Trucks - Malaysia | Statista Market Forecast

In Malaysia, the Trucks market is anticipated to witness a significant rise in unit sales, with projections indicating a figure of 9.62k vehicles by the year 2024.
Furthermore, a compound annual rate of -0.03%, measured from 2024 to 2030, is expected to contribute to the market's expansion.
As a result, the projected market volume is estimated to reach 9.61k vehicles units by 2030.
This surge in unit sales also reflects positively on the production of Trucks market, which is predicted to reach 17.18k vehicles units in 2030.
Notably, in the international market, China leads the way with an impressive sales figure of 3.74m vehicles units by 2024.
In Malaysia, the demand for electric trucks is steadily increasing as the government promotes sustainable transportation solutions.

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 Malaysia has been experiencing steady growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in Malaysia have been shifting towards vehicles that offer better fuel efficiency, increased payload capacity, and improved safety features.

This is in line with global trends, as customers are becoming more conscious of the environmental impact of their vehicles and are seeking more cost-effective solutions. As a result, there has been a growing demand for trucks with hybrid or electric powertrains, as well as those with advanced safety technologies such as collision avoidance systems and lane departure warning. In addition to customer preferences, market trends have also played a significant role in shaping the Trucks market in Malaysia.

One notable trend is the increasing demand for light commercial vehicles, which are smaller and more maneuverable than traditional heavy-duty trucks. This trend can be attributed to the rise of e-commerce and last-mile delivery services, which require vehicles that can navigate through narrow streets and congested urban areas. As a result, manufacturers have been focusing on developing compact trucks that offer a balance between payload capacity and agility.

Local special circumstances have also had an impact on the Trucks market in Malaysia. The country's infrastructure development projects, such as the construction of highways and ports, have created a need for trucks with higher payload capacities to transport construction materials and equipment. This has led to an increased demand for heavy-duty trucks with larger cargo capacities and more powerful engines.

Underlying macroeconomic factors have also contributed to the growth of the Trucks market in Malaysia. The country's strong economic performance, coupled with government initiatives to promote domestic manufacturing and export-oriented industries, has created a favorable business environment for truck manufacturers. Additionally, Malaysia's strategic location in Southeast Asia has made it an attractive hub for logistics and transportation companies, further driving the demand for trucks.

In conclusion, the Trucks market in Malaysia is experiencing growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As customers increasingly prioritize fuel efficiency, payload capacity, and safety features, manufacturers are responding by developing hybrid or electric trucks with advanced technologies. The rise of e-commerce and infrastructure development projects has also created a demand for compact and heavy-duty trucks, respectively.

With a strong economy and favorable business environment, Malaysia is poised to continue its growth in the Trucks market.

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.