Commercial Vehicles

ASEAN

Highlights

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 1.52m 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 United States will dominate the market in 2024, with sales projected to reach 13.75m vehicles.
In the ASEAN commercial vehicles market, Thailand is leading the trend towards electric and hybrid vehicles for sustainable transportation solutions.

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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Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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.

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.