Market Insights Mobility Commercial Vehicles

Trucks - Asia

Asia

The Trucks market in Asia is expected to witness a significant growth in the coming years.
According to projections, unit sales in the Trucks market are estimated to reach 2.55m vehicles by 2024.
This growth is further expected to continue with an annual growth rate of -3.35% from 2024 to 2029, resulting in a projected market volume of 2.15m vehicles by 2029.
The production of Trucks market in Asia is also anticipated to experience a substantial increase, reaching 2.39m vehicles units by 2029.
This production growth serves as an indication of the promising potential for the Trucks market in the region.
In terms of sales distribution, in China is projected to dominate the market, accounting for the majority of sales with 1,722.00k vehicles units in 2024.
This highlights the significant role that in China plays in the Trucks market withAsia, further solidifying its position as a key player in the industry.
The demand for electric trucks is growing rapidly in China, making it a leader in the Asian commercial vehicles market.

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Analyst Opinion

The Trucks market in Asia has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in Asia have been shifting towards more fuel-efficient and environmentally friendly vehicles.

With growing concerns about climate change and rising fuel costs, customers are increasingly opting for trucks that have lower carbon emissions and better fuel efficiency. This has led to an increase in the demand for electric and hybrid trucks in the region. Additionally, customers in Asia are also looking for trucks that offer advanced safety features and improved connectivity options.

Trends in the market have also played a crucial role in the development of the Trucks market in Asia. One of the key trends is the rise of e-commerce and the subsequent increase in demand for last-mile delivery services. This has led to a higher demand for smaller trucks and vans that are suitable for navigating congested urban areas.

Additionally, the growth of the construction industry in Asia has also contributed to the demand for larger trucks for transporting construction materials. Local special circumstances in different countries in Asia have also influenced the development of the Trucks market. For example, in countries with a large population and limited infrastructure, such as India and Indonesia, there is a need for trucks that can navigate narrow and congested roads.

Manufacturers have responded to this demand by developing trucks with smaller dimensions and better maneuverability. In countries with a more developed infrastructure, such as Japan and South Korea, there is a higher demand for trucks with advanced technology and features. Underlying macroeconomic factors have also played a significant role in the growth of the Trucks market in Asia.

The rapid urbanization and industrialization in many Asian countries have led to an increase in the demand for trucks for transporting goods and materials. Additionally, government initiatives and policies aimed at promoting domestic manufacturing and reducing dependence on imports have also contributed to the growth of the Trucks market in Asia. Overall, the Trucks market in Asia is developing in response to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

As the region continues to experience economic growth and urbanization, the demand for trucks is expected to further increase, with a focus on fuel efficiency, safety, and connectivity. Manufacturers in the region will need to continue innovating and adapting to meet the evolving needs of customers in the Trucks market in Asia.

Methodology

Data coverage:

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

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.