FOR IMMEDIATE RELEASE
Senior Director of Communications & Public Relations
Semi-annual market report is a collaboration with Commercial Truck Trader and S&P Global Mobility
FARMINGTON HILLS, Mich. (Sept. 20, 2023) — NTEA – The Work Truck Association™ — released the third edition of the U.S. Commercial Vehicle Market Report – Powered by Commercial Truck Trader, NTEA and S&P Global Mobility. 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.
“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.”
“Understanding the industry is crucial. 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,” added Charles Bowles, director of OEM & strategic initiatives at Trader Interactive, parent company of Commercial Truck Trader. “We are thrilled to once again discuss the insights from the report at the Executive Leadership Summit alongside NTEA and S&P Global Mobility.”
“As we move into the back half of 2023, some rebalancing in the U.S. truck market is evident,” notes 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. In the year to date, we have really seen large fleets return to the market in a big way. We look forward to sharing more details at NTEA’s upcoming Executive Leadership Summit.”
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 fall 2023 U.S. Commercial Vehicle Market Report is available free to the industry. Visit ntea.com/cvmarketreport, or contact NTEA at email@example.com or 800-441-6832, for additional details and report access.
Established in 1964, NTEA – The Work Truck Association™ a 501(c)(6) organization, represents more than 2,100 companies that manufacture, distribute, install, sell and repair commercial vehicles, truck bodies, truck equipment, trailers and accessories. Buyers of work trucks and the major commercial truck chassis manufacturers also belong to NTEA. The Association provides in-depth technical information, education, and member programs and services, and produces Work Truck Week, Green Truck Summit, Commercial Vehicle Upfitting Summit and Executive Leadership Summit. The Association maintains its administrative headquarters in suburban Detroit and government relations offices in Washington, DC, and Ottawa, Ontario, Canada. Learn more at ntea.com.
ABOUT COMMERCIAL TRUCK TRADER
Commercial Truck Trader, a division of Trader Interactive and part of the well-known “Trader” family of associated brands, is the industry-leading advertising marketplace for sellers of light, medium, and heavy duty trucks and trailers, with more than 2.2 million monthly unique visitors. Commercial Truck Trader also provides a range of innovative tools designed to help manufacturers and dealers generate customer connections, drive sales, and maximize profits. For more information, visit TruckMediaKit.com.
ABOUT S&P GLOBAL MOBILITY
At S&P Global Mobility (formerly IHS Markit | Automotive), we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit spglobal.com/mobility.