Asia Pacific Commercial Vehicles Market Size & Outlook
Asia Pacific commercial vehicles market, 2018-2030 (US$M)
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Asia Pacific commercial vehicles market highlights
- The Asia Pacific commercial vehicles market generated a revenue of USD 267,340.6 million in 2023.
- The market is expected to grow at a CAGR of 4.5% from 2024 to 2030.
- In terms of segment, heavy trucks was the largest revenue generating product in 2023.
- Light Commercial Vehicle is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 267,340.6 million |
| Market revenue in 2030 | USD 363,337.5 million |
| Growth rate | 4.5% (CAGR from 2023 to 2030) |
| Largest segment | Heavy trucks |
| Fastest growing segment | Light Commercial Vehicle |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Light Commercial Vehicle, Heavy Trucks, Buses & Coaches |
| Key market players worldwide | Bosch, Daimler Truck Holding AG ADR, Volkswagen AG, Toyota Motor Corp, Mahindra & Mahindra Ltd DR, Volvo AB ADR, General Motors Co |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 22.8% of the global commercial vehicles market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 363,337.5 million by 2030.
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Commercial Vehicles Market Scope
Commercial Vehicles Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific commercial vehicles market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to commercial vehicles market will help companies and investors design strategic landscapes.
Heavy trucks was the largest segment with a revenue share of 41.61% in 2023. Horizon Databook has segmented the Asia Pacific commercial vehicles market based on light commercial vehicle, heavy trucks, buses & coaches covering the revenue growth of each sub-segment from 2018 to 2030.
The robust trade, economic growth, and liberalization policies adopted by several Asian countries such as India, China, Indonesia have resulted in increased trade volumes. The subsequent growth in transportation and warehousing facilities has led to an increase in demand for unified logistics solutions in the region, thereby, driving the sales of commercial vehicles.
China is the one of the world’s largest manufacturing hub and also has a large consumer base. The country is one of the fastest-growing economies which has driven towards large infrastructure projects. Such favorable circumstances provide an opportunity for the Chinese commercial vehicles market.
The Indian commercial vehicles market is expected to grow at a CAGR of 13.8% owing to the implementation of vehicle scrappage program, coupled with stringent implementation of regulatory norms, particularly related to vehicle length and overloading.
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Target buyers of Asia Pacific commercial vehicles market databook
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Our clientele includes a mix of commercial vehicles market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific commercial vehicles market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific commercial vehicles market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific commercial vehicles market size, by country, 2018-2030 (US$M)
Asia Pacific Commercial Vehicles Market Outlook Share, 2023 & 2030 (US$M)
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