Due to supply chain issues, manufacturers have struggled to build heavy trucks despite high demand in the last two years. Production pressure affects model availability. RV and boat markets show that.
Price Digests data showed that RV and boat manufacturers offered fewer 2022 models than 2021 models earlier this year, likely to streamline production. Trucks haven't.
Heavy-duty truck sales are falling. Price Digests tracks U.S. manufacturers except off-highway trucks. This group offered 130 2021 models. In 2022, it rose to 166 and is expected to stay at 162 in 2023. Fleets and owner-operators looking for new trucks this year will have more options.
Electric models grow exponentially, raising MSRP.
Alternative fuel vehicles are driving model availability. Looking at next year's models, EVs are gaining market share quickly. 2021 had one heavy-duty electric truck. 10 in 2023.
Mack, Volvo, International, Kalmar, Peterbilt, and Kenworth offer 2023 heavy-duty EVs. Volvo is launching five EVs this year, half of its total lineup.
With the addition of EV trucks, Volvo now offers 43 heavy duty truck models, more than any other manufacturer, but Mack is close behind with 41 for the 2023 model year.
Production issues and high demand are the main causes of rising prices. EVs are increasing heavy duty truck values. Electric heavy-duty trucks cost $335,480, almost twice as much as conventional trucks.
High prices affect. Heavy-duty truck average MSRP rose from $152,169 in 2021 to $177,413 in 2023.
