With the economy slowing down and supply-chain hiccups still happening around the globe in all industries, are truck sales up or down? Is now a good time to buy—or are there still hurdles? And how does technology factor into all of this?
All in all, it appears that sales are still somewhat stagnant, although research does point to some interesting trends to keep an eye on including the rise of EVs (electric vehicles) and the growth of telematics. Data tells the story.
Vehicle Sales in 2022
U.S. new vehicle sales for the month of November 2022 represented a dip of 4% from October 2022, and an increase of 11.3% from one year previously in November 2021, when supply chains very much restricted production of new vehicles, according to MarkLines Data Center.
Looking specifically at light trucks—pickup trucks and, SUVs—there is still a year-over-year decrease of 7.5%. The top selling models are still the Ford F-Series and the Chevrolet Silverado. It’s no surprise to learn that the F-Series continues to be the best-selling trucks in the United States for the past 40 years, and the best-selling vehicle of its kind for the past 35 years.
When it comes to any type of vehicle to post any type of impressive gains of any sort is worth noting; a year-over-year gain in November was the Tesla Model Y, with a 45.2% increase, suggesting electric vehicles are here to stay.
Looking Ahead to 2023 and Beyond
Certainly, technology is also a widespread feature in many of these new vehicles and in off-highway vehicles. In fact, some predictions suggest vehicle telematics systems, specifically, will increase in the years ahead.
Berg Insight estimates the global installed base of active off-highway vehicle telematics systems reached 6.6 million units in 2021. This includes connected units deployed on various off-highway vehicles across the construction, mining, agriculture, and forestry sectors.
The construction sector accounts for the largest share, which is driven by OEM (original-equipment manufacturer) telematics systems offered by many of the large heavy equipment manufacturers in today’s market.
All in all, expect a growth rate of roughly 13.2% of active installed base of off-highway vehicle telematics systems across all sectors through 2026.
What are your vehicles plans for 2023? Are you going to invest in a new office truck on wheels? Will you leverage telematics systems? What other considerations do you have for your fleet in the year ahead?
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