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Asia-Pacific Commercial Vehicles Market Size

The Asia-Pacific commercial vehicles market is experiencing significant growth, driven by various segments such as light commercial pickup trucks, which have shown resilience and a robust demand recovery. Despite challenges faced by medium-duty trucks and initial declines in buses, the market is rebounding, supported by the expanding logistics and e-commerce sectors. The relocation of industrial output to China and the country's economic growth are further fueling demand. Additionally, government initiatives towards electric mobility and substantial infrastructure investments are expected to enhance the market's scale and scope, reflecting a dynamic shift in consumer preferences and regulatory landscapes.

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Market Size of asia-pacific commercial vehicles Industry

Asia-Pacific Commercial Vehicles Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 399.9 Billion
svg icon Market Size (2030) USD 672.5 Billion
svg icon Largest Share by Vehicle Body Type Light Commercial Pick-up Trucks
svg icon CAGR (2024 - 2030) 9.05 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Commercial Vehicles Market Analysis

The Asia-Pacific Commercial Vehicles Market size is estimated at 399.9 billion USD in 2024, and is expected to reach 672.5 billion USD by 2030, growing at a CAGR of 9.05% during the forecast period (2024-2030).

399.9 Billion

Market Size in 2024 (USD)

672.5 Billion

Market Size in 2030 (USD)

1.59 %

CAGR (2017-2023)

9.05 %

CAGR (2024-2030)

Largest Segment by Fuel Category

65.01 %

value share, Diesel, 2023

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Diesel dominates due to its higher energy density, better fuel efficiency for long hauls, and the existing infrastructure supporting diesel engines, making it cost-effective for commercial operations.

Fastest-growing Segment by Fuel Category

40.24 %

Projected CAGR, FCEV, 2024-2030

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FCEVs are growing quickly due to investments in hydrogen technology, expanding hydrogen refueling infrastructure, and the regional push for reducing vehicle emissions.

Largest Country market

60.55 %

value share, China, 2023

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China leads the commercial vehicle market due to its large manufacturing base, significant domestic demand, and extensive investments in vehicle technology and infrastructure.

Largest Segment by Vehicle Configuration

62.22 %

value share, Trucks, 2023

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Trucks dominate due to their essential role in logistics, high demand for transporting goods over long distances, and the industrial growth driving the need for robust commercial vehicles.

Leading Market Player

9.56 %

market share, Wuling Motors Holdings Limited, 2023

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Wuling Motors Holdings Limited leads the market due to its extensive range of commercial vehicles, strong manufacturing presence in Asia, and strategic partnerships enhancing its market reach.

APAC’s significance as a pivotal player in the global commercial vehicle industry is marked by resilience, adaptability, and growth potential

  • The light commercial pickup trucks segment of the Asia-Pacific commercial vehicles market has been showcasing resilience and steady growth. Starting at 4,620,401 units in 2017, there was a brief lull in 2018 and 2019. However, subsequent years witnessed a notable uptick, underscoring a robust demand for these vehicles. Projections indicated that by 2023, this segment would hit 6,042,081 units, showcasing a remarkable recovery and growth trajectory. In contrast, the light commercial vans segment registered a decline from 1,176,110 units in 2017 to 885,614 units in 2019. While there has been a modest rebound since 2019, it has not matched the pace of pickup trucks. The forecast for 2023 stood at 1,082,025 units for light commercial vans, indicating a steady but moderate demand for these vehicles.
  • The medium-duty commercial trucks segment of the Asia-Pacific commercial vehicles market has faced challenges in recent years. After peaking at 461,391 units in 2017, it experienced a significant drop to 327,819 units by 2019. However, there were positive signs of recovery, with projections indicating a rise to 492,106 units by 2023. In the heavy-duty commercial trucks segment, a distinct pattern emerges. While the figures fluctuated between 2017 and 2021, the overall trend has been upward. Starting at 1,459,599 units in 2017, there was a peak in 2020 at 1,754,298 units. Despite a dip in 2021, the segment rebounded strongly, with 2,318,219 units projected for 2023.
  • Lastly, the buses segment, crucial for mass transit, initially saw a decline from 680,162 units in 2017 to 546,164 units in 2019 across the Asia-Pacific market. However, the post-2019 period has been marked by stabilization and gradual growth, with projections indicating a rise to 709,944 units by 2023.
Asia-Pacific Commercial Vehicles Market

Asia-Pacific is likely to continue witnessing a consistent increase in CV registrations, supporting the region's expanding logistical and commercial demands

  • The relocation of industrial output, primarily to China, has opened up trade channels, indirectly benefiting the commercial vehicle market and the logistics sector. With the growth of the logistics and e-commerce sectors, the demand for LCVs is expected to rise. The expanding Chinese economy has led to an increase in disposable income for the middle class, driving up demand for both commercial and passenger vehicles. Additionally, the nation's low production costs have fueled a significant surge in automobile demand over the past five years.
  • The Asia-Pacific commercial vehicle sector faced a setback during the COVID-19 outbreak, with local authorities imposing restrictions on commerce and travel. This led to a sharp decline in commercial vehicle sales. The pandemic shifted consumer preferences toward low-cost goods, reshaping the local commercial vehicle market.
  • Despite hurdles, the Indian government is committed to developing a shared, connected, and electric mobility ecosystem. Such initiatives are expected to drive the growth of commercial electric vehicles in the long term. Asian governments are projected to invest USD 26 trillion in infrastructure by 2030, significantly bolstering the transportation of construction materials and machinery across Asia-Pacific. Stringent pollution regulations have prompted automakers (OEMs) to pivot toward electric vehicles. With a growing understanding of the future of mobility, modern start-ups and entrepreneurs are increasingly favoring commercial electric vehicles.

Asia-Pacific Commercial Vehicles Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC are covered as segments by Country.

  • The light commercial pickup trucks segment of the Asia-Pacific commercial vehicles market has been showcasing resilience and steady growth. Starting at 4,620,401 units in 2017, there was a brief lull in 2018 and 2019. However, subsequent years witnessed a notable uptick, underscoring a robust demand for these vehicles. Projections indicated that by 2023, this segment would hit 6,042,081 units, showcasing a remarkable recovery and growth trajectory. In contrast, the light commercial vans segment registered a decline from 1,176,110 units in 2017 to 885,614 units in 2019. While there has been a modest rebound since 2019, it has not matched the pace of pickup trucks. The forecast for 2023 stood at 1,082,025 units for light commercial vans, indicating a steady but moderate demand for these vehicles.
  • The medium-duty commercial trucks segment of the Asia-Pacific commercial vehicles market has faced challenges in recent years. After peaking at 461,391 units in 2017, it experienced a significant drop to 327,819 units by 2019. However, there were positive signs of recovery, with projections indicating a rise to 492,106 units by 2023. In the heavy-duty commercial trucks segment, a distinct pattern emerges. While the figures fluctuated between 2017 and 2021, the overall trend has been upward. Starting at 1,459,599 units in 2017, there was a peak in 2020 at 1,754,298 units. Despite a dip in 2021, the segment rebounded strongly, with 2,318,219 units projected for 2023.
  • Lastly, the buses segment, crucial for mass transit, initially saw a decline from 680,162 units in 2017 to 546,164 units in 2019 across the Asia-Pacific market. However, the post-2019 period has been marked by stabilization and gradual growth, with projections indicating a rise to 709,944 units by 2023.
Vehicle Type
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Pick-up Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
Propulsion Type
Hybrid and Electric Vehicles
By Fuel Category
BEV
FCEV
HEV
PHEV
ICE
By Fuel Category
CNG
Diesel
Gasoline
LPG
Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Thailand
Rest-of-APAC
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Asia-Pacific Commercial Vehicles Market Size Summary

The Asia-Pacific commercial vehicles market is poised for significant growth, driven by a combination of economic expansion, infrastructure investments, and evolving consumer preferences. The market is characterized by a diverse range of vehicle segments, including light commercial pickup trucks, vans, medium-duty trucks, heavy-duty trucks, and buses. The light commercial pickup trucks segment has demonstrated resilience and steady growth, reflecting robust demand. In contrast, the light commercial vans segment has experienced a more moderate recovery. The medium-duty truck segment faced challenges but showed signs of recovery, while the heavy-duty trucks segment has exhibited an upward trend despite fluctuations. The bus segment, essential for mass transit, has seen stabilization and gradual growth post-2019. The relocation of industrial output to China and the growth of logistics and e-commerce sectors have further bolstered demand for commercial vehicles in the region.

The market is also witnessing a shift towards electric vehicles (EVs) due to stringent pollution regulations and government initiatives aimed at reducing carbon emissions. The Asia-Pacific region is increasingly investing in electric mobility, with countries like China and India leading the charge. The demand for EVs is being fueled by environmental concerns, regulatory pressures, and the economic advantages of electric vehicles, such as lower maintenance costs and zero emissions. Government subsidies and contracts, such as those by Tata Motors in India, are expected to further drive the adoption of electric commercial vehicles. The market remains fragmented, with major players like Anhui Ankai Automobile Co. Ltd., Dongfeng Motor Corporation, Isuzu Motors Limited, Toyota Motor Corporation, and Wuling Motors Holdings Limited holding significant shares. As the region continues to embrace electrification and sustainable mobility solutions, the commercial vehicles market is set for dynamic growth through 2030.

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Asia-Pacific Commercial Vehicles Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Vehicle Type

      1. 1.1.1 Commercial Vehicles

        1. 1.1.1.1 Buses

        2. 1.1.1.2 Heavy-duty Commercial Trucks

        3. 1.1.1.3 Light Commercial Pick-up Trucks

        4. 1.1.1.4 Light Commercial Vans

        5. 1.1.1.5 Medium-duty Commercial Trucks

    2. 1.2 Propulsion Type

      1. 1.2.1 Hybrid and Electric Vehicles

        1. 1.2.1.1 By Fuel Category

          1. 1.2.1.1.1 BEV

          2. 1.2.1.1.2 FCEV

          3. 1.2.1.1.3 HEV

          4. 1.2.1.1.4 PHEV

      2. 1.2.2 ICE

        1. 1.2.2.1 By Fuel Category

          1. 1.2.2.1.1 CNG

          2. 1.2.2.1.2 Diesel

          3. 1.2.2.1.3 Gasoline

          4. 1.2.2.1.4 LPG

    3. 1.3 Country

      1. 1.3.1 Australia

      2. 1.3.2 China

      3. 1.3.3 India

      4. 1.3.4 Indonesia

      5. 1.3.5 Japan

      6. 1.3.6 Malaysia

      7. 1.3.7 South Korea

      8. 1.3.8 Thailand

      9. 1.3.9 Rest-of-APAC

Asia-Pacific Commercial Vehicles Market Size FAQs

The Asia-Pacific Commercial Vehicles Market size is expected to reach USD 399.92 billion in 2024 and grow at a CAGR of 9.05% to reach USD 672.52 billion by 2030.

In 2024, the Asia-Pacific Commercial Vehicles Market size is expected to reach USD 399.92 billion.

APAC Commercial Vehicle Market Report Snapshots

Asia-Pacific Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030