Commercial Vehicles

Southeast Asia

Highlights

In 2024, it is projected that the unit sales in the Commercial Vehicles market in Southeast Asia will reach 883.00k vehicles.
This market is expected to exhibit a compound annual rate (CAGR 2024-2030) of -0.96%, resulting in a projected market volume of 833.20k vehicles by 2030.
This indicates the potential for significant growth in the Commercial Vehicles market.
Furthermore, the production of Commercial Vehicles market is expected to reach 1.52m vehicles in 2030, further highlighting the market's growth potential.
From an international standpoint, it is worth noting that the United States is predicted to have the highest sales volume in 2024, with 13.75m vehicles units sold.
In Southeast Asia, the demand for commercial vehicles is rapidly increasing due to the region's growing logistics and transportation sector.

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 Southeast Asia has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards more fuel-efficient and environmentally-friendly vehicles.

This is driven by increasing awareness of the impact of transportation on the environment, as well as rising fuel prices. Customers are also looking for vehicles that offer better safety features and advanced technology, such as GPS navigation and telematics systems. Trends in the market show a growing demand for light commercial vehicles, particularly in urban areas.

This can be attributed to the rapid urbanization and population growth in Southeast Asia, which has led to an increase in the need for efficient transportation of goods and services. Additionally, the rise of e-commerce and online shopping has created a demand for delivery vehicles, further driving the growth of the commercial vehicles market in the region. Local special circumstances in Southeast Asia, such as the diverse geographical landscape and varying infrastructure development across countries, also play a role in shaping the commercial vehicles market.

For example, countries with a large rural population may have a higher demand for off-road vehicles, while countries with well-developed road networks may see a higher demand for trucks and vans. Underlying macroeconomic factors, such as GDP growth and government policies, also influence the development of the commercial vehicles market in Southeast Asia. As the region continues to experience economic growth, there is an increased demand for commercial vehicles to support various industries, such as construction, manufacturing, and logistics.

Government policies that promote investment in infrastructure development and transportation systems also contribute to the growth of the market. In conclusion, the Commercial Vehicles market in Southeast Asia is experiencing growth due to changing customer preferences, increasing urbanization, the rise of e-commerce, local special circumstances, and favorable macroeconomic factors. As the region continues to develop and expand, the demand for commercial vehicles is expected to continue to rise.

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.