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ASEAN Commercial Vehicles Market Size (2024 - 2029)

The ASEAN Commercial Vehicles Market is experiencing growth driven by factors such as rapid urbanization and the increasing demand for efficient logistics, particularly in the retail and e-commerce sectors. Despite the initial impact of the COVID-19 pandemic, which reduced sales due to a shift in mobility preferences, the market has rebounded as the need for mass material movement has intensified. Stringent vehicle emission regulations and advancements in vehicle technology are further propelling the demand for new commercial vehicles, including light commercial vehicles. Additionally, government initiatives to reduce carbon emissions are encouraging manufacturers to invest in electric and cleaner diesel vehicles, influencing the overall market dynamics.

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Market Size of ASEAN Commercial Vehicles Industry

ASEAN Commercial Vehicles Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 55.74 Billion
Market Size (2029) USD 78.08 Billion
CAGR (2024 - 2029) 6.97 %
Market Concentration Medium

Major Players

ASEAN Commercial Vehicles Market 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 55.74 billion in 2024, and is expected to reach USD 78.08 billion by 2029, growing at a CAGR of 6.97% during the forecast period (2024-2029).

The COVID-19 pandemic impacted the market, and as a result, commercial vehicle sales in the ASEAN region fell in 2020. The preference for self- and individual mobility, as well as social distancing norms, drove down the public transportation segment of the commercial vehicle market. However, rapid urbanization and the need for mass material movement have improved the market conditions in the post-pandemic period. For instance,

  • In November 2022, according to industry data compiled for Just Auto, new vehicle sales in the six largest combined markets in the ASEAN region increased by 53% to 846,562 units in the third quarter of 2022, up from 553,564 units in the same period last year.

Over the long term, stringent vehicle emission regulations, advancements in vehicle safety, the introduction of driver-assist systems in new vehicles, and rapidly growing logistics in the retail and e-commerce sectors across ASEAN are primarily expected to drive demand for new and advanced commercial vehicles. LCV demand is expected to rise as the logistics and e-commerce industries expand rapidly. Furthermore, rapid urbanization has given rise to new retail and e-commerce platforms that necessitate efficient logistics. Such developments are increasing the demand for light commercial vehicles. For instance,

  • In October 2022, according to the Federation of Thai Industries (FTI), Thailand's September vehicle sales increased 15.6% year on year (YoY) to 74,150 units compared to the same period in 2021. Sales of commercial vehicles increased 31.4% to 51,076 units. Pickup truck (including PPV) sales were up 37.2% to 41,396 units, which were included in commercial vehicle sales.

Governments throughout the ASEAN region are putting pressure on vehicle manufacturers to reduce carbon emissions from diesel fuel combustion and address greenhouse gas emissions, compelling OEMs to invest in developing electric trucks. Meanwhile, low-emission zones are causing fleets to switch to cleaner diesel trucks.

ASEAN Commercial Vehicles Industry Segmentation

A commercial vehicle is a licensed vehicle used to transport goods or materials rather than passengers. Light to medium-sized commercial vehicles are used to transport goods that are relatively light.

The ASEAN Commercial Vehicles Market is segmented by Vehicle Type (Light Commercial Vehicles and Medium and Heavy-duty Commercial Vehicles) and Country (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, and Rest of ASEAN). The report offers market size and forecast for all the above segments in value (in USD billion).

By Vehicle Type
Light Commercial Vehicles
Medium- and Heavy-duty Commercial Vehicles
By Country
Indonesia
Thailand
Vietnam
Singapore
Malaysia
Philippines
Rest of ASEAN
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ASEAN Commercial Vehicles Market Size Summary

The ASEAN commercial vehicles market is poised for significant growth over the forecast period, driven by rapid urbanization, advancements in vehicle technology, and increasing demand from the logistics and e-commerce sectors. The market experienced a downturn during the COVID-19 pandemic due to reduced public transportation usage and a shift towards individual mobility. However, post-pandemic recovery has been bolstered by the need for mass material movement and the expansion of logistics networks. The introduction of stringent vehicle emission regulations and the push towards electric and low-emission vehicles are also shaping the market landscape, with governments encouraging manufacturers to invest in cleaner technologies. This shift is further supported by initiatives like Singapore's Commercial Vehicle Emissions Scheme, which incentivizes the adoption of environmentally friendly vehicles.

Key players in the ASEAN commercial vehicles market, such as Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors, are actively expanding their product offerings and forming strategic partnerships to enhance their market presence. The region's manufacturing hubs, particularly Thailand and Indonesia, are central to this growth, with Thailand leading in production capacity and Indonesia aiming to become a major industrial center. The market is also witnessing collaborations aimed at promoting electrification, such as the joint efforts by Mitsubishi Motors, Isuzu, FUSO, Nissan, and Toyota in Indonesia. These developments, coupled with the expansion of e-commerce and logistics companies, are contributing to the increasing demand for light commercial vehicles, which are essential for efficient goods transportation in urban areas.

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ASEAN Commercial Vehicles Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION ( Market Size in USD Billion)

    1. 2.1 By Vehicle Type

      1. 2.1.1 Light Commercial Vehicles

      2. 2.1.2 Medium- and Heavy-duty Commercial Vehicles

    2. 2.2 By Country

      1. 2.2.1 Indonesia

      2. 2.2.2 Thailand

      3. 2.2.3 Vietnam

      4. 2.2.4 Singapore

      5. 2.2.5 Malaysia

      6. 2.2.6 Philippines

      7. 2.2.7 Rest of ASEAN

ASEAN Commercial Vehicles Market Size FAQs

The ASEAN Commercial Vehicles Market size is expected to reach USD 55.74 billion in 2024 and grow at a CAGR of 6.97% to reach USD 78.08 billion by 2029.

In 2024, the ASEAN Commercial Vehicles Market size is expected to reach USD 55.74 billion.

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