Commercial vehicle demand in U.S. and Canada strengthensStaff writer ▼ | November 12, 2014
Demand for commercial vehicles in the U.S. and Canada continues to strengthen, though used commercial vehicle registrations still outnumber new registrations, according to Gary Meteer, director, commercial vehicle solutions for IHS Automotive.
IHS Automotive Good news for manufacturers
In Canada, four provinces - Alberta, British Columbia, Ontario and Quebec - account for more than 87 percent of new commercial vehicle registrations and additional growth is expected.
GVW 8 vehicles continue to dominate both the U.S. and Canadian markets, with more than 50 percent share of new registrations in the U.S. and even greater share in Canada, at more than 60 percent.
With more than 7.7 million commercial vehicles on the road in the U.S., the market here is at its highest levels since the 2008-2009 economic downturn. There are more than one million GVW 4-8 vehicles in operation in Canada with Ontario and Quebec accounting for almost 50 percent of the total vehicles in operation.
IHS Automotive also reports that the average age of commercial vehicles in the fleet is shifting. In 2007, the average age among GVW 4-8 vehicles was 12.5 years.
Today, it is 14.7 years, with GVW 6 vehicles averaging 20.9 years, the highest in the fleet. Conversely, GVW 5 vehicles are younger now - with an average age of 11.9 years, the youngest in the fleet - and the result of this segment of the commercial vehicle market having historical low demand. ■