Asia Pacific Electric Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

The Asia Pacific Electric Commercial Vehicles Market is segmented by Sub Body Type ( Buses, Heavy-duty Commercial Trucks, Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks ) , by Fuel Type ( BEV, FCEV, HEV, PHEV ) and by Country ( Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC )

APAC Electric Commercial Vehicles Market Size

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Asia Pacific Electric Commercial Vehicles Market
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 87.81 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 221.03 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Body Type Trucks
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 20.28 %
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 no particular order

Key Players

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APAC Electric Commercial Vehicles Market Analysis

The Asia Pacific Electric Commercial Vehicles Market size is estimated at USD 87.81 billion in 2024, and is expected to reach USD 221.03 billion by 2029, growing at a CAGR of 20.28% during the forecast period (2024-2029).

  • Largest Segment by Vehicle Type - Trucks : Development in E-mobility and limited electric options available in CV due to less models in big trucks makes the electric LCV the largest seller in an electric CV in APAC.
  • Fastest-growing Segment by Vehicle Type - Light Commercial Vehicles : The growth in various industries such as e-commerce, construction, and logistics along with the adoption of electric mobility is driving the growth of electric LCVs across the APAC region.
  • Largest Segment by Fuel Type - BEV : HEV has highest sales in the overall commercial vehicle category. The major drivers for this market are increasing gasoline prices, better fuel economy, governments' rebates and incentives.
  • Fastest-growing Segment by Fuel Type - HEV : Norms by the government, awareness of e-mobility, development in charging infrastructure and incentives is making BEV the fastest growing fuel type in the APAC electric commercial vehicle market.

APAC Electric Commercial Vehicles Market Trends

This section covers the major market trends shaping the APAC Electric Commercial Vehicles Market according to our research experts:

Trucks is the largest segment by Body Type.

  • The APAC hybrid and electric commercial vehicles market is expected to grow from USD 15.42 billion in 2021 to USD 24.76 billion by 2028 at a rate of 8.28%. Companies are investing in zero-emission vehicle technologies to gain an early advantage in the electrification race.
  •  Aside from electrification, local players are also working on testing and application of autonomous commercial vehicles. For instance, in February 2021, Qingling Motors (Group) Co. Ltd announced that the L3 5G autonomous logistics vehicle, developed jointly with the Chongqing University of Posts and Telecommunications, was granted Chongqing’s first commercial vehicle license for open autonomous driving tests. The vehicle carries the battery electric chassis of Qingling Motors’ EV700 and uses various advanced technologies, such as high-precision vision sensors, a 360-degree surround view system, and an artificial intelligence control algorithm.
  • Major players in the region are collaborating to develop and manufacture electric trucks. For instance, in October 2020, BYD Auto and Hino Motors announced that they are jointly setting up a company to develop battery-powered trucks and buses. BYD Auto Industry Co., a unit of battery producer BYD Ltd, and Hino Motors Ltd said each would supply 50% of the investment required for the company. Their first model was expected to be launched in 2021.
  • Owing to the aforementioned developments, the market for commercial electric vehicles is expected to witness the entry of new companies in the coming years, which may propel the overall growth of the commercial vehicle market in the region over the forecast period.
Asia Pacific Electric Commercial Vehicles Market

China is the largest segment by Country.

  • The initiatives taken by governments across the world to adopt green energy mobility in order to curtail and curb transportation pollution are among the key factors that are projected to drive the fuel cell commercial vehicle market in the near future. In November 2019, the government-backed Chinese business, Beiqi Foton Motor, a truck and bus manufacturer, announced that it would invest USD 2.6 billion in alternate energy vehicles, including fuel cell engines. The company plans to deploy 200,000 new energy commercial vehicles by 2025.
  • Several major OEM players are investing heavily in research and development, and they entering strategic partnerships to enhance their technologies for commercial vehicles. In January 2020, Japan's Honda Motor and Isuzu Motors announced that they would jointly conduct research on the use of hydrogen fuel cells to power heavy-duty trucks, looking forward to expanding fuel-cell usage by applying zero-emission technology to larger vehicles. Such developments are expected to enhance the electric commercial vehicles market across the APAC region.
  • In 2020, South Korea extended the purchase subsidy for electric vehicles for passenger cars until 2024, and for buses and trucks, it was extended until 2025. The bonus is tied to a price cap. EVs priced below KRW 60 million are eligible for full subsidies, but vehicles priced between KRW 60 million and 90 million may receive only 50% of the full amount. Previously, up to KRW 8 million in subsidies were available per vehicle.
Asia Pacific Electric Commercial Vehicles Market

APAC Electric Commercial Vehicles Industry Overview

The Asia Pacific Electric Commercial Vehicles Market is fragmented, with the top five companies occupying 30.67%. The major players in this market are BYD Company Limited, Dongfeng Motor Corporation, Isuzu Motors Ltd, Mitsubishi and Zhengzhou Yutong Group Co. Ltd. (sorted alphabetically).

APAC Electric Commercial Vehicles Market Leaders

  1. BYD Company Limited

  2. Dongfeng Motor Corporation

  3. Isuzu Motors Ltd

  4. Mitsubishi

  5. Zhengzhou Yutong Group Co. Ltd.

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Electric Commercial Vehicles Market
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APAC Electric Commercial Vehicles Market Report - Table of Contents

  1. 1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. 2. REPORT OFFERS

  3. 3. INTRODUCTION

    1. 3.1 Study Assumptions & Market Definition

    2. 3.2 Scope of the Study

    3. 3.3 Research Methodology

  4. 4. KEY INDUSTRY TRENDS

    1. 4.1 Population

    2. 4.2 GDP

    3. 4.3 CVP

    4. 4.4 Inflation Rate

    5. 4.5 Interest Rate For Auto Loans

    6. 4.6 Battery Price (per Kwh)

    7. 4.7 Logistics Performance Index

    8. 4.8 Electrification Impact

    9. 4.9 New XEV Models Announced

    10. 4.10 Charging Stations Deployment

    11. 4.11 Regulatory Framework

    12. 4.12 Value Chain & Distribution Channel Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Sub Body Type

      1. 5.1.1 Buses

      2. 5.1.2 Heavy-duty Commercial Trucks

      3. 5.1.3 Light Commercial Pick-up Trucks

      4. 5.1.4 Light Commercial Vans

      5. 5.1.5 Medium-duty Commercial Trucks

    2. 5.2 Fuel Type

      1. 5.2.1 BEV

      2. 5.2.2 FCEV

      3. 5.2.3 HEV

      4. 5.2.4 PHEV

    3. 5.3 Country

      1. 5.3.1 Australia

      2. 5.3.2 China

      3. 5.3.3 India

      4. 5.3.4 Indonesia

      5. 5.3.5 Japan

      6. 5.3.6 Malaysia

      7. 5.3.7 South Korea

      8. 5.3.8 Thailand

      9. 5.3.9 Rest-of-APAC

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Key Strategic Moves

    2. 6.2 Market Share Analysis

    3. 6.3 Company Landscape

    4. 6.4 Company Profiles

      1. 6.4.1 BYD Company Limited

      2. 6.4.2 Daihatsu Motor Co. Ltd

      3. 6.4.3 Dongfeng Motor Corporation

      4. 6.4.4 Fiat Chrysler Automobiles

      5. 6.4.5 Ford Motor Company

      6. 6.4.6 Hino Motor Ltd

      7. 6.4.7 Honda Motor Company

      8. 6.4.8 Hyundai Motor Company

      9. 6.4.9 Isuzu Motors Ltd

      10. 6.4.10 Mahindra & Mahindra

      11. 6.4.11 Mitsubishi

      12. 6.4.12 Scania AB

      13. 6.4.13 Tata Motors

      14. 6.4.14 Toyota Motor Corporation

      15. 6.4.15 Zhengzhou Yutong Group Co. Ltd.

  7. 7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 8. APPENDIX

    1. 8.1 Global Overview

      1. 8.1.1 Overview

      2. 8.1.2 Porter's Five Forces Framework

      3. 8.1.3 Global Value Chain Analysis

      4. 8.1.4 Market Dynamics (DROs)

    2. 8.2 Sources & References

    3. 8.3 List of Tables & Figures

    4. 8.4 Primary Insights

    5. 8.5 Data Pack

    6. 8.6 Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, LPI YOY GROWTH RATE, 2016 – 2026
  1. Figure 8:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 9:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 11:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 12:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 13:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 14:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 15:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 16:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 17:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2016-2028
  1. Figure 18:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2016-2028
  1. Figure 19:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 20:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 21:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 22:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 23:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 24:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 25:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 26:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 27:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2016-2028
  1. Figure 28:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 29:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 30:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 31:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 32:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 33:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 34:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 35:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 36:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 37:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 38:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 39:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 40:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 41:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 42:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 43:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 44:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 45:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 46:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 47:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 48:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2016-2028
  1. Figure 49:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2016-2028
  1. Figure 50:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
  1. Figure 51:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2016 - 2028
  1. Figure 52:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 53:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VALUE IN USD, 2016-2028
  1. Figure 54:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 55:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 56:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VALUE IN USD, 2016-2028
  1. Figure 57:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 58:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 59:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VALUE IN USD, 2016-2028
  1. Figure 60:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 61:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 62:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VALUE IN USD, 2016-2028
  1. Figure 63:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 64:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VOLUME IN UNITS, 2016-2028
  1. Figure 65:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VALUE IN USD, 2016-2028
  1. Figure 66:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 67:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 68:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VALUE IN USD, 2016-2028
  1. Figure 69:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 70:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2016-2028
  1. Figure 71:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2016-2028
  1. Figure 72:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 73:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VOLUME IN UNITS, 2016-2028
  1. Figure 74:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VALUE IN USD, 2016-2028
  1. Figure 75:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 76:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2016-2028
  1. Figure 77:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2016-2028
  1. Figure 78:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 79:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 80:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 81:  
  2. ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021

APAC Electric Commercial Vehicles Industry Segmentation

Buses, Heavy-duty Commercial Trucks, Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks are covered as segments by Sub Body Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC are covered as segments by Country.
Sub Body Type
Buses
Heavy-duty Commercial Trucks
Light Commercial Pick-up Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
Fuel Type
BEV
FCEV
HEV
PHEV
Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Thailand
Rest-of-APAC
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Market Definition

  • Body Type - It includes buses, light commercial vehicles, medium& heavy-duty vehicles, medium and heavy-duty buses, trucks, M&HDT.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion.
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type - Under this category, buses, heavy-duty commercial trucks, light commercial pickup trucks, light commercial vans, and medium-duty commercial trucks have been included.
  • Vehicle Type - 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).
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Research Methodology

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

  • Step-1: Identify Key Variables: In order 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 on the basis of 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. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • 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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APAC Electric Commercial Vehicles Market Research FAQs

The Asia Pacific Electric Commercial Vehicles Market size is expected to reach USD 87.81 billion in 2024 and grow at a CAGR of 20.28% to reach USD 221.03 billion by 2029.

In 2024, the Asia Pacific Electric Commercial Vehicles Market size is expected to reach USD 87.81 billion.

BYD Company Limited, Dongfeng Motor Corporation, Isuzu Motors Ltd, Mitsubishi and Zhengzhou Yutong Group Co. Ltd. are the major companies operating in the Asia Pacific Electric Commercial Vehicles Market.

In the Asia Pacific Electric Commercial Vehicles Market, the Trucks segment accounts for the largest share by body type.

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

In 2023, the Asia Pacific Electric Commercial Vehicles Market size was estimated at USD 64.83 billion. The report covers the Asia Pacific Electric Commercial Vehicles Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Electric Commercial Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia Pacific Electric Commercial Vehicles Industry Report

Statistics for the 2024 Asia Pacific Electric Commercial Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Electric Commercial Vehicles analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Asia Pacific Electric Commercial Vehicles Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029