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

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