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Latest Report Update: Mar 4, 2023

U.S. - Trucks - Market Analysis, Forecast, Size, Trends and Insights

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U.S.: Truck Market 2023

Truck Market Size in the U.S.

The U.S. truck market rose notably to $X in 2021, picking up by 13% against the previous year. Over the period under review, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in years to come.

Truck Production in the U.S.

In value terms, truck production expanded significantly to $X in 2021. In general, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +94.3% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 36% against the previous year. Over the period under review, production attained the peak level in 2021 and is expected to retain growth in years to come.

Truck Exports

Exports from the U.S.

In 2021, approx. X units of trucks were exported from the United States; surging by 10% compared with 2020. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 55%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, truck exports stood at $X in 2021. The total export value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 17%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X units) was the main destination for truck exports from the United States, with a 78% share of total exports. Moreover, truck exports to Canada exceeded the volume sent to the second major destination, Mexico (X units), more than tenfold. The third position in this ranking was taken by Nigeria (X units), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.6% per year) and Nigeria (+45.4% per year).

In value terms, Canada ($X) remains the key foreign market for trucks exports from the United States, comprising 82% of total exports. The second position in the ranking was held by Mexico ($X), with a 4.5% share of total exports. It was followed by Australia, with a 2.3% share.

From 2012 to 2021, the average annual growth rate of value to Canada stood at +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+11.6% per year) and Australia (+31.5% per year).

Export Prices by Country

In 2021, the average truck export price amounted to $X per unit, surging by 4.2% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, truck export price increased by +81.6% against 2016 indices. The growth pace was the most rapid in 2020 an increase of 31%. The export price peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Truck Imports

Imports into the U.S.

In 2021, the amount of trucks imported into the United States expanded sharply to X units, increasing by 15% against the previous year. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.7% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 22%. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, truck imports skyrocketed to $X in 2021. In general, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 23% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Mexico (X units) was the main truck supplier to the United States, accounting for a 95% share of total imports. It was followed by Canada (X units), with a 1.5% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Mexico totaled +5.9%.

In value terms, Mexico ($X) constituted the largest supplier of trucks to the United States, comprising 93% of total imports. The second position in the ranking was taken by Canada ($X), with a 3.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Mexico totaled +8.1%.

Import Prices by Country

The average truck import price stood at $X per unit in 2021, surging by 3.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2020 an increase of 11% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Canada ($X per unit), while the price for Mexico totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+3.7%).

Source: IndexBox Market Intelligence Platform

Base Year	Historical Period	Forecast Period	Units
2022	2012-2022	2023-2030	US$, Tons

Frequently Asked Questions (FAQ) :

What are the largest markets for trucks in the world?

The countries with the highest volumes of consumption in 2021 were the United States, China and Canada, together accounting for 64% of global consumption. These countries were followed by Japan, India, Thailand, Brazil and France, which together accounted for a further 16%.

What are the largest producers of trucks in the world?

The countries with the highest volumes of production in 2021 were the United States, China and Japan, together comprising 63% of global production. These countries were followed by Thailand, Canada, India, Mexico, Brazil, Turkey, Spain, France and Italy, which together accounted for a further 26%.

What are the leading suppliers of trucks to the U.S.?

In value terms, Mexico constituted the largest supplier of trucks to the United States, comprising 93% of total imports. The second position in the ranking was taken by Canada, with a 3.7% share of total imports.

What are the leading importers of trucks from the U.S.?

In value terms, Canada remains the key foreign market for trucks exports from the United States, comprising 82% of total exports. The second position in the ranking was taken by Mexico, with a 4.5% share of total exports. It was followed by Australia, with a 2.3% share.

What is the average export price for trucks in the U.S.?

In 2021, the average truck export price amounted to $34,562 per unit, surging by 4.2% against the previous year.

What is the average import price for trucks in the U.S.?

In 2021, the average truck import price amounted to $30,502 per unit, growing by 3.4% against the previous year.

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

REPORT DESCRIPTION

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance