ASEAN Commercial Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

The ASEAN Commercial Vehicles Market is segmented by Vehicle Type (Light Commercial Vehicles and Medium- and Heavy-duty Commercial Vehicles) and Country.

Market Snapshot

ASEAN Commercial Vehicles Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: >4 %

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Market Overview

The ASEAN commercial vehicles market valued at USD 15 billion in 2020, and it is expected to reach USD 18 billion by 2026, projecting a CAGR of over 4% during the forecast period.

COVID-19 has affected the market, and commercial vehicle sales took a dip in 2020 in the ASEAN region. The social distancing norms and the preference of self and individual mobility are bound to bring down the public transport sector of the commercial vehicles market. However, post the pandemic, the rapid urbanization and need for mass material movement are expected to improve the market conditions.

The ASEAN countries witnessed a strong demand for heavy trucks and machinery, with the largest construction project pipeline globally and approximately USD 4.9 trillion worth of projects. Exports of heavy machinery, including trucks, from Singapore to the rest of the ASEAN region have grown steadily over the years. These exports are supported by investments in construction projects in the ASEAN region.

  • Key developments in the market studied include product launches from significant manufacturers. In 2018, Mercedes-Benz launched AXOR 2528 R, IVECO launched the series 682 variant 4x2, Isuzu Astra Motor launched the new Isuzu GIGA truck, and Suzuki Indomobil Motor launched the facelift version of Mega Carry.
  • Some of the major players in the market studied are Toyota, Isuzu, Mitsubishi, Hino, and Ford. In 2017, Toyota Motors dominated the ASEAN commercial vehicles market, with a market share of 35%, followed by Isuzu with a market share of 21%. The other players in the market studied include Daimler, TATA Motors, BAIC, and UD Trucks.
  • Markets with future growth like Indonesia and Vietnam require commercial vehicles with high durability and easy maintenance procedures. On the other hand, grown markets, like Singapore, require safety, comfort, driveability, and fuel efficiency.

Scope of the Report

The ASEAN commercial vehicles market is segmented by vehicle type (light commercial vehicles and medium- and heavy-duty commercial vehicles) and country. This report offers the market size of (in USD billion) and forecast for the ASEAN commercial vehicles market.

Vehicle Type
Light Commercial Vehicles
Medium- and Heavy-duty Commercial Vehicles
Rest of ASEAN

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Key Market Trends

The Light Commercial Vehicle Segment is Leading the ASEAN Commercial Vehicles Market

Under the light commercial vehicles (LCVs) segment, vehicles with a gross vehicle weight rating of less than 16 metric ton have been considered, which include pickup trucks, vans, light, medium trucks, and minibusses. Pickup trucks covered the highest share, covering more than 60% of LCVs sales in the ASEAN region in 2018. Thailand, Indonesia, Malaysia, and Vietnam were the major ASEAN countries with high demand for pickup trucks in 2018.

However, during 2019, Vietnam’s pickup truck sales declined, due to the country’s implementation of stringent checks on imported vehicles, which resulted in import halt from neighboring countries, majorly from Thailand, Indonesia, and Japan.

Major players, such as Isuzu, Mitsubishi, and Hino, covered nearly more than 60% of the LCV segment of the market studied during 2018 and 2019. During the forecast period, the sales of LCVs are likely to continue to grow, owing to the following instances in the ASEAN countries, as automotive players in Thailand have geared their production plans in the coming years to capture the growing demand for light commercial vehicles across the ASEAN countries during the forecast period.

New models of LCVs were introduced in the ASEAN countries by the automobile manufacturers in 2018 to sustain in a highly competitive market and cater to the growing demand for advanced vehicle features among the customers in the ASEAN countries.

In April 2018, Isuzu announced the launch of a cab-over lightweight truck, TRAGA. The truck's gross vehicle weight is 3 metric ton, and it is based on the D-MAX pick truck platform. According to the company, the new vehicle is first launched in Indonesia and will gradually be launched in other emerging markets.

ASEAN Commercial Vehicles Market Key Trends

Thailand and Singapore are Expected to Grow at a Higher CAGR

At present, Thailand is the market leader, and it is likely to continue its lead in the ASEAN commercial vehicles market. Thailand is the biggest manufacturer in the region, and it is planning to raise its annual production to 4 million units by 2026. The country faces competition from Indonesia, which has the goal of becoming the leading production hub. At present, the demand for commercial vehicles is declining in Vietnam due to the new rule that came into effect (Vietnam finally eliminated its import tariff for automobiles from within the ASEAN countries from 30% on January 1, 2018). As a result, Toyota Motor and Honda Motor stopped their exports to Vietnam at the beginning of the year, following the implementation of a rule that requires stringent checks on imported vehicles. The sales of commercial vehicles, such as trucks and buses, dropped by 16% to 23,364 units.

Singapore is a highly-developed free economy, with some of the positive factors being open and corruption-free business, followed by a transparent legal framework. The construction sector (primary buildings in the country) exhibited slow growth in the first quarter of 2017. Though new building construction activities were active in the past few years, they exhibited slow growth in the recent past. The decrease is mainly due to the downfall in contract prices.

ASEAN Commercial Vehicles Market Share

Competitive Landscape

Some of the key players of 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 the growing demand of the industrial sectors and government’s development initiatives across the ASEAN countries. Product expansion facilities, free trade agreements within the countries, growing logistics, e-commerce, and construction sectors are the factors responsible for the increase in the respective market shares of key players in the region.

  • In January 2020, Isuzu Motors Limited and Honda R&D Co. Ltd, an R&D subsidiary of Honda Motor Co. Ltd, signed an agreement to undertake joint research on heavy-duty trucks, utilizing fuel cells as the powertrain.
  • In March 2020, Toyota Motor Corporation and Hino Motors Ltd announced plans to develop a heavy-duty fuel cell truck jointly and to proceed with initiatives toward its practical use through verification tests and other means.

Recent Developments

Toyota acquired majority stakes in the Hino Motorcorp, and it is looking to expand its reach, competing with the Mercedes Benz.

Similarly, Daimler, which is the parent company of Mercedes Benz, acquired the already present Fuso brand, and it is improving the reach in order to improve Mercedes's market penetration in the region.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Vehicle Type

      1. 5.1.1 Light Commercial Vehicles

      2. 5.1.2 Medium- and Heavy-duty Commercial Vehicles

    2. 5.2 Country

      1. 5.2.1 Indonesia

      2. 5.2.2 Thailand

      3. 5.2.3 Vietnam

      4. 5.2.4 Singapore

      5. 5.2.5 Malaysia

      6. 5.2.6 Philippines

      7. 5.2.7 Rest of ASEAN


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Izusu Motors Ltd

      2. 6.2.2 Mistsubishi Motor Corporation

      3. 6.2.3 Honda Motor Corporation

      4. 6.2.4 Daihatsu Motor Co. Ltd

      5. 6.2.5 Ford Motor Company

      6. 6.2.6 UD Trucks Corp.

      7. 6.2.7 Scania

      8. 6.2.8 Fiat Chrysler Automobiles

      9. 6.2.9 Hyundai Motor Corporation

      10. 6.2.10 IVECO (CNH Industrial NV)

      11. 6.2.11 Hino Motors Ltd

      12. 6.2.12 Tata Motors


**Subject to Availability

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Frequently Asked Questions

The ASEAN Commercial Vehicles Market market is studied from 2018 - 2026.

The ASEAN Commercial Vehicles Market is growing at a CAGR of >4% over the next 5 years.

The ASEAN Commercial Vehicles Market is valued at 15 Billion USD in 2018.

The ASEAN Commercial Vehicles Market is valued at 18 Billion USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Isuzu Motor Ltd, Mitsubishi Motor Corporation, Hyundai Motor Corporation, Hino Motor Ltd., IVECO (CNH Industrial NV) are the major companies operating in ASEAN Commercial Vehicles Market.

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