Tracking Heavy Duty Truck Model Availability for 2023

 In Price Digests Blog

There’s been no shortage of demand for heavy duty trucks over the last couple of years. And we all know well that manufacturers have struggled to keep up, as supply chain snags have drastically hampered production. This month, we decided to see whether production pressures have impacted model availability, as it has in both the RV and boat markets.  

Since 2023 data is coming in, we’ll be looking at the data for the 2021, 2022, and 2023 model years.  

More Choices: 2022 and 2023 Model Offerings Outpace 2021

Earlier this year, we our data showed that RV and boat manufacturers were offering fewer 2022 models than 2021 models, likely in an attempt to streamline production. The data shows that’s not the case for trucks. 

Looking closely at the numbers, we found the heavy duty truck market is trending in the opposite direction. We track manufacturers who market in the U.S., excluding off-highway trucks.  This group of manufacturers offered 130 2021 models. That number went up to 166 for 2022 and is on track to remain stable for 2023, with 162 models available.  That’s good news for fleets and owner-operators who may be looking to add new trucks this year, as they will have a wider selection to choose from. 

EV Models Grow Tenfold

Demand for alternative fuel vehicles is one factor driving model availability. When we look closer at the types of models being offered for 2023, the share of the market made up by EVs is growing rapidly. There was only one heavy duty electric truck offered in the 2021 model year. That number has risen to 10 for 2023. 

Volvo Leads in EVs and Total Models Available

Six manufacturers are offering heavy duty EVs for the 2023 model year: Mack, Volvo, International, Kalmar, Peterbilt, and Kenworth. This is Volvo’s first year offering EVs, and it’s entering the market with five different models. That’s half of the models available.  

With the addition of EV trucks, Volvo now offers 43 heavy duty truck models in total, more than any other manufacturer. It’s followed closely by Mack, which is offering 41 heavy duty trucks for the 2023 model year.  

EV Truck Models Available by brand

Pricey EVs Further Drive Up Cost

We’ve talked about rising prices a lot over the last couple of years, with production challenges and high demand being the most common culprits. Now, the prevalence of EVs is further driving up heavy duty truck values. The average MSRP of an electric heavy duty truck is $335,480, almost twice that of traditional trucks.   

Those high prices are having an impact. Average MSRP for heavy duty trucks increased from $152,169 in 2021 to $177,413 in 2023.  

line chart of average msrp by model year

Keep Up With the Latest Heavy Duty Truck Trends

It’s hard to believe that another factor has added to already skyrocketing truck values. With so many variables in play, my team and I will continue to watch the trends and deliver insights to help you navigate ongoing disruption.  

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