IHS Automotive: New and Used CV Registrations Rise in Q1 2014
While combined year-over-year commercial vehicle registrations rose from the first quarter of the 2013, the combined unit volume trend over the past 13 quarters has been relatively flat at an average unit volume of 312,000 units.
by Staff
June 2, 2014
Photo by Jim Park.
3 min to read
Combined new and used Class 3-8 commercial vehicle registrations were up 5% in the first quarter to 319,045 units.
Photo by Jim Park.
According to recent analysis from IHS Automotive, new registrations were up during the first quarter 8.3% year-over-year and used transactions were up 2.4% from the first quarter of the 2013. While combined year-over-year commercial vehicle registrations rose from the first quarter of the 2013, the combined unit volume trend over the past 13 quarters has been relatively flat at an average unit volume of 312,000 units.
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Used commercial vehicle transactions during first quarter 2014 totaled 175,800 units, representing the highest Q1 level since the first quarter of 2011. In the quarter, used transactions accounted for 55.1% of total registrations and continued the five-year quarterly trend in which used transactions outnumbered new transactions.
The demand for clean Class 8 vehicles remains strong, as these transactions accounted for 39.7% of used registrations and were 3.5 percent better than the first quarter of the 2013 calendar year.
“Our analysis continues to reflect strong demand for clean used equipment, especially Class 8 vehicles, which are replacing significantly older models in the vehicle population,” said Gary Meteer, director, commercial vehicle solutions at IHS Automotive. “As recently as the end of the 2012, 38% of all Class 8 vehicles in operation in the U.S. were model-year 2000 or older. At the end of March 2014, that category of vehicles represented just 34.2% of the total Class 8 population.”
First Quarter 2014 Used Vehicle Transactions
Vehicle Class Jan-Mar/14 (000's) Jan-Mar/13 (000's) % change 2014 vs. 2013 Jan-Mar/14 Class % of total Jan-Mar/13 Class % of total Class 3 53.2 52.1 2.0 30.1 30.4 Class 4 16.2 15.3 5.8 9.1 8.8 Class 5 8.7 8.8 -1.3 5.1 5.3 Class 6 13.9 14.7 -5.0 8.0 8.8 Class 7 14.2 13.5 4.9 8.0 7.6 Class 8 69.6 67.3 3.5 39.7 39.1 Total 175.8 171.7 2.4 100 100
Source: IHS Automotive, Polk Used Commercial Vehicle Transactions
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New Commercial Vehicle Registrations Increase 8.3 Percent
New registrations of 143,245 units in first quarter 2014 calendar year were up 8.3% from the same quarter in 2013, but declined from the last quarter of 2013.
“When we analyze the quarter-to- quarter movement, our analysis indicates that new registrations for all classes of commercial vehicles have been relatively flat since mid-2011,” Meteer said. “Following the bottoming of the market in 2009, there was the expected surge in demand. However, since mid-2012, demand appears to have settled into a relatively flat unit range. Our analysis indicates that the demand for commercial vehicles represents primarily replacement demand with little strong news to drive companies into an overall expansion mode.”
New registrations by GVW are as follows:
Overall New Commercial Vehicle Registrations by Calendar Year Quarter
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