United States Commercial Vehicles Market Report and Forecast 2024-2032

United States Commercial Vehicles Market Size

The United States commercial vehicles market reached around USD 155.00 billion in 2023. The market is estimated to grow at a CAGR of 6.8% during the forecast period of 2024-2032 to attain nearly USD 279.56 billion by 2032.

United States Commercial Vehicles Market Outlook

The level of for-hire freight shipments in the United States in September measured by the Freight Transportation Services Index (TSI) was 138.6, which has boosted the United States commercial vehicles market growth. This is because the increasing freight requirements in the country have fuelled the demand for commercial vehicles.

Another key driver of the market is rapid infrastructural development in the United States. The country has a huge expenditure dedicated to its infrastructure including roads, bridges, and train networks. The federal government of the United States spent USD 44.8 billion on infrastructure in 2023 and transferred an additional USD 81.5 billion to states. The Federal Emergency Management Agency (FEMA) has allocated approximately USD 210 million for repairing and rebuilding work due to the damage caused by natural disasters that occurred in 2023, which has further propelled the United States commercial vehicles market development.

The Rising Demand for Medium Commercial Vehicles is One of the Crucial United States Commercial Vehicles Market Trends

• Medium commercial vehicles are expected to experience the highest growth, with a CAGR of 7.6%. The United States commercial vehicles demand growth is driven by the versatility of medium commercial vehicles and the increasing need for vehicles that can efficiently handle medium-scale cargo and passenger transport. 

• Light commercial vehicles, growing at a CAGR of 7.1%, continue to be popular due to their fuel efficiency and suitability for urban deliveries and small businesses. 

• As per the United States commercial vehicles market analysis, heavy commercial vehicles, with a CAGR of 6.4%, remain essential for long-haul transportation and heavy-duty applications, although their growth is comparatively slower due to higher operating costs.

The Growing Adoption of Electric Commercial Vehicles is Driving the United States Commercial Vehicles Market Growth

• Electric commercial vehicles are expected to lead with the highest CAGR of 7.4%. The increasing environmental regulations, advancements in battery technology, and growing adoption of electric vehicles (EVs) due to their lower operating costs and reduced emissions are boosting the United States commercial vehicles market revenue. 

• Hybrid commercial vehicles, growing at a CAGR of 7.2%, reflect the trend towards combining fuel efficiency with the extended range provided by traditional fuels. 

• Diesel commercial vehicles, with a CAGR of 6.5%, continue to hold a significant portion of the United States commercial vehicles market share due to their high torque and efficiency for heavy-duty operations, although their growth is slower due to environmental concerns. 

• The 'Others' category, with a CAGR of 6.1%, includes alternative fuels and technologies contributing to overall market growth at a steady pace.

United States Commercial Vehicles Market Regional Analysis

• The Far West region is expected to lead with the highest CAGR of 7.9%. The region's robust logistics and transportation infrastructure, along with significant investments in green vehicle technologies, is providing favourable United States commercial vehicles market opportunities. 

• The Rocky Mountain region follows with a CAGR of 7.3%, supported by an expanding economy and increasing demand for efficient transportation solutions. 

• The Southwest, with a CAGR of 7.0%, benefits from its strategic location and the growth of e-commerce which drives demand for commercial vehicles. 

• The Southeast is projected to grow at a CAGR of 6.7% during the forecast period of 2024-2032. The expansion of manufacturing and distribution networks is shaping the United States commercial vehicles market dynamics and trends. 

• New England, with a CAGR of 6.3%, and the Mideast, with a CAGR of 5.8%, exhibit steady growth, driven by regional trade and logistics activities. 

• As per the United States commercial vehicles industry statistics, the Plains region, with a CAGR of 5.4%, and the Great Lakes region, with a CAGR of 5.1%, experience moderate growth due to smaller market sizes and steady economic activity.

Key Questions Answered in This Report:

• How has the United States commercial vehicles market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the United States commercial vehicles market?

• What are the key segments within the United States commercial vehicles market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the United States commercial vehicles market?

• Who are the key players in the United States commercial vehicles market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing the United States commercial vehicles market globally or regionally?

• How competitive is the United States commercial vehicles market according to Porter's five forces analysis, including factors like the bargaining power of buyers and suppliers?

• What are the current trends shaping the United States commercial vehicles market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the United States commercial vehicles market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behaviour trends influencing the United States commercial vehicles market?

• How sustainable are current growth rates in the United States commercial vehicles market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the United States commercial vehicles market, and how do they contribute to overall market growth?

• What are the economic factors influencing the United States commercial vehicles market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as ageing populations or urbanization trends, affecting demand in the United States commercial vehicles market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the United States commercial vehicles market?

• What are the regulatory and legal frameworks impacting the United States commercial vehicles market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the United States commercial vehicles market?

• What are the emerging market trends and niche opportunities within the United States commercial vehicles market that stakeholders should be aware of?

• How resilient is the United States commercial vehicles market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the United States commercial vehicles market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, and historical and current market trends, and forecasts the dynamics of the United States commercial vehicles market spanning from 2018 to 2032. 

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the United States commercial vehicles market.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the United States commercial vehicles market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the United States commercial vehicles market landscape.

Key Highlights of the Report