US Commercial Vehicle Market Grew 14 percent in 2023, according to S&P Global Mobility
Source: S&P Global Mobility US commercial vehicle registration data, 2022-2023
- Source: S&P Global Mobility US commercial vehicle registration data, 2022-2023
Alternative fuel vehicles, electric and hybrid powertrains are popular options for light-duty commercial vehicles while compressed natural gas (CNG) and electric are becoming popular alternative options for heavy-duty commercial vehicles. - Electric cargo vans continue to trend in last-mile delivery applications, especially with fleets such as Amazon, Walmart, Penske, and FedEx.
- There were more than 14,000 EV cargo vans registered in 2023, according to the analysis, led by substantial growth from Rivian.
- In addition, electric pickup launches expected from Chevrolet and Ram should contribute to the EV and electrified vehicle sales boom.