NTEA releases 2023 Fleet Purchasing Outlook

By: NTEA
 
FARMINGTON HILLS, Mich. - Feb. 22, 2023 - PRLog -- NTEA published its 11th annual Fleet Purchasing Outlook to assess commercial vehicle procurement plans and identify work truck industry patterns. Insights provided by fleet professionals offer perspective on how the market is changing over time in terms of size, growth rate and technology.

NTEA gathers feedback from a wide variety of fleet professionals with authority to make commercial vehicle acquisition and specification decisions. Participants come from a wide range of fleet sizes, vehicle weight classes and vocational truck applications across the U.S. and Canada. Primary sectors featured in this analysis include government/municipal, construction, delivery and utility/telecom application markets. With current survey results combined with data from previous studies, this report delivers year-over-year comparisons for benchmarking purposes and insight into the fleet perspective to help organizations develop future business strategies.

Fleets report one of their most important management priorities is to optimize operations. Continuing to reduce vehicle life cycle cost, sourcing vehicles to backfill deferred replacements, idle reduction and uptime are also key priorities. Acquisition costs and longer lead times are among the biggest challenges fleet managers are facing when purchasing new commercial vehicles.

Report findings showcase
  • Average vehicle age and replacement cycles
  • Projected change in fleet size
  • Acquisition plans and funding
  • Anticipated vehicle platform shifts
  • Technology implementations
  • Conventional and alternative fuels usage
  • Formalized alternative fuel programs
  • Commercial vehicle systems electrification
  • Safety and automation options
  • Commercial vehicle maintenance approaches
  • Lead time considerations

Fleet respondents report the following
  • 69% report the average age of their trucks is exceeding their normal replacement cycle, and 29% say the average age is increasing beyond 10 years.
  • 42% state their fleet size is increasing, and another 40% indicate it's remaining the same.
  • 95% plan to make at least some acquisitions in 2023 (up 6% over 2022), and 58% plan to replace at least 5% of their total fleet in 2023.
The 2023 Fleet Purchasing Outlook is a free report download available to NTEA members. Nonmembers can purchase for $199. For additional details and report access, visit ntea.com/fpo (https://www.ntea.com/fpo).

ABOUT NTEA
Established in 1964, NTEA (https://www.ntea.com/) – The Association for the Work Truck Industry, a 501(c)(6) organization, represents more than 2,000 companies that manufacture, distribute, install, sell and repair commercial vehicles, truck bodies, truck equipment, trailers and accessories. Buyers of work trucks and the major commercial truck chassis manufacturers also belong to NTEA. The Association provides in-depth technical information, education, and member programs and services, and produces Work Truck Week® (https://www.worktruckweek.com/), Green Truck Summit (https://www.worktruckweek.com/greentrucksummit), Commercial Vehicle Upfitting Summit (https://www.ntea.com/upfittingsummit) and Executive Leadership Summit (https://www.ntea.com/executivesummit). The Association maintains its administrative headquarters in suburban Detroit and government relations offices in Washington, DC, and Ottawa, Ontario, Canada.

Contact
Summer Marrs
***@ntea.com
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Source:NTEA
Email:***@ntea.com Email Verified
Tags:Fleet
Industry:Transportation
Location:Farmington Hills - Michigan - United States
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