Market Trends of asia-pacific commercial vehicles Industry
This section covers the major market trends shaping the APAC Commercial Vehicle Market according to our research experts:
Trucks is the largest segment by Body Type.
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China is the largest segment by Country.
- Trade channels have been opened due to the relocation of industrial output to Asia, particularly China, which has indirectly benefited the market for commercial vehicles and the logistics sector. Due to the expansion of the logistics and e-commerce sectors, there will certainly be a rise in the demand for LCVs. The expanding Chinese economy has given the middle class in China more disposable income. This has a favorable effect on the rising demand for both commercial and passenger automobiles. Due to the low cost of production in the nation, the demand for automobile production has significantly increased over the past five years.
- The COVID-19 outbreak has prevented the growth of the Asia-Pacific commercial vehicle sector because of restrictions on commerce and travel imposed by the local authorities. Due to the local COVID-19 outbreak, commercial vehicle sales plummeted. As a result of the COVID-19 pandemic, shoppers are seeking low-cost goods, which is changing the local commercial vehicle market.
- Despite numerous obstacles to the adoption of EVs, the Government of India is aiming to develop a shared, connected, and electric mobility option. Such efforts will surely spur the expansion of commercial vehicles in the long run. Governments in Asia must invest USD 26 trillion in infrastructure by 2030, which will substantially facilitate the transportation of building supplies and machinery throughout the continent. Strict pollution rules prompted automakers (OEMs) to switch to electric vehicles. As they learn more about the future of mobility, modern start-ups and entrepreneurs are increasingly choosing commercial electric vehicles as their top option.
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