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U.S. - Trucks - Market Analysis, Forecast, Size, Trends and Insights
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Article Publishing Date: Feb 15, 2023
Truck Price in America Rises 3%, Averaging $33,635 per Unit
U.S. Truck Import Price in December 2022
In December 2022, the truck price amounted to $33,635 per unit (CIF, US), growing by 3.4% against the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2022 an increase of 7.4% month-to-month. Over the period under review, average import prices attained the peak figure in December 2022.
Prices varied noticeably by the country of origin: the country with the highest price was Canada ($37,478 per unit), while the price for Spain ($14,759 per unit) was amongst the lowest.
From January 2022 to December 2022, the most notable rate of growth in terms of prices was attained by Mexico (+0.7%), while the prices for the other major suppliers experienced a decline.
U.S. Truck Import Prices by Type
There were significant differences in the average prices amongst the major supplied products. In December 2022, the product with the highest price was diesel or semi-diesel trucks of a g.v.w. over 20 tonnes ($103K per unit), while the price for trucks other than diesel or spark-ignition ($20,015 per unit) was amongst the lowest.
From January 2022 to December 2022, the most notable rate of growth in terms of prices was attained by spark-ignition trucks of a g.v.w. under 5 tonnes (+1.0%), while the prices for the other products experienced more modest paces of growth.
U.S. Truck Imports
In December 2022, supplies from abroad of trucks decreased by -4.1% to 88K units, falling for the second month in a row after two months of growth. The total import volume increased at an average monthly rate of +1.5% over the period from January 2022 to December 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in March 2022 with an increase of 25% m-o-m. Over the period under review, imports attained the peak figure at 98K units in October 2022; afterwards, it flattened through to December 2022.
In value terms, truck imports contracted to $3B (IndexBox estimates) in December 2022. The total import value increased at an average monthly rate of +2.3% over the period from January 2022 to December 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in March 2022 with an increase of 23% against the previous month. Over the period under review, imports hit record highs at 3.2B units in October 2022; however, from November 2022 to December 2022, imports failed to regain momentum.
U.S. Truck Imports by Type
In December 2022, spark-ignition trucks of a g.v.w. under 5 tonnes (64K units) constituted the largest type of truck supplied to the United States, with a 72% share of total imports. Moreover, spark-ignition trucks of a g.v.w. under 5 tonnes exceeded the figures recorded for the second-largest type, diesel or semi-diesel trucks of a g.v.w. under 5 tonnes (16K units), fourfold. The third position in this ranking was held by diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes (6.4K units), with a 7.2% share.
From January 2022 to December 2022, the average monthly rate of growth in terms of the volume of import of spark-ignition trucks of a g.v.w. under 5 tonnes amounted to +1.6%. With regard to the other supplied products, the following average monthly rates of growth were recorded: diesel or semi-diesel trucks of a g.v.w. under 5 tonnes (+1.0% per month) and diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes (+2.5% per month).
In value terms, spark-ignition trucks of a g.v.w. under 5 tonnes ($1.8B) constituted the largest type of truck supplied to the United States, comprising 62% of total imports. The second position in the ranking was held by diesel or semi-diesel trucks of a g.v.w. under 5 tonnes ($565M), with a 19% share of total imports. It was followed by diesel or semi-diesel trucks of a g.v.w. from 5 to 20 tonnes, with an 11% share.
U.S. Truck Imports by Country
In December 2022, Mexico (73K units) constituted the largest truck supplier to the United States, with a 83% share of total imports. Moreover, truck imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (11K units), sevenfold. Japan (1.8K units) ranked third in terms of total imports with a 2.1% share.
From January 2022 to December 2022, the average monthly rate of growth in terms of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (+27.0% per month) and Japan (+1.4% per month).
In value terms, Mexico ($2.4B) constituted the largest supplier of truck to the United States, comprising 83% of total imports. The second position in the ranking was held by Canada ($407M), with a 14% share of total imports. It was followed by Japan, with a 1.8% share.
From January 2022 to December 2022, the average monthly rate of growth in terms of value from Mexico totaled +1.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (+19.5% per month) and Japan (+0.4% per month).
Truck Market Overview
The truck market in the United States is large and diverse, with a wide range of trucks available to suit different needs. The two main types of trucks are light-duty and heavy-duty, with a variety of sub-categories within each category. Light-duty trucks include pickup trucks and SUVs, while heavy-duty trucks include work trucks, semi-trucks, and dump trucks.
There are a number of factors that affect the truck market in the United States. The most important factor is the economy, as demand for trucks tends to be linked to economic activity. When the economy is doing well, businesses need more trucks to transport goods around, and consumers are more likely to buy pickups and SUVs for personal use. However, when the economy slows down, demand for trucks falls as businesses cut back on their activities and consumers become more cautious about spending money on big-ticket items.
Other important factors affecting the truck market include fuel prices. Fuel prices have a big impact on truckers, as they are one of the largest expenses for trucking companies. When fuel prices rise, it raises operating costs and makes it harder for trucking companies to make a profit. This can lead to fewer trucks on the road and less freight being transported, which in turn affects businesses that rely on trucking services.
This report provides an in-depth analysis of the truck market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
• Prodcom 29104110 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight . 5 tonnes (excluding dumpers for off-highway use)
• Prodcom 29104130 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight > 5 tonnes but . .20 tonnes (including vans) (excluding dumpers for off-highway use, tractors)
• Prodcom 29104140 - Goods vehicles with compression-ignition internal combustion piston engine (diesel or semi-diesel), of a gross vehicle weight > .20 tonnes (excluding dumpers designed for offhighway use)
• Prodcom 29104200 - Goods vehicles, with spark-ignition internal combustion piston engine, other goods vehicles, new
Country coverage:
• United States
Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in the U.S.
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles
Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
2.1
KEY FINDINGS
2.2
MARKET TRENDS
This Chapter is Available Only for the Professional Edition
PRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
8.1
IMPORTS FROM 2012–2022
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
9.1
EXPORTS FROM 2012–2022
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
Table 1:
Key Findings In 2022
Table 2:
Market Volume, In Physical Terms, 2012–2022
Table 3:
Market Value, 2012–2022
Table 4:
Per Capita Consumption In 2007-2022
Table 5:
Imports, In Physical Terms, By Country, 2012–2022
Table 6:
Imports, In Value Terms, By Country, 2012–2022
Table 7:
Import Prices, By Country Of Origin, 2012–2022
Table 8:
Exports, In Physical Terms, By Country, 2012–2022
Table 9:
Exports, In Value Terms, By Country, 2012–2022
Table 10:
Export Prices, By Country Of Destination, 2012–2022
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2012–2022
Figure 2:
Market Value, 2012–2022
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007-2022
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007-2022
Figure 5:
Trade Balance, In Physical Terms, 2007-2022
Figure 6:
Trade Balance, In Value Terms, 2007-2022
Figure 7:
Per Capita Consumption, 2007-2022
Figure 8:
Market Forecast To 2030
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2012–2022
Figure 21:
Production, In Value Terms, 2012–2022
Figure 22:
Imports, In Physical Terms, 2012–2022
Figure 23:
Imports, In Value Terms, 2012–2022
Figure 24:
Imports, In Physical Terms, By Country, 2022
Figure 25:
Imports, In Physical Terms, By Country, 2012–2022
Figure 26:
Imports, In Value Terms, By Country, 2012–2022
Figure 27:
Import Prices, By Country Of Origin, 2012–2022
Figure 28:
Exports, In Physical Terms, 2012–2022
Figure 29:
Exports, In Value Terms, 2012–2022
Figure 30:
Exports, In Physical Terms, By Country, 2022
Figure 31:
Exports, In Physical Terms, By Country, 2012–2022
Figure 32:
Exports, In Value Terms, By Country, 2012–2022
Figure 33:
Export Prices, By Country Of Destination, 2012–2022
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