Asia Pacific Electric Commercial Vehicles Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 87.81 Billion |
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Market Size (2030) | USD 268.7 Billion |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 20.49 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Electric Commercial Vehicles Market Analysis
The Asia Pacific Electric Commercial Vehicles Market size is estimated at 87.81 billion USD in 2024, and is expected to reach 268.7 billion USD by 2030, growing at a CAGR of 20.49% during the forecast period (2024-2030).
87.81 Billion
Market Size in 2024 (USD)
268.7 Billion
Market Size in 2030 (USD)
19.01 %
CAGR (2017-2023)
20.49 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
47.37 %
value share, Buses, 2023
Light Commercial Trucks lead due to their versatility, high demand in urban and rural areas, and suitability for various commercial applications, making them a popular choice in the region.
Fastest-growing Segment by Vehicle Body Type
38.04 %
Projected CAGR, Medium-duty Commercial Trucks, 2024-2030
Heavy-duty Commercial Trucks are the fastest-growing due to increasing investments in electric vehicle technology, the need for sustainable logistics solutions, and supportive government policies.
Largest Segment by Fuel Category
89.45 %
value share, BEV, 2023
BEVs dominate the fuel category due to advancements in battery technology, government incentives, and increasing infrastructure supporting electric vehicles in the Asia-Pacific region.
Fastest-growing Segment by Fuel Category
40.24 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing rapidly due to advancements in hydrogen fuel cell technology, expanding hydrogen refueling infrastructure, and a push for zero-emission commercial vehicles.
Leading Market Player
48.21 %
market share, Hyundai Motor Company, 2023
Hyundai Motor Company dominates the market due to its advanced electric vehicle technology, extensive product range, and strong commitment to sustainability and innovation in the Asia-Pacific region.
The adoption of hybrid and electric commercial vehicles in Asia-Pacific is expected to be more than triple by 2030
- Asia-Pacific's transition toward greener transportation solutions has been pronouncedly evident in the hybrid and electric commercial vehicle (CV) sector between 2022 and 2023. The collective figures for hybrid and electric CV registrations rose significantly, reaching 490,958 units in 2022 from the previous 264,007 units in 2021. These numbers signify not only a rebound from the prior slump but also underline a strong preference for these cleaner technologies amid escalating environmental concerns and progressive governmental policies.
- Historical data provides an intriguing context. From 2017 to 2019, the combined registrations for hybrid and electric CVs experienced a gentle downward trend, from 260,519 units to 188,118 units. This dip might be attributed to factors like infrastructure readiness, vehicle price points, and initial hesitations. However, the next few years, especially 2022, saw a dramatic resurrection in the numbers, emphasizing the region's fast-adapting stance to combat emissions through cleaner CV solutions.
- Projecting into the future, the upward trajectory for hybrid and electric CVs in Asia-Pacific is remarkably optimistic. By 2025, it is estimated the numbers will cross the 926,761 units mark. By 2030, the total registrations are anticipated to reach an impressive 1,677,598 units. This forecasted upswing can be attributed to technological breakthroughs, a matured charging infrastructure, reduced total cost of ownership, and the realization of the critical role these vehicles play in achieving sustainability goals.
Understand The Key Trends Shaping This Market
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The Asia-Pacific electric commercial vehicles market is poised for rapid expansion, fueled by stringent emission regulations and a robust push for greener public and logistic transport solutions
- Asia-Pacific represents one of the most dynamic markets for electric commercial vehicles due to its diverse economies, rapidly growing urbanization, and increasing focus on reducing carbon emissions. The market landscape varies significantly by country, reflecting differences in economic development, government policies, infrastructure readiness, and industry adoption rates. China, as a global leader in electric vehicle technology, dominates the ECV market in Asia Pacific, benefiting from aggressive government policies, substantial investments in charging infrastructure, and a wide range of domestic manufacturers.
- Other countries in the region, such as Japan and South Korea, are also making significant strides in the electric commercial vehicle market. Japan, with its well-established automotive industry, is focusing on hydrogen fuel cell vehicles as part of its broader strategy for ECVs alongside BEVs. The country's commitment to creating a 'hydrogen society' complements its efforts in electrifying its commercial vehicle segment. South Korea, on the other hand, is rapidly advancing in battery technology and infrastructure development.
- In contrast, emerging economies in the region, such as India, Indonesia, and Thailand, are in the earlier stages of ECV adoption, facing challenges such as limited infrastructure and higher upfront costs. However, these countries hold significant potential for growth in the ECV market due to increasing urbanization, rising awareness of environmental issues, and government initiatives aimed at encouraging the use of electric vehicles. India, for example, has launched multiple initiatives to boost EV adoption, focusing on both improving infrastructure and offering subsidies to buyers.
Asia Pacific Electric Commercial Vehicles Market Trends
APAC's rapid electric vehicle demand and sales growth are driven by government initiatives and commercial vehicle electrification
- Electric vehicle (EV) demand and sales have surged in the APAC region in recent years. China, the dominant market, saw a 2.90% rise in electric car sales in 2022 compared to 2021, while Japan experienced an 11.11% increase during the same period. Factors driving this trend include mounting environmental concerns, stringent regulations, and the advantages of EVs, such as fuel efficiency, lower maintenance costs, and zero carbon emissions. Government subsidies further bolster the adoption of EVs in Asian nations.
- Conventional fuel-powered commercial vehicles, notably trucks and buses, are contributing to the escalating pollution levels in several Asia-Pacific countries. In response, many nations in the region are making substantial investments to transition their internal combustion engine (ICE) vehicles to electric ones, aiming to curb carbon emissions. For instance, in December 2020, TransJakarta, a city-owned bus operator in Indonesia, unveiled an ambitious plan to expand its electric bus (e-bus) fleet to 10,000 units by 2030. Such initiatives across the region are propelling the electrification of commercial vehicles.
- Government bodies in various APAC countries are actively proposing measures to phase out fossil fuel vehicles, a move that is poised to bolster the market for electric commercial vehicles. In a notable development, in May 2022, Tata Motors secured a government contract in India to supply 5,450 electric buses worth INR 5,000 crore under the FAME 2 scheme. Additionally, the company announced plans to deliver 20,000 light electric trucks to six major e-commerce players. These advancements in the EV space are anticipated to further fuel the demand for electric commercial vehicles in the APAC region from 2024 to 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- Asia-Pacific's auto loan interest rates reflected varying national economic strategies, with some countries emphasizing stimulation while others took a more conservative stance
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The Asia-Pacific region is witnessing a resurgence in the logistics performance index, driven by infrastructural developments and technological advancements
- From 2019 to 2022, the Asia-Pacific FCEV commercial sector highlights China's decline, India's impressive rebound, and stability in Japan and Thailand. Smaller markets like Malaysia and Vietnam show growth potential, while Myanmar's production remains hindered by political instability
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- The Asia-Pacific region's EV infrastructure has seen remarkable growth, with China leading the charge, India showing immense potential, and other nations steadily catching up, promising a robust EV future
- The surging demand for electric vehicles (EVs) in Asia is prompting global automakers to introduce new offerings, thereby expanding the EV and battery pack market
- Asia-Pacific's fuel prices have been influenced by global events, with recent rises due to economic recovery and demand resurgence and future trends leaning toward stabilization amid a transition to sustainable energy solutions
Asia Pacific Electric Commercial Vehicles Industry Overview
The Asia Pacific Electric Commercial Vehicles Market is moderately consolidated, with the top five companies occupying 48.55%. The major players in this market are BYD Auto Co. Ltd., Daihatsu Motor Co. Ltd., Dongfeng Motor Corporation, Hyundai Motor Company and Mitsubishi Motors Corporation (sorted alphabetically).
Asia Pacific Electric Commercial Vehicles Market Leaders
BYD Auto Co. Ltd.
Daihatsu Motor Co. Ltd.
Dongfeng Motor Corporation
Hyundai Motor Company
Mitsubishi Motors Corporation
Other important companies include Higer Bus Company Ltd., Hino Motors Ltd., Mahindra & Mahindra Limited, Tata Motors Limited, Zhengzhou Yutong Bus Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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Asia Pacific Electric Commercial Vehicles Market News
- July 2023: Yutong Group forms a partnership with Langfang Transportation to jointly promote the development of New Energy logistics transportation.
- June 2023: Yutong Bus officially unveils two hydrogen fuel cell buses such as 10.5m- and 12m-long hydrogen fuel cell buses at the 11th Zhengzhou International New Energy Vehicle Expo.
- May 2023: With 200 kilometers range,Suzuki, Daihatsu and Toyota have developed the Electric Mini Commercial Vehicle.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Asia Pacific Electric Commercial Vehicles Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Impact Of Electrification
- 4.7 EV Charging Station
- 4.8 Battery Pack Price
- 4.9 New Xev Models Announced
- 4.10 Logistics Performance Index
- 4.11 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Body Type
- 5.1.1 Buses
- 5.1.2 Heavy-duty Commercial Trucks
- 5.1.3 Light Commercial Pick-up Trucks
- 5.1.4 Light Commercial Vans
- 5.1.5 Medium-duty Commercial Trucks
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
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5.3 Country
- 5.3.1 Australia
- 5.3.2 China
- 5.3.3 India
- 5.3.4 Indonesia
- 5.3.5 Japan
- 5.3.6 Malaysia
- 5.3.7 South Korea
- 5.3.8 Thailand
- 5.3.9 Rest-of-APAC
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 BYD Auto Co. Ltd.
- 6.4.2 Daihatsu Motor Co. Ltd.
- 6.4.3 Dongfeng Motor Corporation
- 6.4.4 Higer Bus Company Ltd.
- 6.4.5 Hino Motors Ltd.
- 6.4.6 Hyundai Motor Company
- 6.4.7 Mahindra & Mahindra Limited
- 6.4.8 Mitsubishi Motors Corporation
- 6.4.9 Tata Motors Limited
- 6.4.10 Zhengzhou Yutong Bus Co. Ltd.
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- ASIA-PACIFIC MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 22:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 25:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 28:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 31:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 34:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 35:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 36:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 37:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 48:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 49:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 50:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 51:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 52:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 53:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 54:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 55:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY AUSTRALIA, BY VALUE IN USD, 2017 - 2030
- Figure 56:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 57:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 58:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 59:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 60:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 61:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 62:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 63:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 64:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY INDONESIA, BY VALUE IN USD, 2017 - 2030
- Figure 65:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 66:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 67:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 68:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 69:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 70:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY MALAYSIA, BY VALUE IN USD, 2017 - 2030
- Figure 71:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 72:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 73:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY SOUTH KOREA, BY VALUE IN USD, 2017 - 2030
- Figure 74:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 75:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 76:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY THAILAND, BY VALUE IN USD, 2017 - 2030
- Figure 77:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 78:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 79:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, BY REST-OF-APAC, BY VALUE IN USD, 2017 - 2030
- Figure 80:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 81:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 82:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 83:
- ASIA PACIFIC ELECTRIC COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Asia Pacific 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 Vehicle Body Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Rest-of-APAC are covered as segments by Country.
- Asia-Pacific's transition toward greener transportation solutions has been pronouncedly evident in the hybrid and electric commercial vehicle (CV) sector between 2022 and 2023. The collective figures for hybrid and electric CV registrations rose significantly, reaching 490,958 units in 2022 from the previous 264,007 units in 2021. These numbers signify not only a rebound from the prior slump but also underline a strong preference for these cleaner technologies amid escalating environmental concerns and progressive governmental policies.
- Historical data provides an intriguing context. From 2017 to 2019, the combined registrations for hybrid and electric CVs experienced a gentle downward trend, from 260,519 units to 188,118 units. This dip might be attributed to factors like infrastructure readiness, vehicle price points, and initial hesitations. However, the next few years, especially 2022, saw a dramatic resurrection in the numbers, emphasizing the region's fast-adapting stance to combat emissions through cleaner CV solutions.
- Projecting into the future, the upward trajectory for hybrid and electric CVs in Asia-Pacific is remarkably optimistic. By 2025, it is estimated the numbers will cross the 926,761 units mark. By 2030, the total registrations are anticipated to reach an impressive 1,677,598 units. This forecasted upswing can be attributed to technological breakthroughs, a matured charging infrastructure, reduced total cost of ownership, and the realization of the critical role these vehicles play in achieving sustainability goals.
| Vehicle Body Type | Buses |
| Heavy-duty Commercial Trucks | |
| Light Commercial Pick-up Trucks | |
| Light Commercial Vans | |
| Medium-duty Commercial Trucks | |
| Fuel Category | BEV |
| FCEV | |
| HEV | |
| PHEV | |
| Country | Australia |
| China | |
| India | |
| Indonesia | |
| Japan | |
| Malaysia | |
| South Korea | |
| Thailand | |
| Rest-of-APAC |
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Market Definition
- Vehicle Type - The category covers light, medium, and heavy duty commercial vehicle.
- Vehicle Body Type - This includes Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | 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). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: 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 based on 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. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- 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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