New upfit solution from S&P Global Mobility offers new
insights into commercial vehicle registrations
The commercial vehicle market in 2023 experienced substantial
growth and is up 14% year-over-year,
according to new analysis from S&P Global Mobility. More than
1.6M new vehicles in the class 1-8 GVW have been registered in
2023. More importantly, new analysis and insights into the
commercial vehicle upfit market show that over 45% upfitted
vehicles are currently being used as service/utility vehicles or as
dry freight vans, according to new commercial vehicle registrations
in 2023.
S&P Global Mobility has added a new, proprietary methodology
to incorporate data from WorkTruckCert and other resources into
S&P Global Mobility’s commercial vehicle solutions. This allows
for statistical analysis and aggregated modeling to identify the
end use for a commercial vehicle. More than 5 million vehicle
registrations have been analyzed, covering new registrations dating
back to 2007 and including commercial vehicles dating back to model
year 2000, primarily straight trucks and incomplete pickups, in
GVWs 2-8. The data attributes available capture details at the make
and model level, fleet name, city, state and zip, among others.
“This solution is the first of its kind in the US market to
provide this type of analysis and insight to the trucking industry
using this level of detail,” said Mark Hazel, associate director,
commercial vehicle reporting at S&P Global Mobility. “We’re
excited to share the findings and analysis from these new offerings
with the industry and look forward to additional insights we might
glean.”
The datasets are now available to subscribers within TIPNet from
S&P Global Mobility and provide users a deeper look into the
upfitting industry, helping them make more informed business
decisions and better understand the competitive landscape.
S&P Global Mobility will be participating with an exhibit at
the upcoming Work Truck Show hosted by NTEA in Indianapolis this
week. Please stop by booth #6431 for a demonstration of this new
solution or to speak with our team. In addition, Hazel will present
some additional detail on these findings during an industry partner
update on Wednesday, March 6 at 8:00 a.m. in room 130 during the
show. In addition, Andrej Divis from the S&P Global Mobility
forecasting team will co-present a work truck industry and economic
overview during a separate presentation with NTEA on Tuesday, March
5 at 1:30 pm in Room 133.
This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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- Source: http://www.spglobal.com/mobility/en/research-analysis/us-commercial-truck-market-beats-growth-expectations-new-insights.html
