NTEA’s Steven Latin-Kasper, senior director of market data and research, provided a mid-year update across several work truck markets.
According to the data provided by Latin-Kasper, there is approximately a 6% annual change in 2021 for the U.S. real GDP. It’s forecasted to decline under 5% by the end of the year.
The 2019-21 market size estimates were also released. Trucks, truck chassis and tractor are at $88,588.2 for 2021. The second highest were truck, bus, tractor bodies, and cabs sold separately at $16,264.7. The total work truck shipping industry in 2021 ($140,927.6) was up over $14,000 from 2020 ($126,041.8).
Classes 2-5 light- and medium-duty trucks have experienced a 5% annual change in USMCA box-off chassis sales so far this year. Classes 6-8 heavy-duty trucks show a near -20% annual change in USMCA box-off chassis sales.
There have been approximately 15,000 USMCA standard roof height commercial vans sold monthly in 2021, while nearly 12,000 high roof height commercial vans have been sold monthly.
Latin-Kasper presented a comparison between Brent Spot oil price and U.S. diesel price. The data from DOE and Energy Information Administration showed diesel was priced higher at over $3 per gallon and $100 per barrel. Oil is priced at nearly $2.50 per gallon and $80 per barrel.
The National Association for Business Economics (NABE) showed a 2.1% increase in government spending/investment from 2020 (.2%) to 2021 (2.3%). There was a drop in the unemployment rate from December 2020 (6.3%) and June 2021 (5.6%). The federal funds rate stayed the same at 0.125%.