Fueled by the resurgence of the rental and leasing industry, US commercial vehicle registrations (GVW 1-8) rose 14% in 2023 compared to 2022, with more than 1.6 million commercial vehicles registered in 2023, according to the latest analysis of new commercial vehicle registration data from S&P Global Mobility. US commercial registrations are also approaching pre-pandemic levels, as 2023 was just 196,000 units shy of 2019 registrations.
US fleet industry trends in 2023
The lease/rental industry was the fastest-growing vocation in 2023. Some of the largest fleets experienced 40-60% decreases in new registrations during the pandemic and have since recovered to registration levels not seen since 2019. Class 2 saw a 21% increase in registrations due to continued growth in construction and last-mile delivery vehicles, with increases in pickup and cargo van registrations.
Class 1 provided the only decrease in 2023, which is attributed to almost all cargo vans now being registered as class 2 vehicles.
Year-over-year US commercial vehicle registrations, by vehicle class/GVW
|
Class |
2022 to 2023 % Change |
|
1 |
-18 % |
|
2 |
21 % |
|
3 |
16 % |
|
4 |
12 % |
|
5 |
1 % |
|
6 |
18 % |
|
7 |
9 % |
|
8 |
8 % |
|
Average growth |
14 % |
|
Source: S&P Global Mobility US commercial vehicle registration data, 2022-2023 |
|
© 2024 S&P Global Mobility |
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