U.S.: Truck Market 2022

Truck Market Size in the U.S.

In 2021, the U.S. truck market decreased by -X% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption recorded a slight downturn. Truck consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Truck Production in the U.S.

In value terms, truck production reduced to $X in 2021. Overall, production continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Truck Exports

Exports from the U.S.

In 2021, overseas shipments of heavy duty trucks decreased by -X% to X units, falling for the second year in a row after three years of growth. Overall, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, truck exports dropped to $X in 2021. Over the period under review, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2018 with an increase of X%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X units) was the main destination for truck exports from the United States, with a X% share of total exports. Moreover, truck exports to Canada exceeded the volume sent to the second major destination, the Dominican Republic (X units), fivefold. Mexico (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2021, the average annual rate of growth in terms of volume to Canada stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+X% per year) and Mexico (-X% per year).

In value terms, Canada ($X) remains the key foreign market for truck exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with a X% share of total exports. It was followed by the Dominican Republic, with a X% share.

From 2013 to 2021, the average annual growth rate of value to Canada stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-X% per year) and the Dominican Republic (+X% per year).

Export Prices by Country

In 2021, the average truck export price amounted to $X per unit, waning by -X% against the previous year. Over the period under review, the export price recorded a slight contraction. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the the average export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Canada ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+X%), while the prices for the other major destinations experienced a decline.

Truck Imports

Imports into the U.S.

In 2021, the amount of heavy duty trucks imported into the United States declined slightly to X units, almost unchanged from 2020 figures. In general, imports continue to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, truck imports rose modestly to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Mexico (X units) constituted the largest supplier of truck to the United States, with a X% share of total imports. Moreover, truck imports from Mexico exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold. Canada (X units) ranked third in terms of total imports with a X% share.

From 2013 to 2021, the average annual rate of growth in terms of volume from Mexico stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-X% per year) and Canada (-X% per year).

In value terms, Mexico ($X) constituted the largest supplier of truck to the United States, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2013 to 2021, the average annual rate of growth in terms of value from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-X% per year) and Japan (-X% per year).

Import Prices by Country

The average truck import price stood at $X per unit in 2021, with an increase of X% against the previous year. In general, the import price enjoyed a noticeable increase. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Canada ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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