Southeast Asia Box Truck Market Size

Southeast Asia Box Truck Market Analysis

The Southeast Asia box truck market is valued at USD 11.0 billion in the current year. It is projected to grow to USD 14.0 Billion in the next five years, registering a CAGR of 3.5% in terms of revenue during the forecast period.

• The COVID-19 pandemic hindered the growth of the box truck market as the shutdown of manufacturing units coupled with supply chain disruptions resulted in decreased demand across various sectors like logistics, transportation, etc. However, the market started gaining traction post-pandemic, with most shares occupied by growing manufacturing activities across the country.
• Over the medium term, growing e-commerce and logistics sectors across the country will likely increase the demand for box trucks for transportation. The growing popularity of box trucks among the small restaurant to start food trucks across the country, which in turn is likely to witness significant growth for the market during the forecast period.
• Governments throughout the Southeast Asian 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 box trucks during the forecast period.
• Box trucks are becoming more popular among parcel service providers who deliver perishable goods and are likely to witness significant growth in the market during the forecast period. Box trucks often transport packages from one warehouse to another, where the parcels can then be loaded into delivery vans, which is anticipated to enhance the demand for box trucks during the forecast period.