How big is the ASEAN Commercial Vehicles Market?

The ASEAN Commercial Vehicles Market size is expected to reach USD 55.74 billion in 2024 and grow at a CAGR of 6.97% to reach USD 78.08 billion by 2029. Read More

What is the current ASEAN Commercial Vehicles Market size?

In 2024, the ASEAN Commercial Vehicles Market size is expected to reach USD 55.74 billion. Read More

Who are the key players in ASEAN Commercial Vehicles Market?

Isuzu Motor Ltd, Mitsubishi Motor Corporation, Hyundai Motor Corporation, Hino Motor Ltd. and IVECO (CNH Industrial NV) are the major companies operating in the ASEAN Commercial Vehicles Market. Read More

What years does this ASEAN Commercial Vehicles Market cover, and what was the market size in 2023?

In 2023, the ASEAN Commercial Vehicles Market size was estimated at USD 52.11 billion. The report covers the ASEAN Commercial Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the ASEAN Commercial Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key growth drivers in the ASEAN Commercial Vehicles Market?

Key factors driving the ASEAN Commercial Vehicles Industry are a) Economic growth in the region b) Increasing demand for transportation due to urbanization c) Governmental policies supporting vehicle modernization Read More

What are the major challenges faced by the ASEAN Commercial Vehicles Industry?

Challenges faced by the ASEAN Commerical Vehicles Industry include a) Regulatory changes b) Environmental concerns c) Fluctuating raw material prices d) Need for technological integration Read More

ASEAN Commercial Vehicles Market Analysis | Industry Data, Size & Outlook Report

ASEAN Commercial Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers ASEAN Commercial Vehicles Market Statistics and it is Segmented by Vehicle Type (Light Commercial Vehicles and Medium and Heavy-duty Commercial Vehicles) and Country (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, and Rest of ASEAN). The report offers market size and forecast for all the above segments in value (in USD billion).

ASEAN Commercial Vehicles Industry Overview

Some of the key players in the ASEAN commercial vehicles market are Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors. The market studied is highly driven by factors like joint ventures, partnerships, and growing demand from the industrial sector and government development initiatives across ASEAN countries. Product expansion facilities, free trade agreements within countries, and the growing logistics, e-commerce, and construction sectors are the factors responsible for increasing the respective market shares of key regional players.

In September 2022, Nex Point PLC (NEX) announced a collaboration with Energy Absolute (EA) PCL to establish Thailand's first commercial EV manufacturing and assembly plant, Absolute Assembly Co., Ltd (AAB), with an annual production capacity of up to 9,000 cars. The company has received orders to produce 3,195 electric buses, with 200 units successfully delivered.
In June 2022, Mitsubishi Motors, Isuzu, FUSO, Nissan, and Toyota collaborated to popularise electrified vehicles in Indonesia by demonstrating a collaborative electrification ecosystem in Bali. Each brand will be represented by its flagship electrified vehicles. The project's lineup includes both passenger and commercial electrification vehicles.