Light Commercial Vehicles - ASEAN

The Light Commercial Vehicles market in ASEAN is projected to reach 744.30k vehicles units in 2024.
The market is expected to grow at a compound annual rate of -1.01% from 2024 to 2030, resulting in a projected market volume of 744.30k vehicles units by 2030.
This indicates the potential for growth in the Light Commercial Vehicles market.
Furthermore, the production of Light Commercial Vehicles market in ASEAN is anticipated to reach 1.40m vehicles units by 2030, highlighting the significant growth potential of the market.
On an international scale, it is noteworthy that the United States is expected to have the highest sales volume in the Light Commercial Vehicles market, with 13.20m vehicles units projected for 2024.
This demonstrates the dominance of the United States in this market.
The demand for light commercial vehicles in the ASEAN market is rapidly increasing due to the region's growing e-commerce sector.

Definition

Light Commercial Vehicles (LCV) is a unique market of the broader Commercial Vehicles market, which focuses solely on vehicles designed to transport goods or to provide services on a relatively small scale. LCVs include a variety of compact and medium-sized vehicles specifically engineered for commercial purposes. These versatile vehicles are utilized by businesses and individuals for tasks such as local deliveries, trade, and various commercial applications. The gross vehicle weight rating of LCVs typically does not exceed 3.5 tons, although this limit may vary depending on the vehicle models, configurations, and local regulations.

LCVs are crucial for last-mile logistics, small business operations, and urban transportation. This market is highly responsive to emerging market trends, including the rise of eCommerce, the demand for sustainable transportation solutions, and the increasing need for versatile commercial vehicles that can adapt to a wide range of applications.

Additional Information

Notable key players in the Light Commercial Vehicles (LCVs) market include companies such as Ford, Mercedes-Benz, Fiat Professional, and Renault. These manufacturers play a vital role in shaping the market by offering a diverse range of LCV models and leading technological advancements within the market.

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Vans
Small delivery trucks
Refrigerated vans
Pickup trucks used for commercial purposes
Mini trucks
Light buses and coaches
Compact utility vehicles
Chassis cabs

Recreational vehicles (RVs)
Passenger cars
Motorcycles and scooters
Heavy-duty trucks
Agricultural and construction equipment

The Light Commercial Vehicles market in ASEAN has shown significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Light Commercial Vehicles market in ASEAN have shifted towards vehicles that offer versatility, fuel efficiency, and affordability.

Customers are increasingly looking for vehicles that can serve both personal and business purposes, such as pickup trucks and vans. This preference is driven by the need for transportation solutions that can accommodate both family and work-related activities. Trends in the market indicate a growing demand for electric and hybrid Light Commercial Vehicles in ASEAN.

As the region focuses on reducing greenhouse gas emissions and promoting sustainable transportation, customers are showing a greater interest in vehicles that are environmentally friendly. This trend is further supported by government incentives and initiatives that encourage the adoption of electric and hybrid vehicles. Local special circumstances, such as infrastructure development and urbanization, also play a role in shaping the Light Commercial Vehicles market in ASEAN.

As cities in the region continue to grow and expand, there is a greater demand for vehicles that can navigate congested roads and narrow streets. This has led to an increased demand for compact and maneuverable Light Commercial Vehicles, such as mini trucks and city vans. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, contribute to the development of the Light Commercial Vehicles market in ASEAN.

As economies in the region continue to grow, businesses are expanding and requiring transportation solutions to support their operations. Additionally, rising disposable incomes enable individuals to afford Light Commercial Vehicles for personal use, further driving market growth. In conclusion, the Light Commercial Vehicles market in ASEAN is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards versatile and fuel-efficient vehicles, the growing demand for electric and hybrid vehicles, infrastructure development and urbanization, and economic growth and rising disposable incomes all contribute to the growth of the market in the region.

Data coverage:

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

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The motor vehicle manufacturing industry is one of the drivers of the European industry. In the European Union, this sector reported annual revenue of around 940.5 billion euros and a production value estimated at some 746 billion euros in 2020. Light commercial vehicles, typically up to 3.5 metric tons in gross vehicle weight, were the EU industry's most produced commercial vehicle type. However, the COVID-19 pandemic and global automotive chip shortage have impacted the sector's van output, dropping to under 1.7 million units in 2021. France was the largest light commercial vehicle producer in Europe, while French brands Renault and Peugeot were the second and third best-selling van brands in the European Union in 2021.