What vehicle type experienced the most pronounced growth rate from 2019 to 2024? If you guessed electric vehicles (EVs) you are partially correct — hybrids experienced an even greater growth. 

According to data from S&P Global Mobility, commercial registrations for pure electric vehicles (EVs) shot up from 4,000 units in 2019 to 87,000 units in 2024. In that same period, commercial registrations of hybrid-electric vehicles surged even more — from 13,000 units to 163,000 units. 

While overall registrations remained flat in this five-year span, key trends emerged, according to Mark Hazel, associate director of commercial vehicle reporting for S&P Global Mobility. 

US Commercial Vehicle Registrations by Fuel Type:

Data as of Feb. 2025; Source:S&P Global Mobility TIPNet new registrations 2019–2024. ©2025 S&P Global

Drivers of Hybrid & EV Registrations

“Our registration data shows a decline in diesel and internal combustion engine (ICE) vehicles and a surge in hybrid and electric vehicle adoption,” he said, adding that hybrid growth is predominantly in passenger vehicles. 

In terms of fleet types, Hazel said the manufacturing and services sectors, along with rental companies, have significantly contributed to the hybrid increase. 

Various commercial sectors are adopting EVs, including lease/rental, which have the biggest fleets to begin with. Larger rental companies like Hertz, Enterprise, and Avis are buying EVs, while pharmaceutical companies are incorporating EVs into their sales fleets. 

Companies like Amazon, FedEx, Verizon, and Walmart are leading the charge with EV cargo vans. Rivian has emerged as an early dominant player in the EV cargo van market, commanding a 66% market share in 2024, according to S&P data. This is driven by Rivian’s partnership with Amazon, the original buyer of its electric van. 

2024 Commercial Registrations by the Numbers

Overall, registrations in Class 1 through Class 8 remained flat in 2024 compared to 2023, with a total of 2.8 million commercial registrations, according to S&P Global Mobility data. The year ended just shy of pre-pandemic 2019 registrations by 200,000 units.

Looking at segment specifics, Class 4 registrations increased by 7%, while Class 5 registrations rose by 9%.

Meanwhile, cargo van registrations have decreased by 18% since 2019 and by 2% from 2023. “This change follows a pandemic-driven surge of cargo van registrations, driven by the demand for last-mile delivery vehicles,” Hazel said. "While delivery fleets have expanded overall in this period, new van registrations have cooled."

Commercial ICE vehicle registrations have decreased by 7% since 2019, primarily due to reductions in pickups and cargo vans. 

The diesel segment has also contracted but to a lesser extent. Registrations dropped 2% from 2019 to 2024, affecting both tractor trucks and straight trucks. 

Though the overall numbers are small, CNG registrations have increased by 20% since 2019, with general freight, sanitation, and refuse vehicles accounting for 80% of this growth. 

Notable companies such as UPS and Waste Management have been key contributors, using CNG powerplants in tractor trucks, terminal trucks, and straight trucks, Hazel said.