LAS VEGAS — "Your future is secure" is the message IHS Markit gave participants in the commercial vehicle market as the market research firm anticipates continued growth in commercial truck sales during the next couple of years, along with increased demand for product deliveries.
During an AAPEX presentation, Dawn Brusseau, associate director of aftermarket at IHS, said the commercial vehicle market has never seen such an influx of technology and new players.
However, the industry faces several challenges, including government regulations, energy rivalry and logistics issues due to a driver shortage.
New vehicle registrations for Class 4-8 trucks has grown this year with GVW8 vehicles enjoying the greatest surge in sales.
There has been about 315,000 new vehicle registrations in the Class 8 category in 2018 and IHS predicts that will climb to 340,000 in 2019 as export levels increase and current fleets are replacing aging trucks.
2015 was the last time there was an increase in volume of new vehicle registrations, so the replacement cycle is expected to peak again in 2019, according to Ms. Brusseau.
Meanwhile, growth in the construction market and e-commerce has bolstered sales of commercial vans and pickup trucks, she said.