United States Commercial Vehicle Market Trends, Share, Demand, Revenue and Future Outlook
United States Commercial Vehicle Market Growth, Size, Trends Analysis- By Vehicle Type, By Propulsion Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Nov-2024 | Report ID: AMIN24244 | Pages: 1 - 109 | Formats*: |
| Category : Automotive & Transportation | |||
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: | |
| By Propulsion Type: |
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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the United States Commercial Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United States Commercial Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2020-20267.2. United States Commercial Vehicle Market Size, Share and Forecast, By Vehicle Type, 2027-20337.3. Light Commercial Vehicles7.4. Medium Commercial Vehicles7.5. 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, 2020-20268.2. United States Commercial Vehicle Market Size, Share and Forecast, By Propulsion Type, 2027-20338.3. ICE8.4. BEV8.5. Hybrids8.6. 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 Region10.4. Western Region10.5. Southern Region10.6. Northern Region
11. Company Profile
11.1. Daimler AG (Mercedes-Benz AG)11.1.1. Company details11.1.2. Financial outlook11.1.3. Product summary11.1.4. Recent developments11.2. Daimler Truck Holding AG11.2.1. Company details11.2.2. Financial outlook11.2.3. Product summary11.2.4. Recent developments11.3. Ford Motor Company11.3.1. Company details11.3.2. Financial outlook11.3.3. Product summary11.3.4. Recent developments11.4. General Motors Company11.4.1. Company details11.4.2. Financial outlook11.4.3. Product summary11.4.4. Recent developments11.5. Hino Motors Ltd.11.5.1. Company details11.5.2. Financial outlook11.5.3. Product summary11.5.4. Recent developments11.6. Isuzu Motors Limited11.6.1. Company details11.6.2. Financial outlook11.6.3. Product summary11.6.4. Recent developments11.7. PACCAR Inc.11.7.1. Company details11.7.2. Financial outlook11.7.3. Product summary11.7.4. Recent developments11.8. Ram Trucking, Inc.11.8.1. Company details11.8.2. Financial outlook11.8.3. Product summary11.8.4. Recent developments11.9. Toyota Motor Corporation11.9.1. Company details11.9.2. Financial outlook11.9.3. Product summary11.9.4. Recent developments11.10. Volvo Group11.10.1. Company details11.10.2. Financial outlook11.10.3. Product summary11.10.4. Recent developments11.11. Others
12. Conclusion
13. Reference Links
14. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
United States Commercial Vehicle Market is projected to reach USD 291.83 billion by 2033, growing at a CAGR of 6.72% during the forecast period.
United States Commercial Vehicle Market grew in Market size from 2024. The Market is expected to reach USD 291.83 billion by 2033, at a CAGR of 6.72% during the forecast period.
United States Commercial Vehicle Market CAGR of 6.72% during the forecast period.
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United States Commercial Vehicle Market size is USD 291.83 billion from 2024 to 2033.
United States Commercial Vehicle Market is covered By Vehicle Type, By Propulsion Type
The North America is anticipated to have the highest Market share in the United States Commercial Vehicle Market.
The Key players in the Market include 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.
The high cost of advanced diabetes drugs and the financial burden of treating diabetes remain major obstacles to market growth, despite the fact that numerous drugs have been approved for the condition and that governments and industry players are launching numerous initiatives.
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