Commercial New Vehicle Registrations Remain Soft, According To Polk
SOUTHFIELD, MI--Oct. 31, 2013: According to the most recent reports compiled by Polk, the global automotive market intelligence firm recently acquired by IHS , new commercial vehicle registrations (GVW 3-8) remain soft through the first eight months of 2013.
Total new commercial vehicle registrations were 379,300 units, up just two percent from the 371,700 reported during the same period last year. New registrations were up in all segments of the commercial industry with the exception of GVW 8 vehicles, traditionally the volume leader in commercial new vehicle registrations. New registrations of GVW 8 vehicles were down 8.5 percent during the eight-month period when compared to the previous calendar year.
"Our analysis indicates that one driver of the lower registration level of new GVW 8 vehicles is the activity of larger fleets; specifically new registrations of GVW 8 vehicles within fleets operating more than 500 units," said Gary Meteer, director, aftermarket and commercial vehicle solutions at Polk. "This category was down 17.8 percent during the first 8 months of the calendar year, as accounted for 45.8 percent of new GVW 8 registrations versus 51 percent during the first 8 months of the 2012 calendar year."
At the same time, new registrations by fleets operating five or fewer units accounted for 11.7 percent of new GVW 8 vehicles. These smaller fleets have increased their new registrations of GVW 8 vehicles by 20.5 percent during the first 8 months of the 2013 calendar year.
"While the outlook for the year started with a significant amount of optimism by most, it now appears that the 2013 calendar year new registrations will be only slightly better than the 2012 calendar year," said Meteer.
At the same time, there continues to be a robust market for commercial parts and service. With more than 11.7 million GVW 3-8 vehicles operating on the U. S. highways, 37.4 percent of the vehicle population represents models produced prior to the 2000 model year. This ranges from a high of 46.6 percent in GVW 6 to a low of 30.8 percent for GVW 5 vehicles. All of the numbers indicate a strong market for commercial vehicle replacement parts and service.
Polk has been providing businesses involved with commercial vehicles data and solutions for decades and with the recently announced acquisition of Polk by IHS, the companies' combined knowledge and expertise provides an even stronger resource for these businesses as Polk and IHS connect and expand their services. Current IHS and Polk customers will now have the support of two strong organizations that can provide a historical view of the commercial business on a global basis, an analysis of current commercial vehicle trends and a forecast of future product and market trends to assist with their decision making process.
For more information, visit the website under 'Reports' to view the most recent Quarterly Commercial Vehicle report for a more detailed analysis of the commercial vehicle market. This report is updated quarterly and the next update will be available in mid-November. Polk's commercial team will be highlighting solutions for this segment of the market during the upcoming AAPEX Show at the Sands Expo Center in Las Vegas Nov. 5-7. Visit the team at the Polk booth, #4634.