U.S.: Market for Light Truck And Utility Vehicles 2024

Market Size for Light Truck And Utility Vehicles in the U.S.

The U.S. market for light truck and utility vehicles dropped to $X in 2022, falling by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Light truck and utility vehicle consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Light Truck And Utility Vehicles in the U.S.

In value terms, light truck and utility vehicle production fell to $X in 2022. The total output value increased at an average annual rate of X% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Light truck and utility vehicle production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Light Truck And Utility Vehicles

Exports from the U.S.

Light truck and utility vehicle exports from the United States declined modestly to X units in 2022, waning by X% compared with 2021. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, light truck and utility vehicle exports rose modestly to $X in 2022. The total export value increased at an average annual rate of X% from 2013 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Canada (X units) was the main destination for light truck and utility vehicle exports from the United States, with a X% share of total exports. Moreover, light truck and utility vehicle exports to Canada exceeded the volume sent to the second major destination, Mexico (X units), more than tenfold.

From 2013 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Australia (X% per year).

In value terms, Canada ($X) remains the key foreign market for light truck and utility vehicles exports from the United States, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with a X% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms 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 Australia (X% per year).

Export Prices by Country

The average export price for light truck and utility vehicles stood at $X per unit in 2022, increasing by X% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Light Truck And Utility Vehicles

Imports into the U.S.

In 2022, approx. X units of light truck and utility vehicles were imported into the United States; falling by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, light truck and utility vehicle imports expanded rapidly to $X in 2022. In general, total imports indicated resilient growth from 2013 to 2022: its value increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Mexico (X units) was the main light truck and utility vehicle supplier to the United States, accounting for a X% share of total imports. It was followed by Spain (X units), with a X% share of total imports.

From 2013 to 2022, the average annual rate of growth in terms of volume from Mexico stood at X%.

In value terms, Mexico ($X) constituted the largest supplier of light truck and utility vehicles to the United States, comprising X% of total imports. The second position in the ranking was taken by Spain ($X), with a X% share of total imports.

From 2013 to 2022, the average annual growth rate of value from Mexico totaled X%.

Import Prices by Country

In 2022, the average import price for light truck and utility vehicles amounted to $X per unit, picking up by X% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for Spain amounted to $X per unit.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Spain (X%).

Source: IndexBox Platform

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