vehicle Market is estimated to reach USD 291.83 billion by 2033 with a CAGR 6.72%.
The report includes an in-depth analysis of the United States Commercial Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. The main purpose of commercial vehicles, which are four-wheeled vehicles, is to transport passengers, goods, or both as part of their business operations. These automobiles consist of vans, trucks, buses, and other specialty vehicles. Metric tonnes are used to quantify the weight difference between large trucks and light commercial vehicles. Depending on national and professional norms, this limit can be anywhere between 3.5 and 7 tonnes.
- The brand-new MPV Vellfire strong hybrid electric vehicle (SHEV) was introduced by Toyota Kirloskar Motor in August 2023. Its beginning price was INR 11.99 million and would eventually go up to INR 12.99 million.
- General Motors intensifies its ambitions for an electric future in the Middle East in August 2023.
Market Opportunities and Challenges
Opportunities: The market for commercial vehicles is always changing as a result of things like increased freight traffic, regional value chains becoming more globalized, improvements in drive technology, and a greater emphasis on safety. The constant increase in fuel prices since 2005 has had an effect on the expansion of diesel trucks. Furthermore, American gasoline manufacturers are running close to capacity, which leaves little opportunity for production growth. Furthemore, the main factors propelling the market growth are growing infrastructure, industrial sector expansion, and urbanization. The growth of the industrial sector is creating a large number of jobs in a variety of industries, including construction, tourism, and mining. Public transportation is in great demand as a result of the rise of commuters brought on by the availability of job possibilities.
Challenges: The high production costs and intricate mechanisms of advanced systems are anticipated to impede market expansion as the automotive industry transitions to electrification and the use of advanced technology in automobiles. Additionally, the use of sensors, cameras, radars, mapping, and other software systems is made possible by the integration of advanced driver assistance systems, such as adaptive cruise control, park assist, driver monitoring, and others. In addition to raising the total cost of cars, these systems also present a number of technical difficulties and issues.
Market Competitive Landscape
The top five companies in the US commercial vehicle market have 80.10% of the market, which is fairly consolidated. The leading companies in this industry are Toyota Motor Corporation, General Motors Company, Ford Motor Company, Ram Trucking, Inc., and Daimler AG (Mercedes-Benz AG).
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Propulsion Type |
| Regions covered | Eastern region, Western region, Southern region, Northern region |
| Companies Covered | 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. |
COVID-19 Impact on United States Commercial Vehicle Market
The U.S. market was negatively affected by the COVID-19 pandemic. During lockdowns and limitations, a number of firms reduced or temporarily ceased operations. The need for the product was impacted, particularly in sectors like non-essential retail, hospitality, and tourism, as a result of the decreased demand for goods and services. Additionally, car manufacturers and their subcontractors experienced difficulties in demand and production as a result of the pandemic limitations. Additionally, it caused the supply chain for steel parts, paints, and machinery to cease, primarily for raw materials originating from Asian nations. As a result, there were significant delays in completing current orders. Additionally, the high import taxes and restricted availability of raw materials hindered or reduced the manufacture of trucks and buses.
Key Target Audience:
- Fleet Operators
- Logistics and Transportation Companies
- Government and Public Sector
- E-commerce and Retail Businesses
- Construction and Mining Companies
- Agriculture and Farming Sector
- Automotive OEMs and Suppliers
- Vehicle Leasing and Rental Companies
Our in-depth analysis of the United States Commercial Vehicle Market includes the following segments:
| By Vehicle Type: | Light Commercial VehiclesMedium Commercial VehiclesHeavy Commercial Vehicles |
| By Propulsion Type: | ICEBEVHybridsFCEVs |
Key Topics Covered in the Report:
- United States Commercial Vehicle Market Size (FY’2024-FY’2033)
- Overview of United States Commercial Vehicle Market
- Segmentation of United States Commercial Vehicle Market By Vehicle Type (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles)
- Segmentation of United States Commercial Vehicle Market By Propulsion Type (ICE, BEV, Hybrids, FCEVs)
- Expansion Analysis of United States Commercial Vehicle Market
- Problems and Obstacles in United States Commercial Vehicle Market
- Competitive Landscape in the United States Commercial Vehicle Market
- Impact of COVID-19 and Demonetization on United States Commercial Vehicle Market
- Details on Current Investment in United States Commercial Vehicle Market
- Competitive Analysis of United States Commercial Vehicle Market
- Prominent Players in the United States Commercial Vehicle Market
- SWOT Analysis of United States Commercial Vehicle Market
- United States Commercial Vehicle Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United States Commercial Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United States Commercial Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United States Commercial Vehicle Market
7. United States Commercial Vehicle Market, By Vehicle Type (USD Million) 2020-2033
7.1. United States Commercial Vehicle Market Size, Share and Forecast, By Vehicle Type, 2020-2026
7.2. United States Commercial Vehicle Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Light Commercial Vehicles
7.4. Medium Commercial Vehicles
7.5. Heavy Commercial Vehicles
8. United States Commercial Vehicle Market, By Propulsion Type (USD Million) 2020-2033
8.1. United States Commercial Vehicle Market Size, Share and Forecast, By Propulsion Type, 2020-2026
8.2. United States Commercial Vehicle Market Size, Share and Forecast, By Propulsion Type, 2027-2033
8.3. ICE
8.4. BEV
8.5. Hybrids
8.6. FCEVs
9. United States Commercial Vehicle Market Forecast, 2020-2033 (USD Million)
9.1. United States Commercial Vehicle Market Size and Market Share
10. United States Commercial Vehicle Market, By Region, 2020-2033 (USD Million)
10.1. United States Commercial Vehicle Market Size and Market Share By Region (2020-2026)
10.2. United States Commercial Vehicle Market Size and Market Share By Region (2027-2033)
10.3. Eastern Region
10.4. Western Region
10.5. Southern Region
10.6. Northern Region
11. Company Profile
11.1. Daimler AG (Mercedes-Benz AG)
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Daimler Truck Holding AG
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Ford Motor Company
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. General Motors Company
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. Hino Motors Ltd.
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Isuzu Motors Limited
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. PACCAR Inc.
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Ram Trucking, Inc.
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Toyota Motor Corporation
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Volvo Group
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Others
12. Conclusion
13. Reference Links
14. List of Abbreviations