Commercial Vehicles - ASEAN

  • ASEAN
  • The Commercial Vehicles market in ASEAN is projected to reach a unit sales of 872.20k vehicles by 2024.
  • This market is expected to grow at a compound annual rate (CAGR 2024-2030) of -1.01%, resulting in a projected market volume of 820.70k vehicles by 2030.
  • The production of Commercial Vehicles market in ASEAN is also expected to witness significant growth, reaching 1,519.00k vehicles by 2030.
  • These numbers highlight the potential for the growth of the Commercial Vehicles market in ASEAN.
  • When looking at the international perspective, it is evident that the in the United States will dominate the market in 2024, with sales projected to reach 13,750.00k vehicles.
  • In the ASEAN commercial vehicles market, Thailand is leading the trend towards electric and hybrid vehicles for sustainable transportation solutions.
 
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Analyst Opinion

The Commercial Vehicles market in ASEAN has been experiencing significant growth in recent years, driven by various factors such as increasing urbanization, rising disposable incomes, and expanding industrial sectors. Customer preferences in the ASEAN region have been shifting towards more fuel-efficient and environmentally friendly commercial vehicles.

This is largely due to growing concerns about pollution and the need for sustainable transportation solutions. Customers are also demanding vehicles that offer advanced safety features, improved comfort, and greater reliability. Additionally, there is a rising demand for commercial vehicles with higher payload capacities to cater to the expanding logistics and e-commerce sectors.

One of the key trends in the ASEAN Commercial Vehicles market is the increasing adoption of electric and hybrid vehicles. Governments in the region are implementing stricter emission regulations and providing incentives for the adoption of electric vehicles, leading to a surge in demand for electric commercial vehicles. This trend is expected to continue as the infrastructure for electric vehicle charging stations improves and the cost of electric vehicles decreases.

Another trend in the market is the growing popularity of light commercial vehicles, especially in urban areas. These vehicles are preferred for their maneuverability, ease of parking, and lower operating costs. With the rise of e-commerce and last-mile delivery services, the demand for light commercial vehicles is expected to further increase in the coming years.

In addition to customer preferences, there are also local special circumstances that impact the Commercial Vehicles market in ASEAN. For example, the diverse geographical and infrastructural conditions in the region require vehicles that can handle rough terrains and long distances. This has led to a higher demand for commercial vehicles with robust engines, durable chassis, and off-road capabilities.

Furthermore, the ASEAN region is characterized by a large population of small and medium-sized enterprises (SMEs) that heavily rely on commercial vehicles for their day-to-day operations. These SMEs often have limited financial resources and prefer vehicles that offer good value for money, low maintenance costs, and high resale value. Underlying macroeconomic factors also play a significant role in the development of the Commercial Vehicles market in ASEAN.

Economic growth, increasing trade activities, and infrastructure development projects contribute to the demand for commercial vehicles. As countries in the region continue to invest in road networks, ports, and logistics facilities, the need for commercial vehicles to support these developments will continue to rise. In conclusion, the Commercial Vehicles market in ASEAN is witnessing growth due to changing customer preferences, including the demand for fuel-efficient and environmentally friendly vehicles, as well as vehicles with advanced safety features and higher payload capacities.

The adoption of electric and hybrid vehicles is also on the rise, driven by government incentives and environmental concerns. Local special circumstances, such as diverse geographical conditions and the presence of SMEs, further shape the market dynamics. Additionally, underlying macroeconomic factors, including economic growth and infrastructure development, contribute to the growth of the market in the ASEAN region.

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.

Overview

  • Unit Sales
  • Production
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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