Asia Pacific Non-Passenger Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The market is segmented by Vehicle type (Construction Equipment, Mining Equipment, Agricultural Machinery, Trucks, and Others) and by Country (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific). The report offers market size, volume, and forecast for all the above segments.

APAC Non Passenger Vehicle Market Size

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Asia Pacific Non-Passenger Vehicle Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.10 %
Market Concentration Medium

Major Players

Asia Pacific Non-Passenger Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order


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APAC Non Passenger Vehicle Market Analysis

Currently, Asia Pacific Non-Passenger Vehicle Market is valued at USD 541.12 Billion and is expected to reach USD 726.25 Billion in the next five years registering a CAGR of around 6%, during the forecast period.

The outbreak of the coronavirus disease (COVID-19) acted as a massive restraint on the automotive parts and components market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. However, government incentives, growing regional demand, and easy availability of raw materials are expected to drive market growth during the forecast period.

Over the long term, increasing investments in production capacity by major industry players, massive government spending on infrastructure, electrification of the equipment, and growing urbanization as well as rising demand for construction equipment like excavators, backhoe loaders, and road machinery is creating demand in the automotive and transportation industry with a surge in sales of construction equipment.

Factors like increasing regulations on vehicle emissions, advancement in vehicle safety, the introduction of driver-assist systems in vehicles, and rapidly growing logistics in the retail and e-commerce sectors have been significantly driving the demand for the new and advanced commercial vehicles in the market.

The demand for LCVs is likely to increase, as the logistics and e-commerce industries are growing rapidly. Additionally, the rapid urbanization has created new retail and e-commerce platforms, which require efficient logistics, leading to the growth of the light commercial vehicles (LCV) market.

Governments across the world and in Asia-Pacific are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric trucks (e-trucks). Meanwhile, low-emission zones are driving fleets to replace diesel trucks with cleaner options.

Key players in the market are expanding their production capacity and launching new products to cater to the increased demand for construction equipment. For instance,In August 2022 Sany Heavy Industry started operations at their first manufacturing facility in Indonesia with the rollout of locally produced SY315CKD excavator. The factory is built in 100000 square meter area with an investment of USD 30 million.In May 2022, JCB launched 19C-1E India's first fully electric excavator at Excon 2022.

APAC Non Passenger Vehicle Market Trends

This section covers the major market trends shaping the APAC Non Passenger Vehicle Market according to our research experts:

Rising Focus On Infrastructure Activities To Drive Demand In The Market

Over the past few years, there has been a significant increase in infrastructure spending across the Asia-Pacific region. However, due to the slowdown in an economic slowdown, the construction industry has witnessed a decline. This decline continued during 2020 due to the outbreak of coronavirus. However, post-pandemic, the demand for Construction machinery started gaining momentum owing to rising infrastructure activities across the region.

ASEAN countries are witnessing an infrastructure boom, with major projects approved in Vietnam, Thailand, the Philippines, Malaysia, and Indonesia. In several cases, these have been facilitated through loans and other assistance provided by Other major economies like India, Japan, and China. Several rail and road projects to further add to the demand for machinery in the ASEAN countries over the forecasted period. For instance,

Thai Government announced that it is set to sign three contracts in connection with the Thai-Sino high-speed train project between Bangkok and Nakhon Ratchasima. Additional three contracts, including civil works for the Ban Pho-Phra Kaew section, civil engineering works along the Bang Sue-Don Muang section, and works between Don Muang and Nava Nakhon, will also be signed after the preparation of the documents.

Additionally, investments in infrastructure, both public and private, like the Indonesian National Medium-term Development Plan (USD 460 billion), Vietnam Socio-Economic Development Plan (USD 61.5 billion), and the Philippine Development Plan "Build, Build, and Build" (USD 71.8 billion), are expected to offer opportunities for sales for commercial vehicles.

Thailand has been one of the attractive countries for investment in construction sector. The government of Thailand under infrastructure investment plan planned to develop intercity rail network, highway enhancement, the public transportation in Bangkok metropolitans and capacity expansion of maritime and air transport to link the key areas across the country and neighboring countries.

  • June, 2022: Offshore wind company Corio Generation has signed a joint development agreement with Vietnamese construction firm FECON for a 500MW offshore wind project in Vietnam's Ba Ria-Vung Tau province. Located around 23-35km from the coast, the proposed fixed-bottom facility would be among the country's first large-scale offshore wind projects.

Asia Pacific Non-Passenger Vehicle Market : Asia-Pacific Construction Equipment Sales, By Country, in Thousands, 2018-2022

Growth in the Indian Agricultural Sector Expected to Drive the Market

China is likely to emerge as the largest market followed by India, Indonesia, Japan, and South Korea. Ongoing mega projects in China need a lot of machinery and materials to be displaced from one part of the country to the other. Projects like the Zhongwei Ji'an Natural Gas Pipeline project, Liuzhou-Wuzhou Railway Line, Belt, and Road Initiative, and Zhengshen Foshan Expressway are some of the many projects that will require the deployment of many construction equipment. China announced investments of USD 1.1 trillion in infrastructure projects in 2021. Chinese construction equipment sales reached around USD 58 billion and accounted for 20% of the global construction equipment market in 2021.

India and Indonesia are also witnessing a rapid rise in construction equipment sales. In India, construction equipment sales are rising due to the large-scale undertaking of construction road projects and logistical corridors while in Indonesia construction equipment sales are driven by the construction of manufacturing zones and growth in the mining industry. Thus, with companies coming up with new launches to increase their market share in this segment, the market for construction equipment is expected to grow over the forecast period for the excavator market. For instance,

  • May, 2022: Komatsu India launched three new B-20 biodiesel compatible excavators (Komatsu PC205-10MO Hydraulic Excavator, Komatsu PC500LC-10R Hydraulic Excavator,and Komatsu PC210LC-10M0 Super Long Front) in India during Excon 2022.
  • July, 2022: Volvo CE launched EC550E excavator in India. The excavator is specifically designed for heavy duty digging and mass excavation.

Therefore, the aforementioned factors and instances anticipated to contribute for growth of countries like China, India, etc. over the forecasted period. 

Asia Pacific Non-Passenger Vehicle Market : China Construction Industry Contracts, Value in CNY Trillion, 2018-2022

APAC Non Passenger Vehicle Industry Overview

The market is characterized by the presence of considerably global players as well as some local players who have secured long-term supply contracts with major infrastructure companies. These players also engage in joint ventures, mergers and acquisitions, new product launches, and product development to expand their brand portfolios and cement their market positions.

Some of the major players dominating the market are JCB Limited, Caterpillar Inc,. Kubota Corporation, Mahindra & Mahindra, Isuzu Motors, Ltd.Komatsu Corp., Sany Heavy Industry, XCMG, Hitachi Construction Machinery Ltd., and Others . Key players are launching new products to secure their market position and stay ahead of the market curve. For instance,

  • May, 2022: Caterpillar Inc. launched 303 CR mini excavators and 120 GC Motor Grader in India. These two products were displayed at the Confederation of Indian Industry (CII) EXCON 2022 in Bengaluru, along with Caterpillar's existing range of products, including excavators, motors, wheels, backhoes, and skid steer loaders.
  • January, 2022: Hitachi Ltd. announced the selling of a 50% stake in Hitachi Construction Machinery Ltd. to a joint venture between Itochu Corporation and investment fund Japan Industrial Partners Inc. for JPY 182.4 billion.

APAC Non Passenger Vehicle Market Leaders

  1. JCB Limited

  2. Caterpillar Inc.

  3. Kubota Corporation

  4. Mahindra & Mahindra

  5. Isuzu Motors Ltd.

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Non-Passenger Vehicle Market Concentration
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APAC Non Passenger Vehicle Market News

  • August, 2022: Volvo CE announced to development of its manufacturing facility located in Bengaluru in India into an export hub. The company stated that this investment will allow Volvo Construction Equipment to produce medium-sized excavators at the plant. The company further stated that these machines will primarily be used in the Indian market.
  • June, 2022: Cummins Inc. and Komatsu Corp. announced a new collaboration to develop zero-emissions mining haul trucks. Cummins and Komatsu will initially focus on zero emissions power technologies including hydrogen fuel cell solutions for large mining haul truck applications.
  • April, 2022 : Manitowoc launched the Potain MCT 805 which is manufactured at Manitowoc's Zhangjiagang, China factory. The new model offers strong performance and complies with international standards and requirements. The new model, which is similar to the MDT 809, is available in 32 t and 40 t capacity configurations, with an 80 m jib and a height under hook of 84 m.
  • May, 2022 : Sany Bharat launched 22 new products during Excon 2022 in India. All the new machines have been exclusively designed for the application in India while keeping Indian customer requirements in mind. This reflects the company's deep understanding of the Indian market and customer sentiments which will offer a unique edge to these products by making it better profitable for users.

APAC Non Passenger Vehicle Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Vehicle Type

      1. 5.1.1 Construction Equipment

      2. 5.1.2 Mining Equipment

      3. 5.1.3 Agricultural Machinery

      4. 5.1.4 Medium & Heavy Duty Trucks

      5. 5.1.5 Others(Firetrucks, Ambulances, Recreational Boats)

    2. 5.2 Geography

      1. 5.2.1 Asia Pacific

        1. China

        2. Japan

        3. India

        4. South Korea

        5. Australia

        6. Rest of Asia-Pacific


    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles*

      1. 6.2.1 JCB Limited

      2. 6.2.2 Caterpillar Inc.

      3. 6.2.3 Kubota Corporation

      4. 6.2.4 Isuzu Motors Limited

      5. 6.2.5 Mahindra & Mahindra

      6. 6.2.6 Escorts Group

      7. 6.2.7 Hyundai Construction Equipment

      8. 6.2.8 Volvo Construction Equipment

      9. 6.2.9 Deere & Co.

      10. 6.2.10 AGCO Corporation

      11. 6.2.11 CNH Industrial N.V.

      12. 6.2.12 Hitachi Construction Machinery Co., Ltd.

      13. 6.2.13 Kobelco Construction Machinery Co. Ltd.

      14. 6.2.14 Liebherr Group

      15. 6.2.15 Hino Motors

      16. 6.2.16 Iveco


**Subject to Availability
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APAC Non Passenger Vehicle Industry Segmentation

The use of non-passenger vehicles is found in industries related to construction, mining, agriculture, and logistics. Other types of non-passenger vehicles that are generally used are ambulances and fire trucks.

The market is segmented by Vehicle type (Construction Equipment, Mining Equipment, Agricultural Machinery, Trucks, and Others) and by Country (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific). The report offers market size, volume, and forecast for all the above segments.

Vehicle Type
Construction Equipment
Mining Equipment
Agricultural Machinery
Medium & Heavy Duty Trucks
Others(Firetrucks, Ambulances, Recreational Boats)
Asia Pacific
South Korea
Rest of Asia-Pacific
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APAC Non Passenger Vehicle Market Research FAQs

The Asia Pacific Non Passenger Vehicle Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)

JCB Limited, Caterpillar Inc., Kubota Corporation, Mahindra & Mahindra and Isuzu Motors Ltd. are the major companies operating in the Asia Pacific Non Passenger Vehicle Market.

The report covers the Asia Pacific Non Passenger Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Non Passenger Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Asia Pacific Non Passenger Vehicle Industry Report

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

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Asia Pacific Non-Passenger Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)