Trucks - Eastern Asia | Statista Market Forecast

In 2024, the Trucks market in Eastern Asia is projected to reach 4.12m vehicles unit sales.
This forecast indicates a potential growth rate of 2.73% per year (CAGR 2024-2030), leading to an estimated market volume of 4.84m vehicles units by 2030.
The production of Trucks market in Eastern Asia is also anticipated to reach 4.73m vehicles units by 2030, highlighting the market's growth potential.
When considering the international perspective, it is noteworthy that China is expected to dominate the Trucks market in 2024, with sales reaching 3.74m vehicles units.
This signifies the significant market presence of China in the Trucks market.
In Eastern Asia, Japan dominates the market for trucks with its advanced technology and reputation for producing high-quality vehicles.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

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Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in Eastern Asia is experiencing significant growth and development in recent years. Customer preferences in the Trucks market in Eastern Asia are shifting towards more fuel-efficient and environmentally friendly vehicles.

Customers are increasingly looking for trucks that have lower emissions and higher fuel efficiency. This trend is driven by both government regulations and consumer demand for more sustainable transportation options. Additionally, customers in Eastern Asia are also placing a greater emphasis on safety features in trucks, such as advanced driver assistance systems and collision avoidance technology.

One of the key trends in the Trucks market in Eastern Asia is the growing demand for electric trucks. As governments in the region are implementing stricter emissions standards and providing incentives for electric vehicles, customers are increasingly opting for electric trucks. Electric trucks offer lower operating costs and reduced emissions compared to traditional diesel trucks.

The development of charging infrastructure in the region has also contributed to the growing popularity of electric trucks. Another trend in the Trucks market in Eastern Asia is the rise of autonomous trucks. With advancements in technology, autonomous trucks are becoming more feasible and attractive to customers.

These trucks offer benefits such as increased efficiency, reduced labor costs, and improved safety. The adoption of autonomous trucks is expected to increase in the coming years as the technology continues to improve and regulations are put in place to govern their use. Local special circumstances in Eastern Asia also play a role in the development of the Trucks market.

For example, in countries like China, the government has implemented policies to promote the development and adoption of electric and autonomous vehicles. These policies include subsidies and tax incentives for customers who purchase electric or autonomous trucks. Additionally, the region's dense population and congested cities have led to an increased demand for smaller and more maneuverable trucks.

Underlying macroeconomic factors such as economic growth and infrastructure development also contribute to the growth of the Trucks market in Eastern Asia. As the region's economies continue to grow, there is an increased need for transportation and logistics services, which drives the demand for trucks. Additionally, the development of infrastructure, such as roads and highways, improves the efficiency of truck transportation and further fuels the demand for trucks.

In conclusion, the Trucks market in Eastern Asia is experiencing growth and development due to shifting customer preferences, including a focus on fuel efficiency and safety features. The rise of electric and autonomous trucks is also a significant trend in the market. Local special circumstances, such as government policies and the region's dense population, contribute to the development of the market.

Underlying macroeconomic factors, such as economic growth and infrastructure development, further drive the growth of the Trucks market in Eastern Asia.

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.

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

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.