United States Commercial Vehicles Market
United States Commercial Vehicles Market, By Vehicle Type (Light Commercial Vehicles (LCVs), Buses & Coaches, Heavy Trucks); By Engine Type (IC Engine, Electric Engine); By Fuel Type (Gasoline, Diesel, HEV/PHEV, Battery Electric Vehicle (BEV), Fuel Cell Vehicle, LPG & Natural Gas); By Application (Mining & Construction, Industrial, Passenger Transportation, Logistics, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: September 2024
- Report ID: BWC24698
- Available Format: PDF
- Page: 130
Report Overview
A spurring demand for electric vehicles (EVs) and autonomous vehicles, an increasing number of infrastructure development projects, adoption of technological advancements, and stringent regulations for emissions are the major factors driving United States Commercial Vehicles Market during the forecast period between 2024 and 2030.United States Commercial Vehicles Market – Industry Trends & Forecast Report, 2030
United States Commercial Vehicles Market size by value was estimated at USD 642.31 billion in 2023. During the forecast period between 2024 and 2030, United States Commercial Vehicles Market size is expected to expand at a CAGR of 10.40% reaching a value of USD 1,286.71 billion by 2030. The driving factors of United States Commercial Vehicles Market include strong demand from industries such as construction, logistics, and e-commerce, fueled by economic growth and urbanization. Advancements in technology, such as electric and autonomous vehicles, are further boosting market expansion. Stringent emission regulations are also driving the adoption of cleaner, more fuel-efficient vehicles. Additionally, government incentives and investments in infrastructure projects, coupled with increasing consumer preference for online shopping and last-mile delivery services, are propelling the demand for commercial vehicles.
Commercial Vehicles – Overview
Commercial vehicles are motorized transportation used for carrying goods or passengers, typically for business purposes. This category includes light commercial vehicles (LCVs), heavy trucks, buses, and coaches. Commercial vehicles play a crucial role in industries such as logistics, construction, mining, and passenger transport. They come in various forms, including internal combustion engine (ICE) vehicles, electric vehicles (EVs), and hybrid models. Advancements in electric and fuel-efficient technologies are driving the sector, making it essential for global trade and industrial operations.
United States Commercial Vehicles Market
Segmental Information
Growth and Expansion of E-commerce
The rapid growth of e-commerce has significantly boosted the demand for commercial vehicles in United States. As online shopping continues to surge, there is an increasing need for efficient and reliable delivery services. This trend has led to a rise in the number of commercial vehicles, particularly in urban areas, to facilitate last-mile deliveries. The expansion of e-commerce is thus a key driver for the growth of United States Commercial Vehicles Market.
Challenges
Rising Fuel Costs
United States Commercial Vehicles Market faces significant challenges due to rising fuel costs. Fuel expenses, which can account for up to 37% of operating costs, have surged, impacting profitability for fleet operators. Increasing fuel prices drive up transportation costs, making it difficult for smaller carriers to sustain operations without passing costs onto consumers. Consequently, the market is seeing a shift towards more fuel-efficient and alternative fuel vehicles.
Impact of Escalating Geopolitical Tensions on United States Commercial Vehicles Market
Intensifying trade and economic tensions, particularly between United States and China, significantly impact United States Commercial Vehicles Market. These tensions disrupt supply chains, especially for electric vehicle (EV) components and batteries. The imposition of tariffs and trade restrictions increases production costs and complicates sourcing materials. Additionally, political instability can lead to fluctuating fuel prices and economic uncertainty, affecting consumer confidence and vehicle sales. Companies are forced to seek alternative suppliers and invest in domestic manufacturing, which can be costly and time-consuming. Overall, geopolitical tensions create an unpredictable market environment, challenging the growth and stability of the commercial vehicles sector.
United States Commercial Vehicles Market
Segmental Information
United States Commercial Vehicles Market – By Vehicle Type
By vehicle type, United States Commercial Vehicles Market is divided into Light Commercial Vehicles (LCVs), Buses & Coaches, and Heavy Trucks segments. Light Commercial Vehicles (LCVs) represent the largest segment of United States Commercial Vehicles Market. LCVs dominate due to their widespread use in urban deliveries, e-commerce logistics, and small business operations, offering versatility and cost-efficiency. These vehicles are favored for last-mile deliveries, driving strong demand in industries such as retail, construction, and services. The rising trend of online shopping and the need for flexible transport solutions further contribute to the significant market share.
United States Commercial Vehicles Market – By Engine Type
Based on engine type, United States Commercial Vehicles Market is divided into IC Engine and Electric Engine segments. The IC engine segment is a larger contributor to the growth of United States Commercial Vehicles Market, due to the widespread use of internal combustion engines (ICE) across industries, including logistics, construction, and transportation, where diesel and gasoline-powered vehicles are preferred for their reliability and extensive infrastructure support. However, the electric engine segment is expected to grow rapidly during the forecast period, driven by sustainability trends, stricter emissions regulations, and advancements in EV technology.
United States Commercial Vehicles Market – By Fuel Type
On the basis of fuel type, United States Commercial Vehicles Market is divided into Gasoline, Diesel, HEV/PHEV, Battery Electric Vehicle (BEV), Fuel Cell Vehicle, and LPG & Natural Gas segments. The diesel segment is the largest fuel type in United States Commercial Vehicles Market. Diesel-powered commercial vehicles dominate the market due to their high fuel efficiency, durability, and suitability for long-haul operations and heavy-duty tasks. Diesel engines are widely used in sectors like freight transportation, construction, and agriculture, where power and efficiency are critical. However, the market is gradually shifting towards hybrid (HEV/PHEV) and battery electric vehicles (BEVs) due to stricter emission regulations and growing environmental concerns.
Competitive Landscape
Key players in the highly competitive United States Commercial Vehicles Market include Daimler Trucks, Ford Motor Company, Paccar Inc, Volvo Group, General Motors Company, Hino Motors Ltd, Toyota Motor Corporation, Mercedes-Benz, Stellantis, and Navistar International Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
United States |
Product/Service Segmentation |
Vehicle Type, Engine Type, Fuel Type, Application |
Key Players |
Daimler Trucks, Ford Motor Company, Paccar Inc, Volvo Group, General Motors Company, Hino Motors Ltd., Toyota Motor Corporation, Mercedes-Benz, Stellantis, Navistar International Corporation |
By Vehicle Type
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Light Commercial Vehicles (LCVs)
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Buses & Coaches
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Heavy Trucks
By Engine Type
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IC Engine
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Electric Engine
By Fuel Type
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Gasoline
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Diesel HEV/PHEV
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Battery Electric Vehicle (BEV)
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Fuel Cell Vehicle
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LPG & Natural Gas
By Application
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Mining & Construction
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Industrial
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Passenger Transportation
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Logistics
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Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- United States Commercial Vehicles Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growth and expansion of e-commerce
- Ongoing infrastructure projects, such as road construction and expansion
- Increasing industrial activity
- Innovations in electric vehicles, autonomous driving, and telematics
- Restraints
- Rising fuel costs
- Stringent emission regulations
- Opportunities
- Increasing electric vehicles
- Increasing demand for Autonomous commercial vehicles
- Exploring alternative fuels like hydrogen or renewable natural gas
- Challenges
- High initial costs
- Changes in regulations, particularly related to emissions standards and autonomous
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- United States Commercial Vehicles Market: Pricing Analysis
- United States Commercial Vehicles Market: Marketing Strategies
- United States Commercial Vehicles Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share and Forecast
- By Vehicle Type
- Light Commercial Vehicles (LCVs)
- Buses & Coaches
- Heavy Trucks
- By Engine Type
- IC Engine
- Electric Engine
- By Fuel Type
- Gasoline
- Diesel HEV/PHEV
- Battery Electric Vehicle (BEV)
- Fuel Cell Vehicle
- LPG & Natural Gas
- By Application
- Mining & Construction
- Industrial
- Passenger Transportation
- Logistics
- Others
- By Vehicle Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- United States Commercial Vehicles Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on United States Commercial Vehicles Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- Daimler Trucks
- Ford Motor Company
- Paccar Inc
- Volvo Group
- General Motors Company
- Hino Motors Ltd
- Toyota Motor Corporation
- Mercedes-Benz
- Stellantis
- Navistar International Corporation
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
Figure 1 United States Commercial Vehicles Segmentation
Figure 2 United States Commercial Vehicles Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 United States Commercial Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 5 United States Commercial Vehicles Market Share, By Vehicle Type, By Value (USD Billion), 2019–2030
Figure 6 United States Commercial Vehicles Market Share, By Material Type, By Value (USD Billion), 2019–2030
Figure 7 United States Commercial Vehicles Market Share, By Fuel Type, By Value (USD Billion), 2019–2030
Figure 8 United States Commercial Vehicles Market Share, By Application, By Value (USD Billion), 2019–2030
List of Tables
Table 1 United States Commercial Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 2 United States Commercial Vehicles Market Share, By Vehicle Type, By Value (USD Billion), 2019–2030
Table 3 United States Commercial Vehicles Market Share, By Material Type, By Value (USD Billion), 2019–2030
Table 4 United States Commercial Vehicles Market Share, By Fuel Type, By Value (USD Billion), 2019–2030
Table 5 United States Commercial Vehicles Market Share, By Application, By Value (USD Billion), 2019–2030
Table 6 Daimler Trucks Company Overview
Table 7 Daimler Trucks Financial Overview
Table 8 Ford Motor Company: Company Overview
Table 9 Ford Motor Company Financial Overview
Table 10 Paccar Inc Company Overview
Table 11 Paccar Inc Financial Overview
Table 12 Volvo Group Company Overview
Table 13 Volvo Group Financial Overview
Table 14 General Motors Company: Company Overview
Table 15 General Motors Company Financial Overview
Table 16 Hino Motors Ltd Company Overview
Table 17 Hino Motors Ltd Financial Overview
Table 18 Toyota Motor Corporation Company Overview
Table 19 Toyota Motor Corporation Financial Overview
Table 20 Mercedes-Benz Company Overview
Table 21 Mercedes-Benz Financial Overview
Table 22 Stellantis Company Overview
Table 23 Stellantis Financial Overview
Table 24 Navistar International Corporation Company Overview
Table 25 Navistar International Corporation Financial Overview
Market Segmentation
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