Fueled by the surging lease/rental industry, commercial
vehicle fleets (classes 1-8) in the US market have seen a 22%
year-over-year spike for the January-June period.

Although US registrations are still 10% below pre-pandemic
levels (compared to H1 2019), fleets are showing strength once
again.

Among the trends in the fleet industry:

• The lease/rental industry is the fastest-growing vocation in
  2023 after being the toughest hit by the pandemic. Fleets like
  Penske, U-Haul, and Enterprise saw 40-60% decreases in new
  registrations during the <span/>pandemic, but are having their largest
  year since 2019.
• Last-mile delivery was one of the only vocations to see <span/>new registration
  increases during the pandemic and continues to shine with companies
  like Amazon <span/>tripling
  new registrations from 2019.
• Class 5 showed the only decrease in registrations. Cab-chassis
  and incomplete pickups had the most inventory during the pandemic –
  resulting in a flattening of the curve in 2023.

As for electrified commercial vehicles, “last mile” delivery
vehicles have shown to be a lively sector, with more than 10,000
electric cargo vans and pickups registered in the first half of
2023. Among the other <span/>EV trends:

• New EV offerings from Ford, BrightDrop, and Rivian are
  propelling a 304% increase in Class 2 EV registrations. Fleets such
  as Amazon, Walmart, Penske, and FedEx are leading the charge in EV
  adoption.
• Upcoming EV pickup launches from Chevrolet and Ram should
  continue to help this EV sales boom.
• By contrast, retail EV purchases have increased “only” 60%
  during the same period – showing how much faster electrification is
  being adopted by the commercial industry. Some <span/>context, however: While
  new commercial EV registration increases show lofty percentages,
  those registrations are still only 1% of total commercial fleet
  registrations.

LEARN MORE ABOUT COMMERCIAL VEHICLE INSIGHTS AND
INTELLIGENCE

THE COMMERCIAL VEHICLE FLEET ACCELERATES TOWARD ZEV
ADOPTION

COMMERCIAL VEHICLE FORECAST: MDHD TRUCK MARKET COASTS THROUGH
2024

LEARN MORE ABOUT MEDIUM & HEAVY COMMERCIAL VEHICLE INDUSTRY
FORECAST

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-vehicle-fleet-registrations-roaring-back.html