Forecast: Commercial Vehicles in Use in the US

In the U.S., the commercial vehicles in use reported a value of 158.52 million units in 2023. From 2013 to 2019, the market experienced a steady annual growth, with a slight dip in 2020 attributed to the impacts of the COVID-19 pandemic, marking a sharp year-on-year decrease of -15.79%. Recovery was swift, with significant growth resuming in 2021 at 16.08%. Between 2022 and 2023, the growth stabilized with year-on-year changes of 6.7% and 1.32% respectively. The compound annual growth rate (CAGR) from 2019 to 2023 was modest at 1.42%.

Future projections suggest a consistent rise, with the market expected to reach 168.86 million units by 2028. The forecasted CAGR for the next five years stands at 1.05%, reflecting a period of moderate but steady growth with an overall predicted increase of 5.38% by 2028.

Future trends to watch for:

• Electrification of commercial fleets influenced by environmental regulations and advancements in electric vehicle technology.

• Integration of autonomous driving technology.

• Shift in logistics and supply chain patterns post-pandemic.

• Economic factors impacting commercial vehicle procurement and usage.