Malaysia Box Truck Market Size (2024 - 2029)

The Malaysia box truck market is experiencing significant growth, driven by increasing demand in sectors such as food delivery and last-mile e-commerce. Despite a temporary decline during the COVID-19 pandemic due to trade restrictions, the market has rebounded, with a notable rise in the need for refrigerated box trucks to support the food and beverage industry. This recovery and ongoing demand are expected to contribute to a substantial expansion in the market size over the forecast period.

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Market Size of Malaysia Box Truck Industry

Malaysia Box Truck Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.89 %
Market Concentration Medium

Major Players

Malaysia Box Truck Market Major Players

*Disclaimer: Major Players sorted in no particular order

Malaysia Box Truck Market Analysis

The Malaysia Box Truck Market studied is valued at USD 1.12 billion. It is expected to reach a value of USD 5.78 billion while registering a CAGR of 6.89% during the forecast period.

Over the years, demand for box trucks witnessed a steady rise, although during the 2020 COVID-19 pandemic, the market witnessed a decline owing to the trade restrictions imposed by governing bodies. Across Malaysia, food and beverage, last-mile delivery industries suffered a steady setback which reduced the demand for box trucks.

Moreover, post-2021, the market witnessed a recovery where lockdowns and key-dependent industries recovered, which showcased strong demand for box trucks in Malaysia. Over the longer run, with increased demand for food delivery services and last-mile e-commerce, the box truck market in Malaysia is anticipated to register a higher growth rate.

Owing to the high demand for food delivery services post-COVID-19, refrigerated box truck demand has witnessed steady growth. These refrigerated box trucks helped in transporting cold storage products for several applications in Food and Beverage industries across Malaysia.

Considering these factors, the demand for box trucks is anticipated to witness a high growth rate during the forecast period in Malaysia.

Malaysia Box Truck Industry Segmentation

A box truck is a cube van typically used for transporting loose loads, which are larger and bulkier than other types of trucks. These trucks include boxes, cartons, crates, etc.

Malaysia Box Truck Market is segmented by type, propulsion, and application. On the basis of type, the market is segmented by refrigerated and non-refrigerated. On the basis of propulsion type, the market is segmented into IC engines and electric. Based on application, the market is segmented into food delivery, last-mile delivery, and others. The report offers market size and forecast for Malaysia Box Truck Market in Value (USD billion) for all the above-mentioned segmentation.

Vehicle Type
Refrigerated
Non-Refrigerated
Propulsion Type
IC Engine
Electric
Application Type
Food Delivery
Last Mile Delivery
Others
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Malaysia Box Truck Market Size Summary

The Malaysia box truck market has experienced a steady rise in demand over the years, although it faced challenges during the COVID-19 pandemic due to trade restrictions and setbacks in key industries like food and beverage and last-mile delivery. However, post-2021, the market began to recover as lockdowns eased and industries rebounded, leading to increased demand for box trucks. The growth trajectory is expected to continue, driven by the rising demand for food delivery services and last-mile e-commerce. Refrigerated box trucks, in particular, have seen steady growth due to their essential role in transporting cold storage products within the food and beverage sectors. This trend is anticipated to persist, contributing to a robust growth rate in the box truck market during the forecast period.

The market is also influenced by the growing emphasis on sustainable transportation solutions, with a shift towards electric vehicles and low-carbon technologies. This transition is supported by strategic partnerships and collaborations among key players in the industry, such as GreenPower Motor Inc. and Gemilang International Ltd., which aim to develop electric box trucks for various regions, including Malaysia. The food processing sector, a significant contributor to Malaysia's GDP, relies heavily on box trucks for the transportation of raw materials and finished products, further driving market demand. The expansion of cold chain logistics, particularly for perishable goods, has also bolstered the need for refrigerated box trucks, ensuring the preservation of temperature-sensitive items. This demand is expected to grow, supported by the increasing importance of maintaining Halal certification through controlled temperature logistics.

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Malaysia Box Truck Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Billion)

    1. 2.1 Vehicle Type

      1. 2.1.1 Refrigerated

      2. 2.1.2 Non-Refrigerated

    2. 2.2 Propulsion Type

      1. 2.2.1 IC Engine

      2. 2.2.2 Electric

    3. 2.3 Application Type

      1. 2.3.1 Food Delivery

      2. 2.3.2 Last Mile Delivery

      3. 2.3.3 Others

Malaysia Box Truck Market Size FAQs

The Malaysia Box Truck Market is projected to register a CAGR of 6.89% during the forecast period (2024-2029)

Tata Motors Limited, Traton Group, UD Truck Corp., Chop Yong Cheong (CYC) and Wong Brothers Refrigeration Sdn Bhd. are the major companies operating in the Malaysia Box Truck Market.

Malaysia Box Truck Report Snapshots

Malaysia Box Truck Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)