Market Size of ASEAN Commercial Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 55.74 Billion |
| Market Size (2029) | USD 78.08 Billion |
| CAGR (2024 - 2029) | 6.97 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Commercial Vehicles Market Analysis
The ASEAN Commercial Vehicles Market size is estimated at USD 55.74 billion in 2024, and is expected to reach USD 78.08 billion by 2029, growing at a CAGR of 6.97% during the forecast period (2024-2029).
The COVID-19 pandemic impacted the market, and as a result, commercial vehicle sales in the ASEAN region fell in 2020. The preference for self- and individual mobility, as well as social distancing norms, drove down the public transportation segment of the commercial vehicle market. However, rapid urbanization and the need for mass material movement have improved the market conditions in the post-pandemic period. For instance,
- In November 2022, according to industry data compiled for Just Auto, new vehicle sales in the six largest combined markets in the ASEAN region increased by 53% to 846,562 units in the third quarter of 2022, up from 553,564 units in the same period last year.
Over the long term, stringent vehicle emission regulations, advancements in vehicle safety, the introduction of driver-assist systems in new vehicles, and rapidly growing logistics in the retail and e-commerce sectors across ASEAN are primarily expected to drive demand for new and advanced commercial vehicles. LCV demand is expected to rise as the logistics and e-commerce industries expand rapidly. Furthermore, rapid urbanization has given rise to new retail and e-commerce platforms that necessitate efficient logistics. Such developments are increasing the demand for light commercial vehicles. For instance,
- In October 2022, according to the Federation of Thai Industries (FTI), Thailand's September vehicle sales increased 15.6% year on year (YoY) to 74,150 units compared to the same period in 2021. Sales of commercial vehicles increased 31.4% to 51,076 units. Pickup truck (including PPV) sales were up 37.2% to 41,396 units, which were included in commercial vehicle sales.
Governments throughout the ASEAN 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 trucks. Meanwhile, low-emission zones are causing fleets to switch to cleaner diesel trucks.
