Market Trends of united states vans Industry
This section covers the major market trends shaping the US Vans Market according to our research experts:
ICE is the largest segment by Engine Type.
- In 2021, the market for light commercial vans (LCVs) had the highest revenue share at 77.3%. LCVs are regarded as a financially advantageous solution for the transportation of both goods and people. LCVs reduce emissions and have several tax advantages. These vehicles are also quite active and adaptable for carrying both passengers and cargo. They are also economical, which is anticipated to favor the segment's expansion. Fleets that have already made significant commitments to electrification include Amazon (100,000 electric delivery vans ordered from Rivian), UPS (950 electric trucks ordered from Workhorse and 10,000 electric vans from Arrival), Pride Group (6,400 electric vehicles ordered from Workhorse, Tesla, and Lion), FedEx (500 electric delivery trucks ordered from Bright Drop).
- Governments are actively promoting the switch to electric vehicles among fleet operators. For instance, Washington approved ground-breaking legislation in May 2021, requiring all light-duty and passenger vehicles sold in the state be electric by 2030 or later. The new law, which puts Washington five years ahead of California's target date of 2035 for the transition to an all-electric future, is the most ambitious in the United States. In 15 additional states, as well as Washington, DC, all new trucks, vans, and buses must be electric by 2050.
- Due to rising emission norms and regulations, van manufacturers have started offering electric versions in their product lines. Daimler, Toyota, and others have begun plans to expand the van manufacturing segment in promising industrial zones to capitalize on the growing demand for vans. Several key players have also partnered with e-commerce and logistics companies to expand their fleet sizes.
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