Market Share of ASEAN Commercial Vehicles Industry
Some of the key players in 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 growing demand from the industrial sector and government development initiatives across ASEAN countries. Product expansion facilities, free trade agreements within countries, and the growing logistics, e-commerce, and construction sectors are the factors responsible for increasing the respective market shares of key regional players.
- In September 2022, Nex Point PLC (NEX) announced a collaboration with Energy Absolute (EA) PCL to establish Thailand's first commercial EV manufacturing and assembly plant, Absolute Assembly Co., Ltd (AAB), with an annual production capacity of up to 9,000 cars. The company has received orders to produce 3,195 electric buses, with 200 units successfully delivered.
- In June 2022, Mitsubishi Motors, Isuzu, FUSO, Nissan, and Toyota collaborated to popularise electrified vehicles in Indonesia by demonstrating a collaborative electrification ecosystem in Bali. Each brand will be represented by its flagship electrified vehicles. The project's lineup includes both passenger and commercial electrification vehicles.
ASEAN Commercial Vehicles Market Leaders
Isuzu Motor Ltd
Mitsubishi Motor Corporation
Hyundai Motor Corporation
Hino Motor Ltd.
IVECO (CNH Industrial NV)
*Disclaimer: Major Players sorted in no particular order
