ASEAN Road Freight Transport Market Size

ASEAN Road Freight Transport Market Analysis

The ASEAN Road Freight Transport Market size is estimated at 111.90 billion USD in 2024, and is expected to reach 160.11 billion USD by 2030, growing at a CAGR of 6.15% during the forecast period (2024-2030).

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111.90 Billion

Market Size in 2024 (USD)

160.11 Billion

Market Size in 2030 (USD)

4.84 %

CAGR (2017-2023)

6.15 %

CAGR (2024-2030)

Largest Market by Distance

73.38 %

value share, Long Haul, 2023

A significant rise in exports and imports is a prominent factor that is driving the demand for long-haul trucking. For instance, exports registered a growth of 22.32% YoY in 2022.

Largest Market by Goods Configuration

64.53 %

value share, Solid Goods, 2023

Solid goods dominate the market, as industries such as construction, textiles, machinery, electronics, and automobiles, majorly contribute to the demand for road freight services.

Largest Market by End User Industry

32.70 %

value share, Manufacturing, 2023

Indonesia’s government aims to attract over USD 50 billion in foreign investments over the next decade, particularly for special economic zones (SEZ)-oriented manufacturing.

Fastest Growing Market by Truckload Specification

6.88 %

Projected CAGR, Less than-Truck-Load (LTL), 2024-2030

The LTL segment's growth is attributable to the booming e-commerce industry. Asia-Pacific’s e-commerce is expected to register a CAGR of 11.16% during 2023-2027.

First Leading Market Player

1.06 %

market share, Kerry Logistics Network Limited, 2022

Kerry Express (a subsidiary of SF Express) has offices across Thailand, Vietnam, Hong Kong, Taiwan, Malaysia, and Indonesia and handles more than 15 million boxes per month.

Thailand aims for 30% of the total vehicle production to account for electric cars by 2030 through the Electric Vehicle Policy

Growing demand for trucking services is supported by rising e-commerce sales and infrastructure development in the industry

ASEAN Road Freight Transport Industry Segmentation ASEAN Road Freight Transport Industry Segmentation

Agriculture, Fishing, and Forestry, Construction, Manufacturing, Oil and Gas, Mining and Quarrying, Wholesale and Retail Trade, Others are covered as segments by End User Industry. Domestic, International are covered as segments by Destination. Full-Truck-Load (FTL), Less than-Truck-Load (LTL) are covered as segments by Truckload Specification. Containerized, Non-Containerized are covered as segments by Containerization. Long Haul, Short Haul are covered as segments by Distance. Fluid Goods, Solid Goods are covered as segments by Goods Configuration. Non-Temperature Controlled, Temperature Controlled are covered as segments by Temperature Control. Indonesia, Malaysia, Thailand, Vietnam are covered as segments by Country.

• Indonesia’s manufacturing industry grew by 5.01% in 2022. It was the strongest component of the country’s economic growth in terms of productivity. Moreover, Thailand is one of the largest automotive manufacturers in Southeast Asia, producing over 2 million vehicles annually for various household brands. The country's Electric Vehicle Policy aims for 30% of the total vehicle production to account for electric cars by 2030. The Thai government successfully attracted major automotive brands, such as Japanese, European, and US manufacturers, to set up production and export bases in Thailand.
• The retail sales of consumer goods and services in Vietnam reached USD 242 billion in 2022, a surge of 19.8% compared to the same period in the previous year. This was also a 15% increase from 2019. Despite the pandemic’s impact, the retail industry in Vietnam recovered fully and is expected to grow. Both domestic and foreign retailers sped up their businesses in 2022 with post-pandemic plans to further tap the country’s growing middle-income group, creating a booming year for the industry. For instance, Aeon, Japan’s largest retailer, is accelerating the opening of malls and stores in Vietnam to expand its presence.
• During the period 2023-2027, the ASEAN e-commerce market is projected to register a CAGR of 11.11%. This growth in the e-commerce market is expected to boost the wholesale and retail trade end-user segment. Moreover, the increase in exploration and production activities is expected to drive the growth of the oil and gas, mining, and quarrying segment. For instance, Indonesia aims to increase its crude oil lifting to 1 million bpd by 2030 and boost efforts to attract investment.