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NTEA releases fall 2023 U.S. Commercial Vehicle Market Report

Sept. 20, 2023
In 2023's U.S. commercial Vehicle Market Report, Commercial Truck Trader, NTEA, and S&P Global Mobility noted some rebalancing in the market and will share more details at the NTEA Executive Leadership Summit

NTEA – The Work Truck Association released the third edition of the U.S. Commercial Vehicle Market Report. This semi-annual industry report, which was launched in 2022, delves into the details, data, and trends around the commercial vehicle life cycle — from chassis sales to truck registration to later stages when used vehicles re-enter the sales market. This year’s report is powered by Commercial Truck Trader, NTEA, and S&P Global Mobility.

“Navigating market and business challenges and opportunities is something our industry organizations do day in and day out,” said Kevin Koester, NTEA managing director. “As an Association, we value the opportunity to serve these companies by sharing data and insights in the U.S. Commercial Vehicle Market Report they can use — and put to work — in their strategic operational planning.”

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This third edition of the U.S. Commercial Vehicle Market Report leverages multiple complex datasets to provide a landscape of opportunities, trends, and challenges in today’s work truck market.

Topics covered include:

  • How recent chassis shortages have impacted inventory levels
  • Purchasing trends and forecasts by vehicle class
  • Fleet reactions to supply shortages and resulting effects on demand
  • Proliferation of electric commercial vehicles
  • Inventory age trends

The NTEA and S&P Global Mobility will discuss key points from the report while at the Executive Leadership Summit on September 21, 2023.

“Understanding the industry is crucial,” said Charles Bowles, director of OEM & strategic initiatives at Trader Interactive, parent company of Commercial Truck Trader. “With the insights shared in the fall 2023 U.S. Commercial Vehicle Market Report, Commercial Truck Trader’s data will arm industry professionals with the right information to make more strategic and informed business decisions.”

Such information includes the rebalancing of the U.S. truck market, noted Andrej Divis, executive director, global heavy truck research at S&P Global Mobility.

“Two quick examples are shifts in the mix of GVW ratings compared to a year ago, and in the sizes of the fleets driving the market,” Divis said. “In the year to date, we have really seen large fleets return to the market in a big way.”

Both the fall and spring 2023 reports are free to the industry and can be accessed at www.ntea.com/cvmarketreport.