Commercial Vehicles - Southern Asia

Southern Asia

The Southern Asian Commercial Vehicles market is predicted to achieve unit sales of 909.70k vehicles by 2024.
Furthermore, it is estimated that the market will experience a compound annual growth rate (CAGR 2024-2029) of 1.87%, resulting in a projected market volume of 997.80k vehicles by 2029.
This suggests the potential for substantial growth in the Commercial Vehicles market sector.
In fact, it is expected that the production of Commercial Vehicles market will reach 1,063.00k vehicles units by 2029, underscoring the market's potential expansion.
Taking an international perspective, the in the United States is anticipated to dominate the sales figures in 2024, with a projected volume of 11,630.00k vehicles units.
In Southern Asia, the commercial vehicles market in India is witnessing a shift towards electric vehicles.

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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Analyst Opinion

The Commercial Vehicles market in Southern Asia is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in the Commercial Vehicles market in Southern Asia are shifting towards vehicles that are more fuel-efficient and environmentally friendly. With rising concerns about climate change and air pollution, customers are increasingly opting for vehicles that have lower carbon emissions and higher fuel efficiency. Additionally, there is a growing demand for vehicles that offer advanced safety features and technologies.

Customers are seeking vehicles that prioritize driver and passenger safety, as well as vehicles that are equipped with the latest connectivity and entertainment systems. In terms of trends in the market, there is a notable increase in the adoption of electric and hybrid commercial vehicles. Governments in Southern Asia are implementing stricter regulations and incentives to promote the use of eco-friendly vehicles.

This has led to a surge in the production and sales of electric and hybrid commercial vehicles in the region. Furthermore, there is a growing trend of customization in the Commercial Vehicles market. Customers are looking for vehicles that can be tailored to their specific needs and requirements.

This trend has led to the emergence of niche markets within the Commercial Vehicles industry, catering to specific industries such as logistics, construction, and agriculture. Local special circumstances also play a role in the development of the Commercial Vehicles market in Southern Asia. Infrastructure development and urbanization are key factors driving the demand for commercial vehicles in the region.

As cities expand and transportation networks improve, there is a greater need for commercial vehicles to support economic activities. Additionally, the growth of e-commerce and online retail has created a demand for commercial vehicles for last-mile delivery services. This has led to the emergence of new players in the market, such as ride-hailing and delivery platforms, which are driving the demand for commercial vehicles.

Underlying macroeconomic factors, such as population growth and economic development, also contribute to the growth of the Commercial Vehicles market in Southern Asia. As populations increase, there is a higher demand for goods and services, which in turn drives the need for commercial vehicles to transport these goods. Economic development and rising disposable incomes also contribute to the growth of the Commercial Vehicles market, as businesses and individuals have the means to invest in commercial vehicles for their transportation needs.

In conclusion, the Commercial Vehicles market in Southern Asia is experiencing growth and development due to customer preferences for fuel-efficient and technologically advanced vehicles, the adoption of electric and hybrid vehicles, infrastructure development and urbanization, the growth of e-commerce, and underlying macroeconomic factors such as population growth and economic development. These factors are driving the demand for commercial vehicles in the region and shaping the future of the market.

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.