April 16, 2024

US Commercial Vehicles Market Size to Reach USD 342.1 Bn by 2033

The US commercial vehicles market size is poised to grow by USD 342.1 billion by 2033 from USD 204.1 billion in 2023, exhibiting a CAGR of 5.4% during the forecast period 2024 to 2033.

Key Points

  • By product, the light commercial vehicles (LCVs) segment held the dominating share of the market in 2023.
  • By end-use, the logistics segment estimated for the largest market share in 2023.
  • By end-use, the passenger transportation segment is expected to grow at a significant rate during the forecast period.
  • By propulsion type, the electric vehicle segment held the largest share of the market in 2023.
  • By power source, the battery electric vehicle (BEV) segment is expected to hold a significant market share over the forecast period.

US Commercial Vehicles Market Size 2024 to 2033

The US commercial vehicles market is a dynamic and significant sector within the transportation industry. It encompasses various types of vehicles used for commercial purposes, including trucks, vans, buses, and trailers. This market plays a crucial role in facilitating the movement of goods and people across the country, serving industries such as logistics, construction, manufacturing, and public transportation.

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Growth Factors

Several factors contribute to the growth of the US commercial vehicles market. One of the primary drivers is the robust economic activity, which leads to increased demand for transportation services. As businesses expand their operations and e-commerce continues to thrive, the need for efficient and reliable commercial vehicles rises. Additionally, advancements in technology, such as the development of electric and autonomous vehicles, are reshaping the market landscape, offering opportunities for growth and innovation. Moreover, government initiatives aimed at infrastructure development and sustainability further stimulate market growth by incentivizing the adoption of cleaner and more fuel-efficient vehicles.

US Commercial Vehicles Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.4%
U.S. Market Size in 2023 USD 204.1 Billion
U.S. Market Size by 2033 USD 342.1 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, By End-use, By Propulsion Type, and By Power Source

Read More: Gene Silencing Market Size to Worth USD 8.48 Billion by 2033

Opportunities

The US commercial vehicles market presents numerous opportunities for manufacturers, suppliers, and service providers. With the growing emphasis on sustainability and environmental regulations, there is a rising demand for electric and alternative fuel vehicles, opening avenues for companies to invest in research and development of eco-friendly technologies. Furthermore, the increasing integration of telematics and connectivity solutions offers opportunities for companies to provide value-added services such as fleet management, predictive maintenance, and real-time monitoring, enhancing operational efficiency and customer satisfaction. Additionally, the rise of shared mobility and on-demand transportation services creates new markets for specialized commercial vehicles tailored to meet evolving consumer needs.

Challenges

Despite the promising growth prospects, the US commercial vehicles market also faces several challenges. One significant challenge is the volatility of fuel prices, which can impact operating costs and profitability for fleet operators. Moreover, regulatory uncertainty, including changing emission standards and trade policies, poses challenges for industry stakeholders in terms of compliance and strategic planning. Additionally, the adoption of new technologies such as electric and autonomous vehicles presents challenges related to infrastructure readiness, battery range, and regulatory frameworks. Furthermore, intense competition within the market, coupled with evolving customer preferences and expectations, requires companies to continuously innovate and differentiate their offerings to maintain a competitive edge.

US Commercial Vehicles Market Companies

  • Ford Motor Company
  • Daimler Trucks North America
  • Hino Motors, Ltd.
  • GM motors
  • ISUZU COMMERCIAL TRUCKS
  • Paccar Inc
  • Navistar International Transportation Corporation
  • Toyota motor corporation
  • Volvo Group
  • ZF Friedrichshafen AG

Data Sources and Methodology

To gather comprehensive insights on the Global US commercial vehicles Market, we relied on a range of data sources and followed a well-defined methodology. Our approach involved interactions with industry experts and key stakeholders across the market’s value chain, including management organizations, processing organizations, and analytics service providers.

We followed a rigorous data analysis process to ensure the quality and credibility of our research. The gathered information was carefully evaluated, and relevant quantitative data was subjected to statistical analysis. By employing robust analytical techniques, we were able to derive meaningful insights and present a comprehensive overview of the Global US commercial vehicles Market.

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  • The research report has been meticulously crafted to provide comprehensive knowledge on essential marketing strategies and a holistic understanding of crucial marketing plans spanning the forecasted period from 2023 to 2032.

Key Features of the Report:

  • Comprehensive Coverage: The report extensively encompasses a detailed explanation of highly effective analytical marketing methods applicable to companies across all industry sectors.
  • Decision-Making Enhancement: It outlines a concise overview of the decision-making process while highlighting key techniques to enhance it, ensuring favorable business outcomes in the future.
  • Articulated R&D Approach: The report presents a well-defined approach to conducting research and development (R&D) activities, enabling accurate data acquisition on current and future marketing conditions.

Market Segmentation:

By Product

  • Light Commercial Vehicles (LCVs)
  • Buses & Coaches
  • Heavy Trucks

By End-use

  • Mining & Construction
  • Industrial
  • Passenger Transportation
  • Logistics
  • Others

By Propulsion Type

  • IC Engine
  • Electric Vehicle

By Power Source

  • Gasoline
  • Diesel
  • HEV/PHEV
  • Battery Electric Vehicle (BEV)
  • Fuel Cell Vehicle
  • LPG & Natural Gas

Reasons to Consider Purchasing the Report:

  • Enhance your market research capabilities by accessing this comprehensive and precise report on the global US commercial vehicles market.
  • Gain a thorough understanding of the overall market landscape and be prepared to overcome challenges while ensuring robust growth.
  • Benefit from in-depth research and analysis of the latest trends shaping the global US commercial vehicles market.
  • Obtain detailed insights into evolving market trends, current and future technologies, and strategic approaches employed by key players in the global US commercial vehicles market.
  • Receive valuable recommendations and guidance for both new entrants and established players seeking further market expansion.
  • Discover not only the cutting-edge technological advancements in the global US commercial vehicles market but also the strategic plans of industry leaders.

Table of Content

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on US Commercial Vehicles Market 

5.1. COVID-19 Landscape: US Commercial Vehicles Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global US Commercial Vehicles Market, By Product

8.1. US Commercial Vehicles Market Revenue and Volume Forecast, by Product, 2024-2033

8.1.1. Light Commercial Vehicles (LCVs)

8.1.1.1. Market Revenue and Volume Forecast (2021-2033)

8.1.2. Buses & Coaches

8.1.2.1. Market Revenue and Volume Forecast (2021-2033)

8.1.3. Heavy Trucks

8.1.3.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 9. Global US Commercial Vehicles Market, By End-use

9.1. US Commercial Vehicles Market Revenue and Volume Forecast, by End-use, 2024-2033

9.1.1. Mining & Construction

9.1.1.1. Market Revenue and Volume Forecast (2021-2033)

9.1.2. Industrial

9.1.2.1. Market Revenue and Volume Forecast (2021-2033)

9.1.3. Passenger Transportation

9.1.3.1. Market Revenue and Volume Forecast (2021-2033)

9.1.4. Logistics

9.1.4.1. Market Revenue and Volume Forecast (2021-2033)

9.1.5. Others

9.1.5.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 10. Global US Commercial Vehicles Market, By Propulsion Type 

10.1. US Commercial Vehicles Market Revenue and Volume Forecast, by Propulsion Type, 2024-2033

10.1.1. IC Engine

10.1.1.1. Market Revenue and Volume Forecast (2021-2033)

10.1.2. Electric Vehicle

10.1.2.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 11. Global US Commercial Vehicles Market, By Power Source 

11.1. US Commercial Vehicles Market Revenue and Volume Forecast, by Power Source, 2024-2033

11.1.1. Gasoline

11.1.1.1. Market Revenue and Volume Forecast (2021-2033)

11.1.2. Diesel

11.1.2.1. Market Revenue and Volume Forecast (2021-2033)

11.1.3. HEV/PHEV

11.1.3.1. Market Revenue and Volume Forecast (2021-2033)

11.1.4. Battery Electric Vehicle (BEV)

11.1.4.1. Market Revenue and Volume Forecast (2021-2033)

11.1.5. Fuel Cell Vehicle

11.1.5.1. Market Revenue and Volume Forecast (2021-2033)

11.1.6. LPG & Natural Gas

11.1.6.1. Market Revenue and Volume Forecast (2021-2033)

Chapter 12. Global US Commercial Vehicles Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.1.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.1.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.1.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.1.5. U.S.

12.1.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.1.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.1.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.1.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.1.6.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.1.6.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.1.6.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.2. Europe

12.2.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.2.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.2.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.2.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.2.5. UK

12.2.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.2.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.2.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.2.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.2.6. Germany

12.2.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.2.6.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.2.6.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.2.6.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.2.7. France

12.2.7.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.2.7.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.2.7.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.2.7.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.2.8.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.2.8.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.2.8.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.3. APAC

12.3.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.3.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.3.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.3.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.3.5. India

12.3.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.3.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.3.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.3.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.3.6. China

12.3.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.3.6.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.3.6.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.3.6.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.3.7. Japan

12.3.7.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.3.7.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.3.7.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.3.7.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.3.8.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.3.8.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.3.8.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.4. MEA

12.4.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.4.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.4.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.4.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.4.5. GCC

12.4.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.4.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.4.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.4.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.4.6. North Africa

12.4.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.4.6.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.4.6.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.4.6.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.4.7. South Africa

12.4.7.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.4.7.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.4.7.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.4.7.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.4.8.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.4.8.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.4.8.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.5. Latin America

12.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.5.5. Brazil

12.5.5.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.5.5.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.5.5.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.5.5.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Volume Forecast, by Product (2021-2033)

12.5.6.2. Market Revenue and Volume Forecast, by End-use (2021-2033)

12.5.6.3. Market Revenue and Volume Forecast, by Propulsion Type (2021-2033)

12.5.6.4. Market Revenue and Volume Forecast, by Power Source (2021-2033)

Chapter 13. Company Profiles

13.1. Ford Motor Company

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Daimler Trucks North America

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Hino Motors, Ltd.

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. GM motors

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. ISUZU COMMERCIAL TRUCKS

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. Paccar Inc

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Navistar International Transportation Corporation

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Toyota motor corporation

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Volvo Group

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. ZF Friedrichshafen AG

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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