North America Van Market Size
| Icons | Lable | Value |
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 13.19 Billion |
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Market Size (2029) | USD 16.67 Billion |
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Largest Share by Engine Type | Hybrid and Electric Vehicles |
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CAGR (2024 - 2029) | 4.79 % |
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Largest Share by Country | US |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Van Market Analysis
The North America Van Market size is estimated at USD 13.19 billion in 2024, and is expected to reach USD 16.67 billion by 2029, growing at a CAGR of 4.79% during the forecast period (2024-2029).
- Largest Segment by Fuel Type - BEV : Traditional diesel engines cover the most sales of vans due to their reliability in commercial usage. Which makes diesel vans the largest fuel type in light commercial vans sales in North America.
- Fastest-growing Segment by Fuel Type - CNG : Battery electric vans are the fastest-growing segment in North America. In the US, e-commerce companies are moving toward battery vehicles for their daily commute and last mile logistics operations.
- Largest Segment by Country - US : The United States was the largest van market in 2021. The government focused on carbon-free vehicles and incentives, encouraged companies to adopt zero-emission vans.
- Fastest-growing Segment by Country - US : In North America, Canada is the fastest-growing commercial Vans market. The country's e-commerce sectors are proliferating significantly helping vans market to grow in short terms.
North America Van Market Trends
This section covers the major market trends shaping the North America Van Market according to our research experts:
Hybrid and Electric Vehicles is the largest segment by Engine Type.
- In 2020, there were 3.74 million light commercial vehicles (LCVs) sold in North America, with pickup trucks accounting for 88% of those sales and the remaining 12% coming from the van market. However, many automakers have plans for alternate fuel sources for their vehicles due to the depletion of petroleum supplies and the rising cost of gasoline. Due to the war between Russia and Ukraine in 2022, petroleum prices, which have already doubled in the last few decades, are anticipated to rise further. This is anticipated to spark new efforts to switch to EVs in order to lower everyday transport expenses across North America.
- North America holds the largest position in the market, owing to the increasing demand for freight vehicles in North America. This is evident attributed to the fact that according to OICA, North America witnessed a decline of 20.3% in light commercial van production due to the COVID-19 pandemic. However, there was a surge in new orders as soon as the lockdowns were lifted.
- With the aim to increase the sales of light commercial vans in North America, the government has introduced supporting measures for the establishment of manufacturing units domestically, which can reduce the overall price of vehicles. For instance, Hyundai Motor Group, a South Korean automaker, announced plans to invest USD 7.4 billion in the United States by 2025 in May 2021. The expenditures are intended to increase the production, modernize manufacturing facilities, and increase investment in intelligent mobility solutions. As the administration of President Joe Biden stressed tight regulations for electric vehicles with the goal of replacing 650,000 vehicles in federal fleets with American-made electric vehicles, Hyundai announced its investment plan.
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US is the largest segment by Country.
- Automakers have plans for alternate fuel sources for their vehicles due to the depletion of petroleum supplies and the rising cost of gasoline. Due to the war between Russia and Ukraine in 2022, petroleum prices, which have already doubled in the last few decades, are anticipated to rise further. This situation is anticipated to spark new efforts to switch to EVs in order to lower everyday transportation expenses across the globe. The cost of fossil fuels across the world is also influenced by tax rates. The United States has the lowest fuel tax (19%), whereas India has a fuel tax of over 69%. In the past 20 years, all these factors have increased fuel prices globally. ECVs have significantly lower operating costs than traditional ICE commercial vehicles.
- Vehicle portfolio electrification is now a top priority. Automakers have high aspirations for electrification in the coming years. For instance, Volvo hopes that electric vehicles will make up half of its global sales by 2025. Subaru plans to offer a hybrid or electric version of every model in its line-up by 2035. Ford will invest USD 29 billion in EVs by 2025. GM will spend USD 27 billion on EVs, and it plans to electrify its entire light-duty vehicle range by 2035. Other manufacturers have established comparable goals with different timetables and requirements. However, they all have one thing in common: a willingness to electrify their offerings.
- With the expected launch of 12 additional electric vans in North America during 2020-2028, the bulk will be brand-new vehicles, such as the ELMS UD-1, Rivian R1A, and BrightDrop EV600. However, certain existing van model lines, like the Mercedes-Benz eSprinter and Ford Transit, will have all-electric variants in the future.
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North America Van Industry Overview
The North America Van Market is fairly consolidated, with the top five companies occupying 1491.02%. The major players in this market are Chevrolet, Ford Motor Company, Mercedes-Benz Group, Nissan Motor Co., Ltd. and RAM (sorted alphabetically).
North America Van Market Leaders
Chevrolet
Ford Motor Company
Mercedes-Benz Group
Nissan Motor Co., Ltd.
RAM
*Disclaimer: Major Players sorted in no particular order
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North America Van Market News
- June 2022: Volkswagen Ag is in plans to launch its own battery plant to overcome its battery shortage.
- June 2022: Volkswagen Ag is in plans to launch its own battery plant to overcome its battery shortage.
- March 2022: General Motors acquired SoftBank Vision Fund 1's equity ownership stake in Cruise for US$2.1 billion.
North America Van Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP
2.3. CVP
2.4. Inflation Rate
2.5. Interest Rate For Auto Loans
2.6. Battery Price (per Kwh)
2.7. Logistics Performance Index
2.8. Electrification Impact
2.9. New XEV Models Announced
2.10. Charging Stations Deployment
2.11. Regulatory Framework
2.12. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION
3.1. Engine Type
3.1.1. Hybrid And Electric Vehicles
3.1.1.1. By Fuel Type
3.1.1.1.1. BEV
3.1.1.1.2. FCEV
3.1.1.1.3. HEV
3.1.1.1.4. PHEV
3.1.2. ICE
3.1.2.1. By Fuel Type
3.1.2.1.1. CNG
3.1.2.1.2. Diesel
3.1.2.1.3. Gasoline
3.1.2.1.4. LPG
3.2. Country
3.2.1. Canada
3.2.2. Mexico
3.2.3. US
3.2.4. Rest-of-North America
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Chevrolet
4.4.2. Ford Motor Company
4.4.3. Hyundai Motor Company
4.4.4. Mercedes-Benz Group
4.4.5. Nissan Motor Co., Ltd.
4.4.6. RAM
4.4.7. Toyota Motor Corporation
4.4.8. Volkswagen Group
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter's Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- NORTH AMERICA VAN MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 2:
- NORTH AMERICA VAN MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 3:
- NORTH AMERICA VAN MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 4:
- NORTH AMERICA VAN MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 5:
- NORTH AMERICA VAN MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 6:
- NORTH AMERICA VAN MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 7:
- NORTH AMERICA VAN MARKET, LPI YOY GROWTH RATE, 2016 – 2026
- Figure 8:
- NORTH AMERICA VAN MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 9:
- NORTH AMERICA VAN MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 10:
- NORTH AMERICA VAN MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 11:
- NORTH AMERICA VAN MARKET, VOLUME IN UNITS, 2016 – 2026
- Figure 12:
- NORTH AMERICA VAN MARKET, VALUE IN USD, 2016 – 2026
- Figure 13:
- NORTH AMERICA VAN MARKET, BY ENGINE TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 14:
- NORTH AMERICA VAN MARKET, BY ENGINE TYPE, BY VALUE IN USD, 2016-2028
- Figure 15:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
- Figure 16:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
- Figure 17:
- NORTH AMERICA VAN MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 18:
- NORTH AMERICA VAN MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 19:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 20:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 21:
- NORTH AMERICA VAN MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
- Figure 22:
- NORTH AMERICA VAN MARKET, BY BEV, BY VALUE IN USD, 2016-2028
- Figure 23:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 24:
- NORTH AMERICA VAN MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
- Figure 25:
- NORTH AMERICA VAN MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
- Figure 26:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 27:
- NORTH AMERICA VAN MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
- Figure 28:
- NORTH AMERICA VAN MARKET, BY HEV, BY VALUE IN USD, 2016-2028
- Figure 29:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 30:
- NORTH AMERICA VAN MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
- Figure 31:
- NORTH AMERICA VAN MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
- Figure 32:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 33:
- NORTH AMERICA VAN MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 34:
- NORTH AMERICA VAN MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 35:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 36:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 37:
- NORTH AMERICA VAN MARKET, BY CNG, BY VOLUME IN UNITS, 2016-2028
- Figure 38:
- NORTH AMERICA VAN MARKET, BY CNG, BY VALUE IN USD, 2016-2028
- Figure 39:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 40:
- NORTH AMERICA VAN MARKET, BY DIESEL, BY VOLUME IN UNITS, 2016-2028
- Figure 41:
- NORTH AMERICA VAN MARKET, BY DIESEL, BY VALUE IN USD, 2016-2028
- Figure 42:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 43:
- NORTH AMERICA VAN MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2016-2028
- Figure 44:
- NORTH AMERICA VAN MARKET, BY GASOLINE, BY VALUE IN USD, 2016-2028
- Figure 45:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 46:
- NORTH AMERICA VAN MARKET, BY LPG, BY VOLUME IN UNITS, 2016-2028
- Figure 47:
- NORTH AMERICA VAN MARKET, BY LPG, BY VALUE IN USD, 2016-2028
- Figure 48:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2021 - 2028
- Figure 49:
- NORTH AMERICA VAN MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
- Figure 50:
- NORTH AMERICA VAN MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
- Figure 51:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 52:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 53:
- NORTH AMERICA VAN MARKET, BY CANADA, BY VOLUME IN UNITS, 2016-2028
- Figure 54:
- NORTH AMERICA VAN MARKET, BY CANADA, BY VALUE IN USD, 2016-2028
- Figure 55:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 56:
- NORTH AMERICA VAN MARKET, BY MEXICO, BY VOLUME IN UNITS, 2016-2028
- Figure 57:
- NORTH AMERICA VAN MARKET, BY MEXICO, BY VALUE IN USD, 2016-2028
- Figure 58:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 59:
- NORTH AMERICA VAN MARKET, BY US, BY VOLUME IN UNITS, 2016-2028
- Figure 60:
- NORTH AMERICA VAN MARKET, BY US, BY VALUE IN USD, 2016-2028
- Figure 61:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 62:
- NORTH AMERICA VAN MARKET, BY REST-OF-NORTH AMERICA, BY VOLUME IN UNITS, 2016-2028
- Figure 63:
- NORTH AMERICA VAN MARKET, BY REST-OF-NORTH AMERICA, BY VALUE IN USD, 2016-2028
- Figure 64:
- NORTH AMERICA VAN MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2021 - 2028
- Figure 65:
- NORTH AMERICA VAN MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 66:
- NORTH AMERICA VAN MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 67:
- NORTH AMERICA VAN MARKET SHARE(%), BY MAJOR PLAYERS, 2021
North America Van Industry Segmentation
Hybrid And Electric Vehicles, ICE are covered as segments by Engine Type. Canada, Mexico, US, Rest-of-North America are covered as segments by Country.| Engine Type | ||||||||
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| Country | |
| Canada | |
| Mexico | |
| US | |
| Rest-of-North America |
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Market Definition
- Body Type - Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
- Engine Type - This includes Hybrid and electric vehicles and Internal combustion engines (ICE).
- Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV while ICE includes Gasoline, Diesel, CNG, LPG.
- Sub Body Type - Vans are part of a category known as ‘light commercial vehicles. They are classified as the N1 category. This category is further broken down into Class I, II and III vehicles, depending on vehicle weight. Mass given in tons (metric tons) is used as a limit between light commercial vehicles and heavy trucks. This limit depends on national and professional definitions and varies between 3.5 and 7 tons.
- Vehicle Type - Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes Trucks.
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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