New upfit solution from S&P Global
Mobility offers new insights into commercial vehicle
registrations
SOUTHFIELD, Mich., March 5,
2024 /PRNewswire/ -- The US commercial vehicle
market in 2023 experienced substantial growth and is up 14%
year-over-year, according to new analysis from S&P Global
Mobility. More than 1.6M new
vehicles in the class 1-8 GVW have been registered in 2023. More
importantly, new analysis and insights into the commercial vehicle
upfit market show that over 45% upfitted vehicles are currently
being used as service/utility vehicles or as dry freight vans,
according to new commercial vehicle registrations in 2023.
Over 45% upfitted vehicles are being used
as service/utility vehicles or dry freight vans, S&P Global
Mobility says
S&P Global Mobility has added a new, proprietary methodology
to incorporate data from WorkTruckCert and other resources into
S&P Global Mobility's commercial vehicle solutions. This allows
for statistical analysis and aggregated modeling to identify the
end use for a commercial vehicle. More than 5 million vehicle
registrations have been analyzed, covering new registrations dating
back to 2007 and including commercial vehicles dating back to model
year 2000, primarily straight trucks and incomplete pickups, in
GVWs 2-8. The data attributes available capture details at
the make and model level, fleet name, city, state and zip, among
others.
"This solution is the first of its kind in the US market to
provide this type of analysis and insight to the trucking industry
using this level of detail," said Mark
Hazel, associate director, commercial vehicle reporting at
S&P Global Mobility. "We're excited to share the findings and
analysis from these new offerings with the industry and look
forward to additional insights we might glean."
The datasets are now available to subscribers within TIPNet from
S&P Global Mobility and provide users a deeper look into the
upfitting industry, helping them make more informed business
decisions and better understand the competitive
landscape.
S&P Global Mobility will be participating with an exhibit at
the upcoming Work Truck Show hosted by NTEA in Indianapolis this week. Please stop by
booth #6431 for a demonstration of this new solution or to speak
with our team. In addition, Hazel will present some additional
detail on these findings during an industry partner update on
Wednesday, March 6 at 8:00 a.m. in room 130 during the show. In
addition, Andrej Divis from the
S&P Global Mobility forecasting team will co-present a work
truck industry and economic overview during a separate presentation
with NTEA on Tuesday, March 5 at
1:30 pm in Room 133.
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights
derived from unmatched automotive data, enabling our customers to
anticipate change and make decisions with conviction. Our expertise
helps them to optimize their businesses, reach the right consumers,
and shape the future of mobility. We open the door to automotive
innovation, revealing the buying patterns of today and helping
customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE:
SPGI). S&P Global is the world's foremost provider of credit
ratings, benchmarks, analytics and workflow solutions in the global
capital, commodity and automotive markets. With every one of our
offerings, we help many of the world's leading organizations
navigate the economic landscape so they can plan for tomorrow,
today. For more information, visit www.spglobal.com/mobility.
Media Contact:
Michelle Culver
S&P Global Mobility
248.728.7496 or 248.342.6211
Michelle.culver@spglobal.com
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SOURCE S&P Global Mobility