Commercial Vehicles - Asia

Asia

In 2024, it is projected that unit sales in the Commercial Vehicles market in Asia will reach 7.09m vehicles.
This market is expected to display an annual growth rate of -1.13% from 2024 to 2029, resulting in a projected market volume of 6.70m vehicles by 2029.
Notably, the production of Commercial Vehicles market in Asia is expected to reach 7.71m vehicles by 2029, highlighting the potential for significant growth in this market.
From an international perspective, it is worth mentioning that the in the United States is anticipated to have the highest sales volume in 2024, with 11,630.00k vehicles units sold.
In India, the commercial vehicles market is experiencing a surge in demand for electric vehicles as the government promotes 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

Region

Region comparison

Currency

Analyst Opinion

The Commercial Vehicles market in Asia is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Commercial Vehicles market in Asia have shifted towards vehicles that are more fuel-efficient, environmentally friendly, and technologically advanced.

Customers are increasingly looking for vehicles that offer better mileage and lower emissions, as well as advanced features such as GPS navigation systems, telematics, and connectivity options. This shift in preferences is driven by increasing awareness about environmental issues and the need for more efficient transportation solutions. Trends in the market indicate a growing demand for electric and hybrid commercial vehicles in Asia.

Governments in several Asian countries are implementing strict emission regulations and providing incentives for the adoption of electric vehicles. This has led to an increase in the production and sales of electric and hybrid commercial vehicles in the region. Additionally, there is a rising trend of autonomous and connected commercial vehicles, which are expected to enhance safety, efficiency, and productivity in the transportation industry.

Local special circumstances also play a significant role in the development of the Commercial Vehicles market in Asia. For example, in countries with large populations and rapid urbanization, such as China and India, there is a growing need for efficient transportation solutions to support economic growth and urban development. This has led to an increase in the demand for commercial vehicles, especially in the logistics and e-commerce sectors.

Additionally, in countries with challenging terrains and weather conditions, such as Japan and South Korea, there is a demand for specialized commercial vehicles that can operate in difficult environments. Underlying macroeconomic factors, such as economic growth, infrastructure development, and government policies, also contribute to the development of the Commercial Vehicles market in Asia. Rapid economic growth in countries like China and India has led to an increase in industrial activities and the need for transportation of goods.

Governments in the region are investing in the development of transportation infrastructure, including roads, highways, and ports, which further drives the demand for commercial vehicles. Moreover, government policies promoting the use of clean energy and sustainable transportation solutions are also influencing the market dynamics. In conclusion, the Commercial Vehicles market in Asia is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards fuel-efficient and technologically advanced vehicles, the increasing demand for electric and hybrid commercial vehicles, the adoption of autonomous and connected technologies, the need for efficient transportation solutions in rapidly urbanizing countries, and the influence of macroeconomic factors such as economic growth and government policies are all contributing to the market's positive trajectory in Asia.

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.