North America Van Market Insights Forecasts to 2030

• The North America Van Market Size was valued at USD Multimillion in 2022.
• The Market is Growing at a CAGR of 2.4% from 2022 to 2032.

The North America Van Market Size was valued at USD Multimillion in 2022 and is expected a CAGR of 2.4% during the forecast period (2022-2032).

Market Overview

A vehicle used to convey products. It is generally bigger than a vehicle but smaller than a truck, with an enclosed rear and no side windows. A van's interior is meant to be longer and taller than that of a car while remaining smaller than that of a truck. Vans often have a taller roof, reversible seating, a flat floor, and rear folding doors. Furthermore, the seating configurations for the driver maximize interior space, making it appear more comfortable and roomier. The majority of vehicles can easily seat 15 people without luggage. Vans can also transport pupils to and from school. In India, for example, when school buses are full, the van is one of the most used vehicles for transporting students. As a result, it is projected that the need for vans to transport pupils would increase shortly, driving the worldwide van market forward. In terms of modern automobile technology and driver assistance systems, vans fall behind SUVs and utility vehicles.

Report Coverage

This research report categorizes the market of North America van market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America van market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America van market.

Driving Factors

The rising mining, building, and logistical operations in many nations throughout North America are driving up demand for commercial vehicles. Furthermore, vehicle manufacturers such as Daimler, Toyota, and others have begun plans to expand the van production segment in viable industrial zones to capitalize on the global growth in demand for vans. As a result, the demand for commercial vehicle leasing and rental for operational efficiency in manufacturing is increasing. As a result, the increased demand for commercial vehicles is likely to fuel the expansion of the van market.   

Restraining Factors

The van market in North America is highly competitive, with several manufacturers offering a wide range of models. Intense competition can lead to price wars and reduced profit margins, making it challenging for manufacturers and dealerships to maintain market share and profitability.

COVID 19 Impacts 

Due to the coronavirus epidemic, the customer has been primarily focused on vital demands, which has had a severe influence on the van market. Also, North America has experienced shortages of workers and factory closures, resulting in a catastrophic stoppage of all activities for van makers. Vans are mostly utilized for commercial purposes; however, the Coronavirus epidemic has had a significant impact on manufacturing and sales activities.

Market Segment

• In 2022, the hybrid and electric vehicles segment is dominating the largest market over the forecast period.

Based on engine type, the North America van market is segmented into hybrid and electric vehicles, & ICE {Internal Combustion Engine}. Among these, the hybrid and electric vehicles segment is influencing the largest market share during the forecast period. North America has the greatest market share due to the rising demand for freight trucks in the region. This can be ascribed to the fact that, according to OICA, the COVID-19 epidemic reduced light commercial vehicle output in North America by 20.3%. However, after the lockdowns were released, there was a rush in new orders. Also, to increase sales of light commercial vans in North America, the government has proposed supportive measures for the construction of local manufacturing facilities, which can lower overall vehicle prices. For example, Hyundai Motor Group, a South Korean carmaker, announced intentions in May 2021 to invest USD 7.4 billion in the United States by 2025. The funds will be used to boost output, update industrial facilities, and enhance investment in intelligent transportation solutions. Hyundai revealed its investment plan as President Joe Biden's administration emphasized strict requirements for electric vehicles, to replace 650,000 vehicles in federal fleets with American-made electric vehicles.

• In 2022, the United States segment is leading the largest market growth over the forecast period.

Based on the country, the North America van market is bifurcated into the United States, Canada, and Mexico. Among these, the U.S. dominated the North America asphalt paving geotextile market with the highest revenue share during the forecast period. The electrification of the vehicle portfolio is now a primary focus. In the next years, automakers have lofty goals for electrification. Volvo, for example, anticipates that electric vehicles will account for half of its global sales by 2025. By 2035, Subaru intends to provide a hybrid or electric version of every vehicle in its lineup. Ford plans to invest USD 29 billion in electric vehicles by 2025. GM wants to invest USD 27 billion in EVs and electrify its entire light-duty car lineup by 2035. Other firms have set equivalent objectives with varying schedules and standards. They do, however, have one trait: a readiness to electrify their offers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America van market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Chevrolet
• Ford Motor Company
• Mercedes-Benz Group
• Nissan Motor Co., Ltd.
• RAM

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2022, Volkswagen AG intends to build its battery facility to address its battery shortfall.

• In March 2022, General Motors paid $2.1 billion for SoftBank Vision Fund 1's equity holding in Cruise.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the North America Van Market based on the below-mentioned segments:

North America Van Market, By Engine Type

• Hybrid And Electric Vehicles
• ICE {Internal Combustion Engine}

North America Van Market, By Country

• United States
• Canada
• Mexico