Market Size of north america van Industry
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 13.19 Billion |
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Market Size (2030) | USD 17.7 Billion |
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Largest Share by Vehicle Body Type | Light Commercial Pick-up Trucks |
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CAGR (2024 - 2030) | 5.03 % |
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Largest Share by Country | US |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Van Market Analysis
The North America Van Market size is estimated at 13.19 billion USD in 2024, and is expected to reach 17.7 billion USD by 2030, growing at a CAGR of 5.03% during the forecast period (2024-2030).
13.19 Billion
Market Size in 2024 (USD)
17.7 Billion
Market Size in 2030 (USD)
-2.00 %
CAGR (2017-2023)
5.03 %
CAGR (2024-2030)
Largest Segment by Fuel Category
53.63 %
value share, Diesel, 2023
Diesel vans dominate due to their superior fuel efficiency, higher torque for heavy loads, and longer engine lifespan, making them cost-effective for commercial use across North America.
Fastest-growing Segment by Fuel Category
36.13 %
Projected CAGR, BEV, 2024-2030
BEVs are the fastest-growing segment due to increasing environmental regulations, advancements in battery technology, and growing infrastructure for electric vehicle charging.
Largest Segment by Country
86.90 %
value share, US, 2023
The US leads the North America Van Market due to its vast commercial sector, extensive road network, and high demand for reliable and versatile vans for logistics and small businesses.
Fastest-growing Segment by Country
5.43 %
Projected CAGR, US, 2024-2030
The US is the fastest-growing segment due to substantial investments in electric vehicle infrastructure, government incentives, and a strong push towards sustainable transportation solutions.
Leading Market Player
50.27 %
market share, Ford Motor Company, 2023
Domestic Production, a variety of offerings(models) for various purposes such as cargo. Crew, passengers, etc. plus a stronghold in the US is making Ford the largest player in North American van sales.
The North American van market is witnessing significant growth, with distinct trends in each country pointing toward a rising preference for versatile and efficient transportation solutions
- Automakers are proactively exploring alternative fuel sources for their vehicles, driven by the dwindling petroleum supplies and escalating gasoline costs. The 2022 Russia-Ukraine conflict further exacerbated the already doubled petroleum prices over the past few decades, prompting a global push towards electric vehicles (EVs) for more economical everyday transportation. Tax rates also play a role in global fuel costs, with the US having the lowest fuel tax at 19% and India imposing a hefty 69% tax. These factors, combined with the rising fuel prices over the last two decades, underscore the appeal of EVs, which boast significantly lower operating costs compared to traditional internal combustion engine (ICE) vehicles.
- Electrifying their vehicle portfolios has become a paramount objective for automakers. Volvo aims for EVs to constitute 50% of its global sales by 2025. Subaru plans to introduce hybrid or electric versions for all its models by 2035. Ford is planning to invest a substantial USD 29 billion in EVs by 2025, while GM is allocating USD 27 billion, with a vision to electrify its entire light-duty vehicle lineup by 2035. Other manufacturers have set similar ambitions, albeit with varying timelines and targets, all united by their commitment to electrification.
- North America is set to witness the launch of 12 new electric vans between 2020 and 2028. Notably, the majority will be entirely new models, including the ELMS UD-1, Rivian R1A, and BrightDrop EV600. Additionally, established van lines like the Mercedes-Benz eSprinter and Ford Transit are also gearing up to introduce all-electric variants in the future.
North America Van Industry Segmentation
Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Canada, Mexico, US are covered as segments by Country.
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North America Van Market Size Summary
The North America van market is experiencing a significant transformation, driven by the shift towards electric vehicles (EVs) and the increasing adoption of alternative fuel sources. This transition is largely influenced by rising fuel prices and the need for more economical transportation solutions, exacerbated by geopolitical tensions such as the Russia-Ukraine conflict. Automakers are actively electrifying their vehicle portfolios, with major companies like Volvo, Subaru, Ford, and GM setting ambitious targets for EV integration. The market is poised for growth, with numerous new electric van models set to launch, including the ELMS UD-1, Rivian R1A, and BrightDrop EV600, alongside all-electric variants of established models like the Mercedes-Benz eSprinter and Ford Transit.
Government incentives and subsidies are playing a crucial role in accelerating the adoption of electric commercial vehicles in North America. Initiatives such as federal rebates in Canada are expected to significantly boost demand from logistics and e-commerce sectors. The market is further supported by substantial investments from automakers, with Volkswagen committing billions to establish an electric car manufacturing facility in North America. This strategic focus on EV deployment and attractive incentives is anticipated to drive notable growth in the electric vehicle market across the region. The North America van market is fairly consolidated, with major players like Daimler AG, Ford Motor Company, General Motors Company, and Ram Trucking Inc. dominating the landscape.
North America Van Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Propulsion Type
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1.1.1 Hybrid and Electric Vehicles
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1.1.1.1 By Fuel Category
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1.1.1.1.1 BEV
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1.1.1.1.2 PHEV
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1.1.2 ICE
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1.1.2.1 By Fuel Category
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1.1.2.1.1 Diesel
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1.1.2.1.2 Gasoline
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1.2 Country
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1.2.1 Canada
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1.2.2 Mexico
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1.2.3 US
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North America Van Market Size FAQs
How big is the North America Van Market?
The North America Van Market size is expected to reach USD 13.19 billion in 2024 and grow at a CAGR of 5.03% to reach USD 17.70 billion by 2030.
What is the current North America Van Market size?
In 2024, the North America Van Market size is expected to reach USD 13.19 billion.
