Association of Southeast Asian Nations (ASEAN) Commercial Vehicle (CV) Growth Opportunities

Association of Southeast Asian Nations (ASEAN) Commercial Vehicle (CV) Growth Opportunities

Sales Volume in the Region is Expected to more than Double by the End of the Decade, Driven by Rising Infrastructure and Economic Activity

RELEASE DATE
18-Dec-2021
REGION
Asia Pacific
Research Code: PC78-01-00-00-00
SKU: AU02271-AP-MT_26111
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Description

The overall commercial vehicle volume in ASEAN is expected to reach 1.7 million units by 2030, growing at a CAGR of 7.9% between 2020 and 2030. The region has experienced rapid industrialization, moving away from agriculture and toward manufacturing of electrical and electronic components and machinery. Post the pandemic, there has been a revival in the commodities markets globally, with demand outpacing supply, resulting in higher prices and exports in the region. These factors are expected to be the major drivers for commercial truck demand in the near and long terms.

Thailand and Indonesia contribute to 75% of the region’s CV volumes, with Thailand being a major market for pickup trucks. It also contributes to nearly 60% of the region's LCV sales. All major countries in the region have incentivized production of automobiles in the region. The region shows great potential to become a major automotive manufacturing hub that exports vehicles to other parts of the world. Companies are expected to take advantage of government support toward manufacturing, help create common platforms for their vehicles across different regions, as well as scale up operations quickly to achieve maximum profitability.

The market is dominated by Japanese OEMs that make up three-fourths of all commercial vehicle sales in the region. Toyota, Isuzu, and Nissan-Mitsubishi, the top 3 sellers alone contribute to two-thirds of the market. Many Chinese OEMs, such as Foton, SAIC, Dongfeng, FAW, and BYD, have already established their presence in the region and are expected to compete aggressively against Japanese OEMs in the coming years. Higher infrastructure spending and increased construction and trade activities in the region are expected to be the major drivers for heavy-duty truck demand. The growing ecosystem of truck OEMs, bodybuilders, and fleets that will cater to this rising demand will have a positive impact in allied sectors (e.g., logistics).

Key Issues Addressed

  • What will be the size of the commercial truck market in the ASEAN from 2020 to 2030?
  • Which are the major countries driving growth in the region?
  • Which are the major OEMs dominating the CV market in the region?
  • What is the powertrain mix, and how this is expected to evolve over the next decade?
  • What key trends in each major country in the region are driving the demand for commercial trucks?

Author: Marshall Martin

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on CV Market

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Segmentation

Key Findings

ASEAN Unit Sales by CV Segment and Region

Percent of Unit Sales by CV Segment and Region

Top OEMs Unit Sales and Market Share

Percent of Unit Sales by Powertrain Split—LCVs

Percent of Unit Sales by Powertrain Split—M&HD Truck

Key Regional Trends

Unit Sales Forecast by CV Segment

OEM Market Share by CV Segment

Percent of Unit Sales by Powertrain and CV Segment—2020

Forecast Percent of Unit Sales Forecast by Powertrain and CV Segment

Thailand—Key Regional Trends

Thailand—Unit Sales Forecast by CV Segment

Thailand—Forecast Discussion

Thailand—OEM Market Share by CV Segment

Thailand—Percent of Unit Sales by Powertrain and CV Segment

Thailand—Forecast Percent of Unit Sales by Powertrain and CV Segment

Thailand—Emission Standards and EV Incentives and Subsidies

Indonesia—Key Regional Trends

Indonesia—Unit Sales Forecast by CV Segment

Indonesia—Forecast Discussion

Indonesia—OEM Market Share by CV Segment

Indonesia—Percent of Unit Sales by Powertrain and CV Segment

Indonesia—Forecast Percent of Unit Sales by Powertrain and CV Segment

Indonesia—Emission Standards and EV Incentives and Subsidies

The Philippines—Key Regional Trends

The Philippines—Unit Sales Forecast by CV Segment

The Philippines—Forecast Discussion

The Philippines—OEM Market Share by CV Segment

The Philippines—Percent of Unit Sales by Powertrain and CV Segment

The Philippines—Forecast Percent of Unit Sales by Powertrain and CV Segment

The Philippines—Emission Standards and EV Incentives and Subsidies

Malaysia—Key Regional Trends

Malaysia—Unit Sales Forecast by CV Segment

Malaysia—Forecast Discussion

Malaysia—OEM Market Share by CV Segment

Malaysia—Percent of Unit Sales by Powertrain and CV Segment

Malaysia—Forecast Percent of Unit Sales by Powertrain and CV Segment

Malaysia—Emission Standards and EV Incentives and Subsidies

Vietnam—Key Regional Trends

Vietnam—Unit Sales Forecast by CV Segment

Vietnam—Forecast Discussion

Vietnam—OEM Market Share by CV Segment

Vietnam—Percent of Unit Sales by Powertrain and CV Segment

Vietnam—Forecast Percent of Unit Sales by Powertrain and CV Segment

Vietnam—Emission Standards and EV Incentives and Subsidies

Growth Opportunity 1—Growing Government Support for Automotive Manufacturing and Exports

Growth Opportunity 1—Growing Government Support for Automotive Manufacturing and Exports (continued)

Growth Opportunity 2—Pickup and Heavy Duty Trucks to Cater to Rising Demand in Infrastructure Sector

Growth Opportunity 2—Pickup and Heavy Duty Trucks to Cater to Rising Demand in Infrastructure Sector (continued)

Abbreviations And Acronyms Used

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

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Related Research
The overall commercial vehicle volume in ASEAN is expected to reach 1.7 million units by 2030, growing at a CAGR of 7.9% between 2020 and 2030. The region has experienced rapid industrialization, moving away from agriculture and toward manufacturing of electrical and electronic components and machinery. Post the pandemic, there has been a revival in the commodities markets globally, with demand outpacing supply, resulting in higher prices and exports in the region. These factors are expected to be the major drivers for commercial truck demand in the near and long terms. Thailand and Indonesia contribute to 75% of the region’s CV volumes, with Thailand being a major market for pickup trucks. It also contributes to nearly 60% of the region's LCV sales. All major countries in the region have incentivized production of automobiles in the region. The region shows great potential to become a major automotive manufacturing hub that exports vehicles to other parts of the world. Companies are expected to take advantage of government support toward manufacturing, help create common platforms for their vehicles across different regions, as well as scale up operations quickly to achieve maximum profitability. The market is dominated by Japanese OEMs that make up three-fourths of all commercial vehicle sales in the region. Toyota, Isuzu, and Nissan-Mitsubishi, the top 3 sellers alone contribute to two-thirds of the market. Many Chinese OEMs, such as Foton, SAIC, Dongfeng, FAW, and BYD, have already established their presence in the region and are expected to compete aggressively against Japanese OEMs in the coming years. Higher infrastructure spending and increased construction and trade activities in the region are expected to be the major drivers for heavy-duty truck demand. The growing ecosystem of truck OEMs, bodybuilders, and fleets that will cater to this rising demand will have a positive impact in allied sectors (e.g., logistics).--BEGIN PROMO--

Key Issues Addressed

  • What will be the size of the commercial truck market in the ASEAN from 2020 to 2030
  • Which are the major countries driving growth in the region
  • Which are the major OEMs dominating the CV market in the region
  • What is the powertrain mix, and how this is expected to evolve over the next decade
  • What key trends in each major country in the region are driving the demand for commercial trucks

Author: Marshall Martin

More Information
No Index No
Podcast No
Author Marshall Martin
Industries Automotive
WIP Number PC78-01-00-00-00
Is Prebook No
GPS Codes 9673-A6,9800-A6,9B01-A6,9963-A6