
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 59.63 Billion |
Market Size (2030) | USD 83.51 Billion |
CAGR (2025 - 2030) | 6.97 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
ASEAN Commercial Vehicles Market Analysis
The ASEAN Commercial Vehicles Market size is estimated at USD 59.63 billion in 2025, and is expected to reach USD 83.51 billion by 2030, at a CAGR of 6.97% during the forecast period (2025-2030).
The ASEAN commercial vehicles industry is experiencing significant transformation through strategic investments and technological advancements. Major manufacturers are making substantial commitments to the region, as evidenced by Isuzu's announcement in January 2024 to invest 120 billion yen over the next five years for electric pickup truck production in Thailand. This investment trend reflects the industry's shift toward sustainable manufacturing practices and the region's growing importance as a global automotive hub. The market has shown robust recovery, with new vehicle sales across the six largest ASEAN markets surging by 53% to 846,562 units in the third quarter of 2022, demonstrating strong market fundamentals and consumer demand.
The industry is witnessing a decisive shift toward sustainable technologies and alternative fuel solutions. In Indonesia, state electricity company PT PLN demonstrated this transition by establishing 54 public electric vehicle charging stations in 2023, with total electricity consumption at these stations reaching 2,464,825 kilowatt-hours, marking a significant 564% increase from the previous year. Manufacturers are increasingly focusing on developing electric and hybrid commercial transportation vehicles, with companies like Toyota and Mitsubishi Fuso announcing plans to introduce electric models specifically designed for the ASEAN market. This transformation is reshaping the industry's approach to product development and market strategies.
Manufacturing capabilities across the ASEAN region are evolving with increased localization and technological integration. Thailand's automotive sector exemplified this growth with commercial vehicle sales increasing by 31.4% to 51,076 units in September 2022, highlighting the region's manufacturing strength. Companies are establishing new production facilities and modernizing existing ones to accommodate advanced vehicle technologies, particularly in the electric vehicle segment. The integration of smart manufacturing processes and the development of local supply chains are enhancing the region's competitiveness in global markets.
The regulatory landscape is increasingly focusing on sustainability and infrastructure development, driving significant changes in the commercial fleet sector. Governments across ASEAN are implementing stricter emission standards and providing incentives for clean energy vehicles, while simultaneously investing in supporting infrastructure. The development of charging networks, implementation of smart traffic management systems, and establishment of industrial parks dedicated to automotive manufacturing are creating a more conducive environment for market growth. These initiatives are complemented by policies promoting local manufacturing and technology transfer, strengthening the region's position in the global automotive value chain.
ASEAN Commercial Vehicles Market Trends
Growth in E-commerce and Logistics to Fuel Market Demand
The ASEAN region is experiencing remarkable growth in e-commerce retail sales, with several countries leading global growth rates. Indonesia and Malaysia have shown impressive e-commerce sales growth rates of 20% and 18%, respectively, in 2023, while the Philippines leads the region with 24.1% growth. This surge in e-commerce activities has created an unprecedented demand for efficient logistics and delivery solutions, particularly affecting the commercial vehicles sector. The transformation of consumer behavior towards online shopping has expanded beyond traditional categories like clothing and electronics to include food and beverages, beauty products, and home goods, necessitating specialized logistics services and delivery transport vehicles.
The logistics sector is adapting rapidly to meet these evolving demands through strategic initiatives and fleet modernization. For instance, in November 2023, DHL Express expanded its electric vehicle fleet in Malaysia with 51 new vehicles, including 44 electric vans and seven electric bikes for pick-up and delivery services. This electrification initiative is expected to reduce total fuel costs by 74% and increase carbon efficiency by 63.5% compared to traditional internal combustion engine vans. Companies in the logistics space are implementing various strategies such as just-in-time delivery, consolidating storage facilities, and investing in smaller vehicles for last-mile deliveries, while also focusing on real-time tracking, streamlined systems, and reverse logistics to ensure efficient operations.
Government Stance Towards Revamping Road Network to Provide Market Growth
The ASEAN Road Network has emerged as a crucial infrastructure initiative spanning six countries and facilitating the transportation of over 15 million kilograms of goods. This well-connected trucking route serves as an effective alternative to conventional shipping methods, particularly during periods of disruption. The network's integration with the broader Asian Highway Network, which extends over 141,000 kilometers across 32 countries, has created substantial opportunities for commercial truck operations. This extensive infrastructure development has been further enhanced by bilateral government initiatives to expand cross-border trade and improve regional connectivity.
Recent developments in road infrastructure across ASEAN demonstrate the region's commitment to enhancing transportation networks. In Vietnam, the national expressway system has reached significant milestones, with the Red River Delta region accounting for 489 kilometers and the Northern Midlands and Mountains region contributing 396 kilometers of expressways. India's push to expand the Trilateral Highway to Cambodia, Laos, and Vietnam, potentially extending the route to 3,200 kilometers from the current 1,400 kilometers, represents a significant opportunity for cargo vehicle operators. These infrastructure developments are complemented by various government initiatives aimed at improving road quality and expanding transportation networks across the region.
Rapid Urbanization and Infrastructure Development to Fuel Market Growth
The ASEAN region is witnessing unprecedented urbanization rates, with Thailand's urban population reaching 52.89% in 2022, marking a steady increase from previous years. This rapid urbanization has created increased demand for efficient transportation solutions, particularly in the commercial truck sector. The transformation of urban landscapes has necessitated the development of sophisticated logistics networks and freight vehicle fleets to support growing urban populations and business activities. For instance, in January 2024, Indonesia's state electricity company PT PLN (Persero) expanded its electric vehicle infrastructure by building 54 new public charging stations, bringing the total to 624 stations nationwide.
The infrastructure development landscape is particularly dynamic in the Philippines, with 68 ongoing infrastructure projects, 52 under project preparation, and 40 in pre-project preparation stages as of March 2023. This extensive infrastructure development is complemented by significant investments in sustainable transportation solutions. For example, in August 2023, Mitsubishi Fuso Truck and Bus announced plans to manufacture the eCanter, a small electric truck, at its Kawasaki plant for export to Indonesia, demonstrating the industry's commitment to meeting the growing demand for sustainable commercial vehicles in urbanizing areas.
Increased Demand for Public Transportation to Fuel Buses Demand
The public transportation sector in ASEAN is undergoing significant transformation, driven by urbanization and environmental concerns. In January 2024, Hanoi's Department of Transport announced the implementation of electric buses on several routes, including Bus No.5 between Linh Dam urban area and Phu Dien, and Bus No.15 connecting Gia Lam train station to Ni Street. This initiative aligns with the city's ambitious goal to ensure that at least 50% of its vehicles run on electricity or green energy by 2030, with a complete transition to electric and green energy buses and taxis planned by 2050.
The commitment to sustainable public transportation is evident across the region through substantial investments and initiatives. In December 2023, Energy Absolute (EA) secured a USD 110 million loan facility to invest in leasing up to 1,200 electric public buses in Thailand, aimed at replacing combustion engine buses. These buses will enhance public services of Thai Smile Bus Co and its subsidiaries, covering 123 routes in Bangkok and surrounding areas. Similarly, Singapore's Land Transport Authority has made significant strides by investing 164 million SGD in electric buses and charging infrastructure in December 2023, marking the largest single procurement in this sector and bringing the total investment in the electrification project to SGD 212.5 million.
Segment Analysis: By Vehicle Type
Light Commercial Vehicles Segment in ASEAN Commercial Vehicles Market
Light Commercial Vehicles (LCV) dominate the ASEAN commercial vehicles market, commanding approximately 50% market share in 2024. This segment is also emerging as the fastest-growing, with a projected growth rate of nearly 7% from 2024 to 2029. The segment's prominence is primarily driven by the rapid expansion of e-commerce and logistics sectors across the ASEAN region. As urbanization accelerates and new retail platforms emerge, the demand for efficient and robust logistics solutions has surged significantly. Light vehicles, particularly vans, have become increasingly vital across various economic sectors, including construction, postal and courier services, law enforcement, and passenger transport. Environmental regulations are also playing a crucial role in shaping this segment, with governments across the region intensifying efforts to curb carbon emissions from diesel fuel combustion, thereby urging vehicle manufacturers to invest in electric trucks. Major players like Daimler, Nissan, Ford, and Renault are witnessing increased demand, particularly due to the booming e-commerce sector's reliance on pickup trucks and vans for logistics and consumer delivery services.

Medium and Heavy-duty Commercial Vehicles Segment in ASEAN Commercial Vehicles Market
The Medium and Heavy-duty Commercial Vehicles (M&HCV) segment maintains a significant presence in the ASEAN commercial vehicles market, driven by robust economic growth and increasing industrialization across member countries. This segment has become increasingly crucial for sectors such as construction, manufacturing, and mining, which heavily rely on M&HCVs for transportation and logistics. The rising demand for raw materials and the need to transport finished goods efficiently are directly influencing the segment's growth. Furthermore, substantial investments in infrastructure development across the ASEAN region, including road construction, urban development, and public works projects, require heavy-duty vehicles for the transportation of materials and machinery. The segment is also witnessing significant innovations in sustainable transportation solutions, with several manufacturers introducing electric and hybrid variants of their heavy-duty vehicles. The bus sector within this segment is experiencing particular growth due to changing consumer preferences and increasing demand for cost-effective public transportation solutions, especially in rapidly urbanizing areas and growing tourism sectors across ASEAN countries.
ASEAN Commercial Vehicles Market Geography Segment Analysis
ASEAN Commercial Vehicles Market in Thailand
Thailand stands as the dominant force in the ASEAN commercial vehicles market, commanding approximately 40% of the total market share in 2024. The country has developed a robust automotive manufacturing industry, supported by significant foreign investment and a well-established local supply chain. Thailand's economic growth has been a substantial driver for the commercial vehicle market, with sectors like construction, logistics, and agriculture witnessing significant expansion. The country's strategic position as a global manufacturing center for various light commercial vehicles brands has strengthened its market leadership. Light commercial vehicles are crucial in urban logistics and distribution, while medium trucks serve inter-city transport needs, and heavy commercial vehicles support long-haul and industrial transportation. The rapid urbanization in Thailand has escalated the need for efficient transportation and logistics solutions, particularly in urban and suburban areas. Furthermore, Thailand's position as a tourism epicenter across ASEAN has led to the establishment of an organized public transportation system, contributing to the sustained demand for commercial vehicles.
ASEAN Commercial Vehicles Market in Singapore
Singapore's commercial vehicles market is experiencing remarkable growth, projected to expand at approximately 11% CAGR from 2024 to 2029. The city-state's status as a global logistics and trade hub serves as a primary driver for its commercial vehicle market, ensuring a steady demand for vehicles essential for transport and logistics operations. Singapore's stable and growing economy, characterized by a strong focus on trade, manufacturing, and services, directly influences the demand for commercial vehicles. The country's commitment to environmental sustainability is evident in its push towards greener vehicles, with a noticeable shift towards electric and hybrid commercial vehicles supported by government incentives. Singapore's sophisticated infrastructure and advanced transportation network create an ideal environment for the adoption of modern commercial vehicle technologies. The government's proactive approach to urban planning and sustainable transportation solutions has positioned Singapore as a model for future mobility solutions in the ASEAN region. Additionally, the city-state's strategic location and role as a major transshipment hub continue to drive the demand for efficient commercial vehicle solutions.
ASEAN Commercial Vehicles Market in Philippines
The Philippines' commercial vehicles market plays a critical role in the nation's economy, particularly given its archipelagic nature and growing urbanization. The country's steadily growing economy, driven by sectors such as agriculture, manufacturing, and services, necessitates robust logistics and transportation networks. The government's focus on infrastructure development, including road networks and public transportation systems, directly impacts the commercial vehicle market. The future of the commercial vehicle market in the Philippines is being shaped by an increased focus on sustainable and environmentally friendly transportation solutions. The expansion of e-commerce, particularly in the post-pandemic era, has significantly increased the need for efficient logistics services, directly affecting the demand for light and medium trucks for delivery purposes. The country's commitment to modernizing its public transportation system has created new opportunities for commercial vehicle manufacturers, especially in the commercial bus segment. Furthermore, the Philippines' growing manufacturing sector and increasing foreign investments have contributed to a robust demand for commercial vehicles across various industries.
ASEAN Commercial Vehicles Market in Indonesia
Indonesia's commercial vehicles market demonstrates strong potential, driven by its large population and growing economy. Infrastructure development, particularly in transport and logistics, fuels the demand for commercial vehicles across various segments. The government's investment in road and public works projects necessitates a robust fleet of commercial vehicles, while the rise of e-commerce and urbanization accelerates the need for efficient transportation and delivery services. Indonesia's focus on environmental sustainability, particularly in supporting electric vehicles, positions it as a key player in the evolving ASEAN commercial vehicle landscape. The country's strategic initiatives to develop a reliable network for public buses have created significant opportunities for manufacturers. Additionally, Indonesia's commitment to developing domestic manufacturing capabilities has attracted significant investments from global automotive companies. The country's vast geographical spread and increasing inter-island trade activities continue to drive the demand for commercial vehicles, particularly in the medium and heavy-duty segments.
ASEAN Commercial Vehicles Market in Other Countries
The commercial vehicles market in other ASEAN countries, including Vietnam and Malaysia, demonstrates diverse growth patterns influenced by their unique economic and infrastructural developments. Vietnam's robust economic growth, fueled by industrialization and urbanization, has led to increased demand for commercial vehicles, particularly in the manufacturing and logistics sectors. Malaysia's market is characterized by its focus on sustainable transportation solutions and the development of electric vehicle infrastructure. These markets are experiencing transformation driven by factors such as rapid urbanization, infrastructure development, and increasing foreign direct investment. The governments in these countries are implementing supportive policies to encourage the adoption of modern commercial vehicles, particularly focusing on environmentally friendly options. The integration of these markets within the broader ASEAN economic community continues to create new opportunities for growth and development in the commercial vehicles sector.
ASEAN Commercial Vehicles Industry Overview
Top Companies in ASEAN Commercial Vehicles Market
The ASEAN commercial vehicles market features prominent players including Isuzu Motors Limited, Toyota Motor Corporation, Mitsubishi Motors, Daihatsu Motor Co., Ford Motor Company, and other global manufacturers. These companies are increasingly focusing on product innovation through the development of electric and autonomous commercial vehicles, particularly in response to evolving environmental regulations and customer demands. Strategic partnerships and collaborations have become crucial for technological advancement, with many players forming joint ventures to strengthen their regional presence and distribution networks. Companies are also expanding their manufacturing capabilities across the ASEAN region, with Thailand and Indonesia emerging as key production hubs. The market is witnessing significant investments in research and development, particularly in areas of connectivity, telematics, and alternative fuel technologies. Operational agility has become paramount, with manufacturers adopting flexible production systems and strengthening their supply chain resilience in response to recent global disruptions.
Market Dominated by Global Manufacturing Giants
The ASEAN commercial automotive market exhibits a consolidated structure dominated by established global manufacturers who leverage their extensive manufacturing capabilities, technological expertise, and well-established distribution networks. These major players have historically maintained their market positions through significant investments in local manufacturing facilities, strong dealer networks, and after-sales service infrastructure. The market has witnessed several strategic mergers and acquisitions, particularly aimed at strengthening technological capabilities and expanding regional presence, such as the formation of strategic partnerships between traditional automotive manufacturers and technology companies for developing next-generation commercial vehicles.
Local players in the ASEAN region primarily operate in specific market segments or serve as authorized dealers and distributors for global manufacturers. The market's consolidation level remains high, with the top players accounting for a significant share of the total market volume. This concentration is further reinforced by high entry barriers, including substantial capital requirements, stringent regulatory compliance needs, and the necessity for extensive distribution networks. The competitive dynamics are characterized by a mix of price-based competition in the mass market segments and technology-based differentiation in the premium segments.
Innovation and Sustainability Drive Future Success
Success in the ASEAN commercial vehicles market increasingly depends on manufacturers' ability to balance technological innovation with market-specific requirements. Incumbent players must focus on developing eco-friendly vehicles while maintaining cost competitiveness, particularly as environmental regulations become more stringent across the region. Companies need to strengthen their local manufacturing presence and develop products specifically tailored to ASEAN market conditions, while also investing in digital capabilities and connected vehicle technologies. The ability to offer comprehensive mobility solutions, including fleet management services and flexible financing options, will become increasingly important for maintaining market share.
For contenders looking to gain ground, the focus should be on identifying and serving underserved market segments while building strong partnerships with local stakeholders. Success will require developing innovative business models that address the specific needs of ASEAN customers, particularly in terms of total cost of ownership and after-sales support. The market presents moderate substitution risk from alternative transportation modes, particularly in urban areas where governments are investing in public transportation infrastructure. However, the growing e-commerce sector and infrastructure development across the region continue to drive demand for commercial vehicles. Regulatory changes, particularly those related to emissions and safety standards, will play a crucial role in shaping future market dynamics and competitive strategies.
ASEAN Commercial Vehicles Market Leaders
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Isuzu Motor Ltd
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Mitsubishi Motor Corporation
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Hyundai Motor Corporation
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Hino Motor Ltd.
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IVECO (CNH Industrial NV)
- *Disclaimer: Major Players sorted in no particular order

ASEAN Commercial Vehicles Market News
- January 2024: Mitsubishi Fuso Truck and Bus Corporation announced the official launch of the all-electric eCanter truck sales in Hong Kong. The vehicle is available for purchase in three models with seven variants, covering a gross vehicle weight (GVW) of 5 to 8.55 tons.
- November 2023: Toyota Motor Thailand Co. Ltd launched the new IMV series model IMV 0 in Thailand. IMV has contributed to the Thai economy, with domestic sales totaling more than 2.7 million units and exports totaling more than 4 million units.
ASEAN Commercial Vehicles Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Higher Infrastructure Spending and Trade Activities
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4.2 Market Restraints
- 4.2.1 Complying to the Stringent Vehicle Emission Regulations is a Challenge
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value and Volume)
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5.1 By Vehicle Type
- 5.1.1 Light Commercial Vehicles
- 5.1.2 Medium-duty Commercial Vehicles
- 5.1.3 Heavy-duty Commercial Vehicles
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5.2 By Propulsion
- 5.2.1 Internal Combustion Engine
- 5.2.2 Battery Electric Vehicle
- 5.2.3 Plug-in Hybrid Electric Vehicle
- 5.2.4 Fuel Cell Electric Vehicle
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5.3 By Country
- 5.3.1 Indonesia
- 5.3.2 Thailand
- 5.3.3 Vietnam
- 5.3.4 Singapore
- 5.3.5 Malaysia
- 5.3.6 Philippines
- 5.3.7 Rest of ASEAN
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Isuzu Motors Limited
- 6.2.2 Mitsubishi Motors Corporation
- 6.2.3 Honda Motor Co. Ltd
- 6.2.4 Daihatsu Motor Co. Ltd
- 6.2.5 Ford Motor Company
- 6.2.6 UD Trucks Corp.
- 6.2.7 Scania
- 6.2.8 FCA US LLC
- 6.2.9 Hyundai Motor Company
- 6.2.10 IVECO
- 6.2.11 Hino Motors Ltd
- 6.2.12 Tata Motors
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 LCV Demand is Expected to Rise as the Logistics and E-Commerce Industries Expand Rapidly
8. ANALYSIS OF REGIONAL REGULATORY COMPLIANCES REGARDING COMMERCIAL VEHICLES
ASEAN Commercial Vehicles Industry Segmentation
A commercial vehicle is licensed to transport goods or materials rather than passengers. Light to medium-sized commercial vehicles are used to transport relatively light goods.
The ASEAN commercial vehicles market is segmented by vehicle type, propulsion, and country. By vehicle type, the market is segmented into light commercial vehicles, medium-duty commercial vehicles, and heavy-duty commercial vehicles. By propulsion, the market is segmented into internal combustion engines, battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. By country, the market is segmented into Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, and the rest of ASEAN. The report offers market size and forecasts for all the above segments in value (USD) and volume (units).
By Vehicle Type | Light Commercial Vehicles |
Medium-duty Commercial Vehicles | |
Heavy-duty Commercial Vehicles | |
By Propulsion | Internal Combustion Engine |
Battery Electric Vehicle | |
Plug-in Hybrid Electric Vehicle | |
Fuel Cell Electric Vehicle | |
By Country | Indonesia |
Thailand | |
Vietnam | |
Singapore | |
Malaysia | |
Philippines | |
Rest of ASEAN |
ASEAN Commercial Vehicles Market Research Faqs
How big is the ASEAN Commercial Vehicles Market?
The ASEAN Commercial Vehicles Market size is expected to reach USD 59.63 billion in 2025 and grow at a CAGR of 6.97% to reach USD 83.51 billion by 2030.
What is the current ASEAN Commercial Vehicles Market size?
In 2025, the ASEAN Commercial Vehicles Market size is expected to reach USD 59.63 billion.
Who are the key players in ASEAN Commercial Vehicles Market?
Isuzu Motor Ltd, Mitsubishi Motor Corporation, Hyundai Motor Corporation, Hino Motor Ltd. and IVECO (CNH Industrial NV) are the major companies operating in the ASEAN Commercial Vehicles Market.
What years does this ASEAN Commercial Vehicles Market cover, and what was the market size in 2024?
In 2024, the ASEAN Commercial Vehicles Market size was estimated at USD 55.47 billion. The report covers the ASEAN Commercial Vehicles Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Commercial Vehicles Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Commercial Vehicles Market Research
Mordor Intelligence provides a comprehensive analysis of the commercial vehicles sector. We specialize in detailed research covering LCV, MCV, and HCV segments across the ASEAN region. Our extensive coverage includes various vehicle categories, such as utility vehicle applications, transport vehicle solutions, and commercial fleet operations. The report offers an in-depth analysis of commercial automobiles, commercial truck segments, and commercial van markets. It is available as an easy-to-download report PDF format.
Our research benefits stakeholders across the commercial automotive spectrum. This includes manufacturers of heavy commercial vehicles and operators of fleet vehicles. The analysis explores emerging trends in commercial transportation, such as cargo vehicle innovations, commercial bus developments, and business vehicle solutions. The report also examines industrial vehicle applications, vocational vehicle requirements, and professional vehicle specifications. It provides valuable insights into freight vehicle dynamics and medium commercial vehicles deployment strategies throughout the ASEAN region.