North America Commercial Vehicle Market Size, Share, By Product (Light Commercial Vehicles (LCVs), Heavy Trucks, and Buses and Coaches), By End Use (Industrial, Mining and Construction, Logistics, Passenger Transportation, and Others) and By Country (U.S. and Canada) - Trends, Analysis and Forecast till 2034

Report Code: PMI535624 | Publish Date: June 2024 | No. of Pages: 127

North America Commercial Vehicle Market Overview

North America Commercial Vehicle Market Size was valued at USD 299.1 Billion in 2024 and is projected to grow at a CAGR of 8.7% to reach USD 535.9 Billion by 2034.

The North America commercial vehicle market is a critical and expansive segment of the region's automotive industry, encompassing a diverse range of vehicles such as trucks, buses, vans, and specialty vehicles used for transportation, logistics, construction, and other commercial purposes. This market is driven by robust economic activities, substantial investments in infrastructure development, and the growth of e-commerce, which necessitates efficient logistics and transportation solutions. The United States and Canada are the primary contributors to this market, with well-established manufacturing bases, advanced technological capabilities, and a strong demand for commercial vehicles across various industries. As a result, the North America commercial vehicle market is poised for steady growth, underpinned by continuous innovation, regulatory advancements, and the increasing adoption of alternative fuel technologies.

North America Commercial Vehicle Market Drivers & Restraints

Key Drivers of Target Market:

Growth in E-commerce and Logistics Sector

One of the primary driving factors for the North America commercial vehicle market is the exponential growth in the e-commerce and logistics sector. The surge in online shopping has significantly increased the demand for efficient delivery and distribution networks. Companies like Amazon, Walmart, and FedEx are expanding their fleets to meet the growing need for quick and reliable delivery services. This trend has led to a substantial increase in the demand for light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs) that can handle last-mile deliveries as well as bulk transportation. The rise in e-commerce has also spurred advancements in vehicle technology, with manufacturers focusing on improving fuel efficiency and load capacity and reducing emissions. As the e-commerce sector continues to expand, the commercial vehicle market in North America is expected to see significant growth, driven by the need for innovative and efficient transportation solutions.

Infrastructure Development and Construction Activities

Another significant driving factor for the North America commercial vehicle market is the ongoing infrastructure development and construction activities across the region. Governments and private entities are investing heavily in building and upgrading roads, bridges, airports, and urban infrastructure, which fuels the demand for commercial vehicles. For instance, the United States' Infrastructure Investment and Jobs Act allocates substantial funds for improving transportation infrastructure, creating a surge in demand for construction vehicles, heavy-duty trucks, and specialty vehicles. These vehicles are essential for transporting materials, equipment, and labor to construction sites. The robust construction activities boost the demand for new commercial vehicles and drive the market for aftermarket services such as maintenance, repair, and parts replacement. As infrastructure projects continue to expand, the commercial vehicle market in North America will benefit from increased investments and a steady demand for construction-related transportation solutions.

Restrains:

Stringent Emission Regulations

Despite the positive growth outlook, the North American commercial vehicle market faces challenges due to stringent emission regulations. Governments in the United States and Canada have implemented rigorous standards to reduce greenhouse gas emissions and promote environmental sustainability. Introducing policies such as the Corporate Average Fuel Economy (CAFE) standards and the Environmental Protection Agency (EPA) regulations require manufacturers to invest in advanced technologies to meet the emission criteria. These regulations necessitate significant investments in research and development, leading to higher production costs for manufacturers. The transition to alternative fuel vehicles, such as electric and hydrogen-powered commercial vehicles, poses technological and infrastructural challenges. While these regulations aim to mitigate environmental impacts, they also create cost pressures and compliance challenges for manufacturers and fleet operators. Balancing regulatory compliance with cost-effectiveness and innovation remains a critical restraint for the growth of the North America commercial vehicle market.

North America Commercial Vehicle Market Segmentations & Regional Insights

The market is segmented based on Product, End User and Country.

North America Commercial Vehicles Market Report Scope:

Attribute

Details

Market Size 2024

USD 299.1 Billion

Projected Market Size 2034

USD 535.9 Billion

CAGR Growth Rate

8.7%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Product - Light Commercial Vehicles (LCVs), Heavy Trucks, and Buses and Coaches

By End User - Industrial, Mining and Construction, Logistics, Passenger Transportation, and Others

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at regional and Country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2023 to 2034. For the purpose of this study segmented the Commercial Vehicle Market report based on Product, End User, and Country:

Segmentation:

By Product:

  • Light Commercial Vehicles (LCVs)
  • Heavy Trucks
  • Buses and Coaches     

By End User:

  • Industrial
  • Mining and Construction
  • Logistics
  • Passenger Transportation
  • Others

By Country:

  • U.S
  • Canada

North America Commercial Vehicle Market Competitive Landscape & Key Players

The key players operating in the Commercial Vehicle Market include Ford Motor Company, DAIMLER TRUCKS NORTH AMERICA LLC, NAVISTAR INTERNATIONAL TRANSPORTATION CORPORATION, Isuzu Commercial Truck of America, Inc., PACCAR, Mack Trucks Inc., VOLVO TRUCKS NORTH AMERICA, INC., and Toyota Motor Corporation.   

North America Commercial Vehicle Market Company Profile

  • Ford Motor Company, Inc. *
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • DAIMLER TRUCKS NORTH AMERICA LLC
  • NAVISTAR INTERNATIONAL TRANSPORTATION CORPORATION  
  • Isuzu Commercial Truck of America, Inc
  • PACCAR, Ltd.
  • Mack Trucks Inc.  
  • VOLVO TRUCKS NORTH AMERICA, INC., INC.
  • Toyota Motor Corporation.         

"*" marked represents similar segmentation in other categories in the respective section.

FAQs

The North America Commercial Vehicle Market is segmented into Product, End User and country

Growth in E-commerce and Logistics Sector and Infrastructure Development and Construction Activities

The North America Commercial Vehicle Market is segmented by country into the U.S. and Canada. The U.S. is expected to dominate the Market due to its large number of Investment.

The key players operating in the Commercial Vehicle Market include Ford Motor Company, DAIMLER TRUCKS NORTH AMERICA LLC, NAVISTAR INTERNATIONAL TRANSPORTATION CORPORATION, Isuzu Commercial Truck of America, Inc., PACCAR, Ltd., Mack Trucks Inc., VOLVO TRUCKS NORTH AMERICA, INC., and Toyota Motor Corporation.