NTEA releases spring 2024 U.S. Commercial Vehicle Market Report

Media Contact:
Summer Marrs
Senior Director of Communications & Public Relations

Semi-annual market report is a collaboration with Commercial Truck Trader and S&P Global Mobility

(April 30, 2024) — NTEA – The Work Truck Association released the fourth 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.

“The rate of commercial vehicle industry technology advancements is nearly unmatched in history,” said Kevin Koester, NTEA managing director. “As this continued development shifts market dynamics, it’s important to maintain a focus on data. The spring 2024 U.S. Commercial Vehicle Market Report seeks to provide both data and insight into drivers and impacts of these dynamics. NTEA is pleased to share the latest edition of this resource to help the industry move forward.”

“The insights from the 2024 U.S. Commercial Vehicle Market Report will equip dealers with unique data to enhance their business decisions, enabling them to strategize more effectively and make informed choices,” says Charles Bowles, director of OEM & strategic initiatives at Trader Interactive, parent company of Commercial Truck Trader. “Understanding the industry is powerful, which is why we are excited for the continued collaboration with NTEA and S&P Global Mobility on this report.”

“Fueled by a resurgence of rental and leasing industry registrations along with fleets continuing to adopt alternative fuel vehicles, 2023 was a year of positive growth for the commercial vehicle industry,” said Mark Hazel, associate director, commercial vehicle reporting, at S&P Global Mobility. “We look forward to sharing further insights with NTEA and Commercial Truck Trader.”

This fourth 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

Learn more
The spring 2024 U.S. Commercial Vehicle Market Report is available free to the industry. Visit ntea.com/cvmarketreport, or contact NTEA at info@ntea.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. 

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.

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.