United States Commercial Vehicles Market Size

United States Commercial Vehicles Market Analysis

The United States Commercial Vehicles Market size is estimated at 165 billion USD in 2024, and is expected to reach 240.1 billion USD by 2030, growing at a CAGR of 6.45% during the forecast period (2024-2030).

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165 Billion

Market Size in 2024 (USD)

240.1 Billion

Market Size in 2030 (USD)

2.85 %

CAGR (2017-2023)

6.45 %

CAGR (2024-2030)

Largest Segment by Vehicle Body Type

72.37 %

value share, Light Commercial Pick-up Trucks, 2023

Light commercial pick-up trucks dominate due to their versatility in urban and rural areas, high demand from small businesses, and suitability for a range of tasks from delivery to construction.

Largest Segment by Fuel Category

68.14 %

value share, Gasoline, 2023

Gasoline remains the largest segment due to the widespread refueling infrastructure, lower upfront vehicle costs compared to alternatives, and long-standing consumer familiarity with gasoline engines.

Fastest-growing Segment by Fuel Category

36.61 %

Projected CAGR, FCEV, 2024-2030

FCEVs are growing rapidly due to advancements in hydrogen technology, significant investments in hydrogen fueling infrastructure, and increasing focus on zero-emission vehicles.

Leading Market Player

30.04 %

market share, Ford Motor Company, 2023

Ford Motor Company is a significant player in the US commercial vehicle market, utilizing its engineering and R&D capabilities. The company operates many factories worldwide.

Second leading Market Player

26.32 %

market share, General Motors Company, 2023

General Motors is the second leading player in the US, benefiting from its focus on full-size pickup truck retail market. Its subsidiaries sell vehicles under various brands.

The diversity of commercial vehicles in the United States is driven by a robust economy, with demands ranging from urban delivery vans to long-haul trucks

United States Commercial Vehicles Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.

• The commercial vehicle market is undergoing constant evolution due to factors like increased traffic in goods, globalization of regional value chains, advancements in drive technology, and a heightened focus on safety. Since 2005, fuel prices have been on a steady rise, impacting the growth of diesel trucks. Additionally, fuel producers in the United States are operating at near-maximum capacity, leaving little room for production expansion.
• The onset of the pandemic led to unprecedented disruptions in the commercial vehicle industry's supply chains. Lockdowns and other restrictions imposed globally resulted in mobility and travel limitations of an unprecedented scale. Industries heavily reliant on transportation, such as infrastructure and logistics, came to a standstill, presenting new hurdles for the manufacturing and freight sectors.
• With the surging demand for electric and hybrid vehicles, several countries have prioritized upgrading their electric vehicle charging infrastructure. Consequently, numerous policies and incentives have been introduced to foster infrastructure growth. The US government has taken the lead in enacting legislation to promote electric vehicle adoption, aiming to phase out gasoline and diesel vehicle production by 2040, with a majority of vehicles running on batteries. Governments and municipalities have also implemented incentives and regulations to expedite the shift toward sustainable mobility. By 2030, the US government plans to establish 500,000 public chargers, catering to all vehicle types and technologies.