Commercial Vehicles - APAC

APAC

In the Commercial Vehicles market, it is projected that unit sales will reach 14.03m vehicles by 2024.
This market is expected to exhibit a compound annual rate (CAGR 2024-2030) of 2.01%, leading to a projected market volume of 15.81m vehicles by 2030.
The production of Commercial Vehicles market is anticipated to reach 12.51m vehicles by 2030, indicating the potential growth of this market.
From an international standpoint, it is evident that the in the United States will account for the majority of sales, with a projected figure of 13,750.00k vehicles in 2024.
In Japan, there is a growing demand for electric commercial vehicles due to the government's push for environmental sustainability.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in APAC is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the APAC region play a crucial role in shaping the Commercial Vehicles market.

Customers in this region prioritize vehicles that offer fuel efficiency, durability, and cost-effectiveness. With rising fuel prices and increasing environmental concerns, there is a growing demand for hybrid and electric commercial vehicles in APAC. Additionally, customers also seek vehicles that provide advanced safety features, comfort, and convenience.

Trends in the market further contribute to the development of the Commercial Vehicles market in APAC. One notable trend is the increasing adoption of e-commerce and last-mile delivery services. As online shopping continues to gain popularity, the demand for commercial vehicles used for delivery purposes has surged.

This trend is particularly prominent in countries like China and India, where the e-commerce sector is booming. As a result, there is a growing need for commercial vehicles that can efficiently handle the logistics and transportation requirements of these businesses. Local special circumstances also influence the Commercial Vehicles market in APAC.

For example, in countries like Japan and South Korea, there is a strong emphasis on technological advancements and innovation. This has led to the development of commercial vehicles equipped with advanced features such as autonomous driving capabilities and connectivity solutions. These special circumstances create unique opportunities for manufacturers and suppliers to cater to the specific needs of the market.

Underlying macroeconomic factors also play a significant role in the development of the Commercial Vehicles market in APAC. Economic growth, urbanization, and infrastructure development are key drivers of the market. As countries in the region continue to experience economic growth, there is an increased demand for commercial vehicles to support various industries such as construction, logistics, and transportation.

Moreover, the expansion of urban areas and the need for efficient transportation systems further contribute to the growth of the market. In conclusion, the Commercial Vehicles market in APAC is witnessing remarkable growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and technologically advanced vehicles, driven by the rise of e-commerce and last-mile delivery services, has fueled the market growth.

Additionally, the emphasis on innovation and economic growth in the region has created unique opportunities for manufacturers and suppliers. With these factors in play, the Commercial Vehicles market in APAC is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.