Asia-Pacific Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

The Asia-Pacific Commercial Vehicles Market is segmented by Vehicle Type (Commercial Vehicles), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Country (Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

Asia-Pacific Commercial Vehicles Market Size

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Asia-Pacific Commercial Vehicles Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 399.9 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 672.5 Billion
https://s3.mordorintelligence.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Largest Share by Vehicle Body Type Light Commercial Pick-up Trucks
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 9.05 %
https://s3.mordorintelligence.com/globe/1629285706162_test~globe_globe.svg Largest Share by Country China

Major Players

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*Disclaimer: Major Players sorted in alphabetical order.

Key Players

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Asia-Pacific Commercial Vehicles Market Analysis

The Asia-Pacific Commercial Vehicles Market size is estimated at 399.9 billion USD in 2024, and is expected to reach 672.5 billion USD by 2030, growing at a CAGR of 9.05% during the forecast period (2024-2030).

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399.9 Billion

Market Size in 2024 (USD)

672.5 Billion

Market Size in 2030 (USD)

1.59 %

CAGR (2017-2023)

9.05 %

CAGR (2024-2030)

Largest Segment by Fuel Category

65.01 %

value share, Diesel, 2023

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Diesel dominates due to its higher energy density, better fuel efficiency for long hauls, and the existing infrastructure supporting diesel engines, making it cost-effective for commercial operations.

Fastest-growing Segment by Fuel Category

40.24 %

Projected CAGR, FCEV, 2024-2030

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FCEVs are growing quickly due to investments in hydrogen technology, expanding hydrogen refueling infrastructure, and the regional push for reducing vehicle emissions.

Largest Country market

60.55 %

value share, China, 2023

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China leads the commercial vehicle market due to its large manufacturing base, significant domestic demand, and extensive investments in vehicle technology and infrastructure.

Largest Segment by Vehicle Configuration

62.22 %

value share, Trucks, 2023

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Trucks dominate due to their essential role in logistics, high demand for transporting goods over long distances, and the industrial growth driving the need for robust commercial vehicles.

Leading Market Player

9.56 %

market share, Wuling Motors Holdings Limited, 2023

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Wuling Motors Holdings Limited leads the market due to its extensive range of commercial vehicles, strong manufacturing presence in Asia, and strategic partnerships enhancing its market reach.

APAC’s significance as a pivotal player in the global commercial vehicle industry is marked by resilience, adaptability, and growth potential

  • The light commercial pickup trucks segment of the Asia-Pacific commercial vehicles market has been showcasing resilience and steady growth. Starting at 4,620,401 units in 2017, there was a brief lull in 2018 and 2019. However, subsequent years witnessed a notable uptick, underscoring a robust demand for these vehicles. Projections indicated that by 2023, this segment would hit 6,042,081 units, showcasing a remarkable recovery and growth trajectory. In contrast, the light commercial vans segment registered a decline from 1,176,110 units in 2017 to 885,614 units in 2019. While there has been a modest rebound since 2019, it has not matched the pace of pickup trucks. The forecast for 2023 stood at 1,082,025 units for light commercial vans, indicating a steady but moderate demand for these vehicles.
  • The medium-duty commercial trucks segment of the Asia-Pacific commercial vehicles market has faced challenges in recent years. After peaking at 461,391 units in 2017, it experienced a significant drop to 327,819 units by 2019. However, there were positive signs of recovery, with projections indicating a rise to 492,106 units by 2023. In the heavy-duty commercial trucks segment, a distinct pattern emerges. While the figures fluctuated between 2017 and 2021, the overall trend has been upward. Starting at 1,459,599 units in 2017, there was a peak in 2020 at 1,754,298 units. Despite a dip in 2021, the segment rebounded strongly, with 2,318,219 units projected for 2023.
  • Lastly, the buses segment, crucial for mass transit, initially saw a decline from 680,162 units in 2017 to 546,164 units in 2019 across the Asia-Pacific market. However, the post-2019 period has been marked by stabilization and gradual growth, with projections indicating a rise to 709,944 units by 2023.
Asia-Pacific Commercial Vehicles Market

Asia-Pacific is likely to continue witnessing a consistent increase in CV registrations, supporting the region's expanding logistical and commercial demands

  • The relocation of industrial output, primarily to China, has opened up trade channels, indirectly benefiting the commercial vehicle market and the logistics sector. With the growth of the logistics and e-commerce sectors, the demand for LCVs is expected to rise. The expanding Chinese economy has led to an increase in disposable income for the middle class, driving up demand for both commercial and passenger vehicles. Additionally, the nation's low production costs have fueled a significant surge in automobile demand over the past five years.
  • The Asia-Pacific commercial vehicle sector faced a setback during the COVID-19 outbreak, with local authorities imposing restrictions on commerce and travel. This led to a sharp decline in commercial vehicle sales. The pandemic shifted consumer preferences toward low-cost goods, reshaping the local commercial vehicle market.
  • Despite hurdles, the Indian government is committed to developing a shared, connected, and electric mobility ecosystem. Such initiatives are expected to drive the growth of commercial electric vehicles in the long term. Asian governments are projected to invest USD 26 trillion in infrastructure by 2030, significantly bolstering the transportation of construction materials and machinery across Asia-Pacific. Stringent pollution regulations have prompted automakers (OEMs) to pivot toward electric vehicles. With a growing understanding of the future of mobility, modern start-ups and entrepreneurs are increasingly favoring commercial electric vehicles.

Asia-Pacific Commercial Vehicles Market Trends

APAC's rapid electric vehicle demand and sales growth are driven by government initiatives and commercial vehicle electrification

  • Electric vehicle (EV) demand and sales have surged in the APAC region in recent years. China, the dominant market, saw a 2.90% rise in electric car sales in 2022 compared to 2021, while Japan experienced an 11.11% increase during the same period. Factors driving this trend include mounting environmental concerns, stringent regulations, and the advantages of EVs, such as fuel efficiency, lower maintenance costs, and zero carbon emissions. Government subsidies further bolster the adoption of EVs in Asian nations.
  • Conventional fuel-powered commercial vehicles, notably trucks and buses, are contributing to the escalating pollution levels in several Asia-Pacific countries. In response, many nations in the region are making substantial investments to transition their internal combustion engine (ICE) vehicles to electric ones, aiming to curb carbon emissions. For instance, in December 2020, TransJakarta, a city-owned bus operator in Indonesia, unveiled an ambitious plan to expand its electric bus (e-bus) fleet to 10,000 units by 2030. Such initiatives across the region are propelling the electrification of commercial vehicles.
  • Government bodies in various APAC countries are actively proposing measures to phase out fossil fuel vehicles, a move that is poised to bolster the market for electric commercial vehicles. In a notable development, in May 2022, Tata Motors secured a government contract in India to supply 5,450 electric buses worth INR 5,000 crore under the FAME 2 scheme. Additionally, the company announced plans to deliver 20,000 light electric trucks to six major e-commerce players. These advancements in the EV space are anticipated to further fuel the demand for electric commercial vehicles in the APAC region from 2024 to 2030.
Asia-Pacific Commercial Vehicles Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
  • The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
  • Asia-Pacific's auto loan interest rates reflected varying national economic strategies, with some countries emphasizing stimulation while others took a more conservative stance
  • The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
  • The Asia-Pacific region is witnessing a resurgence in the logistics performance index, driven by infrastructural developments and technological advancements
  • From 2019 to 2022, the Asia-Pacific FCEV commercial sector highlights China's decline, India's impressive rebound, and stability in Japan and Thailand. Smaller markets like Malaysia and Vietnam show growth potential, while Myanmar's production remains hindered by political instability
  • Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
  • Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
  • The Asia-Pacific region's EV infrastructure has seen remarkable growth, with China leading the charge, India showing immense potential, and other nations steadily catching up, promising a robust EV future
  • The surging demand for electric vehicles (EVs) in Asia is prompting global automakers to introduce new offerings, thereby expanding the EV and battery pack market
  • Asia-Pacific's fuel prices have been influenced by global events, with recent rises due to economic recovery and demand resurgence and future trends leaning toward stabilization amid a transition to sustainable energy solutions

Asia-Pacific Commercial Vehicles Industry Overview

The Asia-Pacific Commercial Vehicles Market is fragmented, with the top five companies occupying 31.67%. The major players in this market are Anhui Ankai Automobile Co. Ltd., Dongfeng Motor Corporation, Isuzu Motors Limited, Toyota Motor Corporation and Wuling Motors Holdings Limited (sorted alphabetically).

Asia-Pacific Commercial Vehicles Market Leaders

  1. Anhui Ankai Automobile Co. Ltd.

  2. Dongfeng Motor Corporation

  3. Isuzu Motors Limited

  4. Toyota Motor Corporation

  5. Wuling Motors Holdings Limited

Asia-Pacific Commercial Vehicles Market Concentration

Other important companies include Daihatsu Motor Co. Ltd., Ford Motor Company, General Motors Company, Great Wall Motor Company Ltd (GWM), Honda Motor Co. Ltd., Hyundai Motor Company, Kia Corporation, Mazda Motor Corporation, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., Renault-Nissan-Mitsubishi Alliance, Subaru Corporation, Suzuki Motor Corporation, Tata Motors Limited.

*Disclaimer: Major Players sorted in alphabetical order.

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Asia-Pacific Commercial Vehicles Market News

  • August 2023: General Motors will launch an all-electric Cadillac Escalade in late 2024
  • August 2023: General Motors doubles down on plans for an electric future in the Middle East.
  • August 2023: Toyota Kirloskar Motor launched the all-new MPV Vellfire strong hybrid electric vehicle (SHEV) for a starting price of INR 11.99 million and going to INR 12.99 million.

Free with this Report

For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.

Asia-Pacific Commercial Vehicles Market
Asia-Pacific Commercial Vehicles Market
Asia-Pacific Commercial Vehicles Market
Asia-Pacific Commercial Vehicles Market

Asia-Pacific Commercial Vehicles Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study​

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP Per Capita

    3. 2.3. Consumer Spending For Vehicle Purchase (cvp)

    4. 2.4. Inflation

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Impact Of Electrification

    7. 2.7. EV Charging Station

    8. 2.8. Battery Pack Price

    9. 2.9. New Xev Models Announced

    10. 2.10. Logistics Performance Index

    11. 2.11. Fuel Price

    12. 2.12. Oem-wise Production Statistics

    13. 2.13. Regulatory Framework

    14. 2.14. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 3.1. Vehicle Type

      1. 3.1.1. Commercial Vehicles

        1. 3.1.1.1. Buses

        2. 3.1.1.2. Heavy-duty Commercial Trucks

        3. 3.1.1.3. Light Commercial Pick-up Trucks

        4. 3.1.1.4. Light Commercial Vans

        5. 3.1.1.5. Medium-duty Commercial Trucks

    2. 3.2. Propulsion Type

      1. 3.2.1. Hybrid and Electric Vehicles

        1. 3.2.1.1. By Fuel Category

          1. 3.2.1.1.1. BEV

          2. 3.2.1.1.2. FCEV

          3. 3.2.1.1.3. HEV

          4. 3.2.1.1.4. PHEV

      2. 3.2.2. ICE

        1. 3.2.2.1. By Fuel Category

          1. 3.2.2.1.1. CNG

          2. 3.2.2.1.2. Diesel

          3. 3.2.2.1.3. Gasoline

          4. 3.2.2.1.4. LPG

    3. 3.3. Country

      1. 3.3.1. Australia

      2. 3.3.2. China

      3. 3.3.3. India

      4. 3.3.4. Indonesia

      5. 3.3.5. Japan

      6. 3.3.6. Malaysia

      7. 3.3.7. South Korea

      8. 3.3.8. Thailand

      9. 3.3.9. Rest-of-APAC

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Anhui Ankai Automobile Co. Ltd.

      2. 4.4.2. Daihatsu Motor Co. Ltd.

      3. 4.4.3. Dongfeng Motor Corporation

      4. 4.4.4. Ford Motor Company

      5. 4.4.5. General Motors Company

      6. 4.4.6. Great Wall Motor Company Ltd (GWM)

      7. 4.4.7. Honda Motor Co. Ltd.

      8. 4.4.8. Hyundai Motor Company

      9. 4.4.9. Isuzu Motors Limited

      10. 4.4.10. Kia Corporation

      11. 4.4.11. Mazda Motor Corporation

      12. 4.4.12. Mitsubishi Motors Corporation

      13. 4.4.13. Nissan Motor Co. Ltd.

      14. 4.4.14. Renault-Nissan-Mitsubishi Alliance

      15. 4.4.15. Subaru Corporation

      16. 4.4.16. Suzuki Motor Corporation

      17. 4.4.17. Tata Motors Limited

      18. 4.4.18. Toyota Motor Corporation

      19. 4.4.19. Wuling Motors Holdings Limited

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter’s Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. POPULATION TRENDS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2030
  1. Figure 2:  
  2. GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 3:  
  2. AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 4:  
  2. INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, ASIA-PACIFIC, 2017 - 2030
  1. Figure 5:  
  2. ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, ASIA-PACIFIC, 2017 - 2030
  1. Figure 6:  
  2. CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2022
  1. Figure 7:  
  2. AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
  1. Figure 8:  
  2. ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, ASIA-PACIFIC, 2023 - 2027
  1. Figure 9:  
  2. WORLD BANK LOGISTICS PERFORMANCE INDEX, ASIA-PACIFIC, 2017 - 2030
  1. Figure 10:  
  2. FUEL PRICE, BY FUEL TYPE, USD/LITER, ASIA-PACIFIC, 2017 - 2022
  1. Figure 11:  
  2. OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2022
  1. Figure 12:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
  1. Figure 13:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
  1. Figure 14:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 15:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 16:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 17:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 18:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 19:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
  1. Figure 20:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 21:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 22:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 23:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 24:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 25:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 26:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 27:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 28:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
  1. Figure 29:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 30:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 31:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
  1. Figure 32:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 33:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 34:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 35:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 36:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 37:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 38:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 39:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 40:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 41:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 42:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 43:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 44:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 45:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 46:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 47:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 48:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 49:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 50:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 51:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 52:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 53:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 54:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 55:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 56:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 57:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 58:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
  1. Figure 59:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 60:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 61:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
  1. Figure 62:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 63:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 64:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
  1. Figure 65:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 66:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LPG, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 67:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY LPG, BY VALUE IN USD, 2017 - 2030
  1. Figure 68:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 69:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 70:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
  1. Figure 71:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 72:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
  1. Figure 73:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 74:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VALUE IN USD, 2017 - 2030
  1. Figure 75:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 76:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 77:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
  1. Figure 78:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 79:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 80:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
  1. Figure 81:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 82:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 83:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VALUE IN USD, 2017 - 2030
  1. Figure 84:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 85:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 86:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
  1. Figure 87:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 88:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 89:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VALUE IN USD, 2017 - 2030
  1. Figure 90:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 91:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 92:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
  1. Figure 93:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 94:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 95:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VALUE IN USD, 2017 - 2030
  1. Figure 96:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 97:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 98:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2017 - 2030
  1. Figure 99:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
  1. Figure 100:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 101:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 102:  
  2. ASIA-PACIFIC COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021

Asia-Pacific Commercial Vehicles Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC are covered as segments by Country.

  • The light commercial pickup trucks segment of the Asia-Pacific commercial vehicles market has been showcasing resilience and steady growth. Starting at 4,620,401 units in 2017, there was a brief lull in 2018 and 2019. However, subsequent years witnessed a notable uptick, underscoring a robust demand for these vehicles. Projections indicated that by 2023, this segment would hit 6,042,081 units, showcasing a remarkable recovery and growth trajectory. In contrast, the light commercial vans segment registered a decline from 1,176,110 units in 2017 to 885,614 units in 2019. While there has been a modest rebound since 2019, it has not matched the pace of pickup trucks. The forecast for 2023 stood at 1,082,025 units for light commercial vans, indicating a steady but moderate demand for these vehicles.
  • The medium-duty commercial trucks segment of the Asia-Pacific commercial vehicles market has faced challenges in recent years. After peaking at 461,391 units in 2017, it experienced a significant drop to 327,819 units by 2019. However, there were positive signs of recovery, with projections indicating a rise to 492,106 units by 2023. In the heavy-duty commercial trucks segment, a distinct pattern emerges. While the figures fluctuated between 2017 and 2021, the overall trend has been upward. Starting at 1,459,599 units in 2017, there was a peak in 2020 at 1,754,298 units. Despite a dip in 2021, the segment rebounded strongly, with 2,318,219 units projected for 2023.
  • Lastly, the buses segment, crucial for mass transit, initially saw a decline from 680,162 units in 2017 to 546,164 units in 2019 across the Asia-Pacific market. However, the post-2019 period has been marked by stabilization and gradual growth, with projections indicating a rise to 709,944 units by 2023.
Vehicle Type
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Pick-up Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
Propulsion Type
Hybrid and Electric Vehicles
By Fuel Category
BEV
FCEV
HEV
PHEV
ICE
By Fuel Category
CNG
Diesel
Gasoline
LPG
Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Thailand
Rest-of-APAC
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Market Definition

  • Vehicle Type - The category covers light, medium, and heavy duty commercial vehicle.
  • Vehicle Body Type - This includes Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
  • Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
Keyword Definition
Electric Vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
BEV A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids.
Plug-in Hybrid EV A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally.
Internal combustion engine An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel.
Hybrid EV A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking.
Commercial Vehicles Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
Passenger Vehicles Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
Light Commercial Vehicles Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
M&HDT Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category.
Bus A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses.
Diesel It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed.
Gasoline It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug.
LPG It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study.
CNG It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines.
HEV All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices.
PHEV PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly.
Hatchback These are compact-sized cars with a hatch-type door provided at the rear end.
Sedan These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage.
SUV Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles.
MPV These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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Asia-Pacific Commercial Vehicles Market Research FAQs

The Asia-Pacific Commercial Vehicles Market size is expected to reach USD 399.92 billion in 2024 and grow at a CAGR of 9.05% to reach USD 672.52 billion by 2030.

In 2024, the Asia-Pacific Commercial Vehicles Market size is expected to reach USD 399.92 billion.

Anhui Ankai Automobile Co. Ltd., Dongfeng Motor Corporation, Isuzu Motors Limited, Toyota Motor Corporation and Wuling Motors Holdings Limited are the major companies operating in the Asia-Pacific Commercial Vehicles Market.

In the Asia-Pacific Commercial Vehicles Market, the Light Commercial Pick-up Trucks segment accounts for the largest share by vehicle body type.

In 2024, China accounts for the largest share by country in the Asia-Pacific Commercial Vehicles Market.

In 2023, the Asia-Pacific Commercial Vehicles Market size was estimated at 399.92 billion. The report covers the Asia-Pacific Commercial Vehicles Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Commercial Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

APAC Commercial Vehicle Industry Report

Statistics for the 2023 Asia-Pacific Commercial Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Commercial Vehicles analysis includes a market forecast outlook to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Asia-Pacific Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030