Market Size of Asia Pacific Non Passenger Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Non Passenger Vehicle Market Analysis
Currently, Asia Pacific Non-Passenger Vehicle Market is valued at USD 541.12 Billion and is expected to reach USD 726.25 Billion in the next five years registering a CAGR of around 6%, during the forecast period.
The outbreak of the coronavirus disease (COVID-19) acted as a massive restraint on the automotive parts and components market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. However, government incentives, growing regional demand, and easy availability of raw materials are expected to drive market growth during the forecast period.
Over the long term, increasing investments in production capacity by major industry players, massive government spending on infrastructure, electrification of the equipment, and growing urbanization as well as rising demand for construction equipment like excavators, backhoe loaders, and road machinery is creating demand in the automotive and transportation industry with a surge in sales of construction equipment.
Factors like increasing regulations on vehicle emissions, advancement in vehicle safety, the introduction of driver-assist systems in vehicles, and rapidly growing logistics in the retail and e-commerce sectors have been significantly driving the demand for the new and advanced commercial vehicles in the market.
The demand for LCVs is likely to increase, as the logistics and e-commerce industries are growing rapidly. Additionally, the rapid urbanization has created new retail and e-commerce platforms, which require efficient logistics, leading to the growth of the light commercial vehicles (LCV) market.
Governments across the world and in Asia-Pacific are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric trucks (e-trucks). Meanwhile, low-emission zones are driving fleets to replace diesel trucks with cleaner options.
Key players in the market are expanding their production capacity and launching new products to cater to the increased demand for construction equipment. For instance,In August 2022 Sany Heavy Industry started operations at their first manufacturing facility in Indonesia with the rollout of locally produced SY315CKD excavator. The factory is built in 100000 square meter area with an investment of USD 30 million.In May 2022, JCB launched 19C-1E India's first fully electric excavator at Excon 2022.
APAC Non Passenger Vehicle Industry Segmentation
The use of non-passenger vehicles is found in industries related to construction, mining, agriculture, and logistics. Other types of non-passenger vehicles that are generally used are ambulances and fire trucks.
The market is segmented by Vehicle type (Construction Equipment, Mining Equipment, Agricultural Machinery, Trucks, and Others) and by Country (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific). The report offers market size, volume, and forecast for all the above segments.
| Vehicle Type | |
| Construction Equipment | |
| Mining Equipment | |
| Agricultural Machinery | |
| Medium & Heavy Duty Trucks | |
| Others(Firetrucks, Ambulances, Recreational Boats) |
| Geography | ||||||||
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Asia Pacific Non Passenger Vehicle Market Size Summary
The Asia Pacific non-passenger vehicle market is poised for significant growth, driven by increasing investments in production capacity, government infrastructure spending, and the electrification of equipment. The market is experiencing a surge in demand for construction machinery, such as excavators and road machinery, fueled by rapid urbanization and rising infrastructure activities across the region. The logistics and e-commerce sectors are also contributing to the growth of light commercial vehicles (LCVs), as new retail platforms emerge in urban areas. Additionally, regulatory pressures to reduce vehicle emissions are encouraging manufacturers to invest in electric trucks, further shaping the market landscape.
China is expected to lead the market, supported by extensive infrastructure projects and substantial investments in construction equipment. Other countries like India and Indonesia are also witnessing a rise in construction equipment sales due to large-scale infrastructure developments. The market is characterized by the presence of both global and local players who are actively expanding their product offerings and securing long-term contracts with infrastructure companies. Key industry players, including JCB Limited, Caterpillar Inc., and Sany Heavy Industry, are launching new products and engaging in strategic collaborations to enhance their market positions and meet the growing demand for non-passenger vehicles in the region.
Asia Pacific Non Passenger Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Construction Equipment
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2.1.2 Mining Equipment
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2.1.3 Agricultural Machinery
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2.1.4 Medium & Heavy Duty Trucks
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2.1.5 Others(Firetrucks, Ambulances, Recreational Boats)
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2.2 Geography
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2.2.1 Asia Pacific
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2.2.1.1 China
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2.2.1.2 Japan
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2.2.1.3 India
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2.2.1.4 South Korea
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2.2.1.5 Australia
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2.2.1.6 Rest of Asia-Pacific
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Asia Pacific Non Passenger Vehicle Market Size FAQs
What is the current Asia Pacific Non Passenger Vehicle Market size?
The Asia Pacific Non Passenger Vehicle Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Non Passenger Vehicle Market?
JCB Limited, Caterpillar Inc., Kubota Corporation, Mahindra & Mahindra and Isuzu Motors Ltd. are the major companies operating in the Asia Pacific Non Passenger Vehicle Market.
