Market Share of ASEAN Commercial Vehicles Industry
The ASEAN commercial vehicle market is moderately consolidated, with few players having a significant hold of the market. Some of the key players in the ASEAN commercial vehicles market are Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors. The market studied is highly driven by factors like joint ventures, partnerships, and growing demand from the industrial sector and government development initiatives across ASEAN countries.
For instance, in September 2022, Nex Point PLC (NEX) announced a collaboration with Energy Absolute (EA) PCL to establish Thailand's first commercial EV manufacturing and assembly plant, Absolute Assembly Co. Ltd (AAB), with an annual production capacity of up to 9,000 cars. The company received orders to produce 3,195 electric buses, with 200 units successfully delivered.
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
