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Southeast Asia Box Truck Market Size (2024 - 2029)

The Southeast Asia box truck market is experiencing a resurgence in demand, driven by the recovery from pandemic-related disruptions and the expansion of e-commerce and logistics sectors. The market's growth is further supported by the increasing use of box trucks for food delivery services and parcel transportation, particularly for perishable goods. Additionally, regulatory pressures to reduce carbon emissions are prompting investments in electric box trucks, contributing to the market's expansion.

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Market Size of Southeast Asia Box Truck Industry

Southeast Asia Box Truck Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.50 %
Market Concentration Medium

Major Players

Southeast Asia Box Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

Southeast Asia Box Truck Market Analysis

The Southeast Asia box truck market is valued at USD 11.0 billion in the current year. It is projected to grow to USD 14.0 Billion in the next five years, registering a CAGR of 3.5% in terms of revenue during the forecast period.

  • The COVID-19 pandemic hindered the growth of the box truck market as the shutdown of manufacturing units coupled with supply chain disruptions resulted in decreased demand across various sectors like logistics, transportation, etc. However, the market started gaining traction post-pandemic, with most shares occupied by growing manufacturing activities across the country.
  • Over the medium term, growing e-commerce and logistics sectors across the country will likely increase the demand for box trucks for transportation. The growing popularity of box trucks among the small restaurant to start food trucks across the country, which in turn is likely to witness significant growth for the market during the forecast period.
  • Governments throughout the Southeast Asian 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 box trucks during the forecast period.
  • Box trucks are becoming more popular among parcel service providers who deliver perishable goods and are likely to witness significant growth in the market during the forecast period. Box trucks often transport packages from one warehouse to another, where the parcels can then be loaded into delivery vans, which is anticipated to enhance the demand for box trucks during the forecast period.

Southeast Asia Box Truck Industry Segmentation

A Box truck is a commercial motor vehicle, which is designed in such a way that each axle, from the tip of the cab to the rear of the trailer is connected by a single frame.

The Southeast Asia box truck market is segmented into type, capacity type, propulsion, application, and country. Based on the type, the market is segmented into refrigerated box trucks and non-refrigerated box trucks. Based on the capacity type, the market is segmented into light-duty box trucks and medium and heavy-duty box trucks. Based on the propulsion, the market is segmented into Internal combustion engines and electric. Based on the application, the market is segmented into Industrial, commercial, and other applications. Based on geography, the market is segmented into Thailand, Indonesia, Vietnam, Malaysia, Singapore, Philippines, and the Rest of Southeast Asia.

For each segment, the market sizing and forecast have been done based on the value (USD billion).

Type
Refrigerated Box Trucks
Non-Refrigerated Box Trucks
Capacity Type
Light-Duty Box Trucks
Medium and Heavy-Duty Box Trucks
Propulsion
Internal Combustion Engine
Electric
Application
Industrial
Commercial
Other Applications
Geography
Thailand
Indonesia
Vietnam
Malayasia
Singapore
Philippines
Rest of Southeast Asia
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Southeast Asia Box Truck Market Size Summary

The Southeast Asia box truck market is experiencing a resurgence following the challenges posed by the COVID-19 pandemic, which had initially stunted growth due to manufacturing shutdowns and supply chain disruptions. As the region recovers, the market is benefiting from increased manufacturing activities and a burgeoning e-commerce sector, which is driving demand for box trucks in logistics and transportation. The popularity of box trucks is also rising among small businesses, such as food trucks, contributing to market expansion. Additionally, government initiatives aimed at reducing carbon emissions are encouraging the development of electric box trucks, with significant investments in electric vehicle infrastructure, particularly in countries like Singapore. This shift towards electrification is supported by the availability of local resources, such as nickel and cobalt in the Philippines, which are crucial for electric vehicle battery production.

Thailand stands out as the leading manufacturer in the region, with a focus on converting vehicle fleets to electric to enhance sustainability. The country is witnessing a rise in demand for refrigerated box trucks, driven by the expansion of quick-service restaurants and the need for transporting perishable goods. Singapore's robust economic framework and strategic investments in electric vehicle adoption are further propelling market growth. Key players like Ford, Mitsubishi Fuso, and Hino Motors are actively expanding their presence, with initiatives such as electric vehicle trials and collaborations to promote electrification in Indonesia. The market is poised for significant growth, supported by regulatory incentives and technological advancements in vehicle manufacturing.

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Southeast Asia Box Truck 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 by Value - USD Billion)

    1. 2.1 Type

      1. 2.1.1 Refrigerated Box Trucks

      2. 2.1.2 Non-Refrigerated Box Trucks

    2. 2.2 Capacity Type

      1. 2.2.1 Light-Duty Box Trucks

      2. 2.2.2 Medium and Heavy-Duty Box Trucks

    3. 2.3 Propulsion

      1. 2.3.1 Internal Combustion Engine

      2. 2.3.2 Electric

    4. 2.4 Application

      1. 2.4.1 Industrial

      2. 2.4.2 Commercial

      3. 2.4.3 Other Applications

    5. 2.5 Geography

      1. 2.5.1 Thailand

      2. 2.5.2 Indonesia

      3. 2.5.3 Vietnam

      4. 2.5.4 Malayasia

      5. 2.5.5 Singapore

      6. 2.5.6 Philippines

      7. 2.5.7 Rest of Southeast Asia

Southeast Asia Box Truck Market Size FAQs

The Southeast Asia Box Truck Market is projected to register a CAGR of 3.5% during the forecast period (2024-2029)

Isuzu Motor Co. Ltd, Mitsubishi Fuso Truck and Bus Corporation, Ford Motor Company, IVECO GROUP Company (CNH Industrial NV) and Hino Motors, Ltd. are the major companies operating in the Southeast Asia Box Truck Market.

Southeast Asia Box Truck Report Snapshots

Southeast Asia Box Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)