U.S.: Market for Light Truck And Utility Vehicles 2024

Market Size for Light Truck And Utility Vehicles in the U.S.

In 2023, after two years of growth, there was decline in the U.S. market for light truck and utility vehicles, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Production of Light Truck And Utility Vehicles in the U.S.

In value terms, light truck and utility vehicle production contracted modestly to $X in 2023. The total output value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Light truck and utility vehicle production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

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Exports of Light Truck And Utility Vehicles

Exports from the U.S.

In 2023, approx. X units of light truck and utility vehicles were exported from the United States; increasing by X% against the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2023, the growth of the exports remained at a lower figure.

In value terms, light truck and utility vehicle exports rose notably to $X in 2023. In general, total exports indicated moderate growth from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to see steady growth in years to come.

Exports by Country

Canada (X units) was the main destination for light truck and utility vehicle exports from the United States, accounting for a X% share of total exports. Moreover, light truck and utility vehicle exports to Canada exceeded the volume sent to the second major destination, Mexico (X units), tenfold. Australia (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2023, 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 (X% per year) and Australia (X% per year).

In value terms, Canada ($X) remains the key foreign market for light truck and utility vehicles exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2013 to 2023, the average annual growth rate of value to Canada stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Australia (X% per year).

Export Prices by Country

In 2023, the average export price for light truck and utility vehicles amounted to $X per unit, rising by X% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2023 and is likely to continue growth in years to come.

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

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Light Truck And Utility Vehicles

Imports into the U.S.

In 2023, approx. X units of light truck and utility vehicles were imported into the United States; surging by X% on 2022 figures. Overall, total imports indicated a buoyant increase from 2013 to 2023: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are expected to retain growth in the immediate term.

In value terms, light truck and utility vehicle imports surged to $X in 2023. Over the period under review, imports saw a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2023, Mexico (X units) constituted the largest supplier of light truck and utility vehicle to the United States, with a X% share of total imports. Moreover, light truck and utility vehicle imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (X units), sixfold.

From 2013 to 2023, the average annual rate of growth in terms of volume from Mexico stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Spain (X% per year).

In value terms, Mexico ($X) constituted the largest supplier of light truck and utility vehicles to the United States, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with a X% share of total imports.

From 2013 to 2023, the average annual rate of growth in terms of value from Mexico totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Spain (X% per year).

Import Prices by Country

The average import price for light truck and utility vehicles stood at $X per unit in 2023, increasing by X% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2018 an increase of X%. The import price peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Canada ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform