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ASEAN Commercial Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4760167
  • Report
  • Region: ASEAN
  • 96 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Daihatsu Motor Co. Ltd
  • Fiat Chrysler Automobiles
  • Ford Motor Company
  • Hino Motors Ltd
  • Honda Motor Company
  • Hyundai Automobiles
  • MORE
Market Overview

The ASEAN commercial vehicles market (henceforth, referred to as the market studied) was valued at USD 45.85 billion in 2018, and it is anticipated to register a CAGR of about 4.41% during the forecast period (2019 – 2024).

The ASEAN countries witnessed a strong demand for heavy trucks and machinery, with the largest construction project pipeline, globally, with approximately USD 4.9 trillion worth of projects. Exports of heavy machinery, including trucks, from Singapore to the rest of the ASEAN region have grown steadily over the years. These exports are supported by the investments in construction projects in the ASEAN region.

Key developments in the market studied include product launches from significant manufacturers. In 2018, Mercedes-Benz launched AXOR 2528 R, IVECO launched the series 682 variant 4x2, Isuzu Astra Motor launched the new Isuzu GIGA truck, and Suzuki Indomobil Motor launched the facelift version of Mega Carry.

Some of the major players in the market studied are Toyota, Isuzu, Mitubishi, Hino, and Ford. In 2017, Toyota Motors dominated the ASEAN commercial vehicles market, with a market share of 35%, followed by Isuzu with a market share of 21%. The other players in the market studied include Daimler, TATA Motors, BAIC, and UD Trucks.

Scope of the Report

The ASEAN commercial vehicles market covers all the policies, initiatives and investment done by the governments and vehicle manufacturers across the world. The scope of the report includes:

Key Market Trends

Light Commercial Vehicle Segment is Leading the ASEAN Commercial Vehicles Market

The light commercial vehicles segment of the market studied was valued at USD 42.94 in 2018 and is expected to witness the fastest growth rate during the forecast period.

Under the light commercial vehicles (LCVs) segment, vehicles with a gross vehicle weight rating less than 16 metric ton have been considered, which includes pickup trucks, vans, light and medium trucks, and mini buses. Pickup trucks covered the highest share, covering more than 60% of LCVs sales in the ASEAN region in 2017, and continued to be the highest in the LCV segment during 2018, as well. Thailand, Indonesia, Malaysia, and Vietnam were the major ASEAN countries with high demand for pickup trucks, in 2017. However, during 2018, Vietnam’s pickup truck sales declined, due to the country’s implementation of stringent checks on imported vehicles, which resulted in import halt from neighboring countries, majorly from Thailand, Indonesia, and Japan, during first half of 2018.

Major players, such as Toyota, Isuzu, Mitsubishi, and Hino covered nearly more than 60% of the LCV segment of the market studied during 2017 and 2018. During the forecast period, the sales of LCVs are likely to continue to grow, owing to the following instances in the ASEAN countries, as automotive players in Thailand have geared their production plans in the coming years to capture the growing demand for light commercial vehicles across the ASEAN countries during the forecast period.

New models of LCVs have been significantly introduced in the ASEAN countries by the automobile manufacturers during 2018, to sustain in a highly competitive market, as well as to cater the growing demand for advanced vehicle features among the customers in the ASEAN countries.

Geography Trends

At present, Thailand is the market leader and it is likely to continue its lead in the ASEAN commercial vehicles market. Thailand is the biggest manufacturer in the region, and is planning to raise its annual production to 3.5 million units by 2025. The country faces competition from Indonesia, which has a goal of becoming the leading production hub. At present, the demand for commercial vehicles is declining in Vietnam, due to the new rule that came into effect (Vietnam finally eliminated its import tariff for automobiles from within the ASEAN countries from 30% on Jan, 1 2018). As a result, Toyota Motor and Honda Motor have stopped their exports to Vietnam since the beginning of the year, following the implementation of a rule that requires stringent checks on imported vehicles. The sales of commercial vehicles, such as trucks and buses, dropped by 16% to 23,364 units.

Singapore is a highly-developed free economy, with some of the positive factors being open and corruption-free business, followed by transparent legal frame work and many more. The construction sector (primarily buildings in the country) exhibited slow growth in the first quarter of 2017. Though new building construction activities were active in the past few years, they exhibited slow growth in the recent past. The decrease is mainly due to the downfall in contract prices.

Competitive Landscape

Some of the key players of the ASEAN commercial vehicles market are Toyota Motor Corporation, ISUZU, Mitsubishi Motor Corporation, and Hino Motors. The market studied is highly driven with factors, like joint-venture, partnerships, and growing demand of the industrial sectors and government’s development initiatives across the ASEAN countries. Product expansion facilities, free trade agreement within the countries, growing logistics, e-commerce, and construction sectors are the factors responsible for the increase in the respective market shares of key players in the region.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Daihatsu Motor Co. Ltd
  • Fiat Chrysler Automobiles
  • Ford Motor Company
  • Hino Motors Ltd
  • Honda Motor Company
  • Hyundai Automobiles
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Trends
4.6 Government Regulations
4.7 Emission Regulations

5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Light Commercial Vehicles
5.1.2 Heavy-duty Commercial Vehicles
5.2 Geography
5.2.1 ASEAN Countries
5.2.1.1 Indonesia
5.2.1.2 Malaysia
5.2.1.3 Singapore
5.2.1.4 Thailand
5.2.1.5 Vietnam
5.2.1.6 Philippines
5.2.1.7 Rest of ASEAN Countries

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Isuzu Motors Ltd
6.2.2 Mitsubishi Motor Corporation
6.2.3 Honda Motor Company
6.2.4 Daihatsu Motor Co. Ltd
6.2.5 Ford Motor Company
6.2.6 Toyota Motor Corp.
6.2.7 Scania
6.2.8 Fiat Chrysler Automobiles
6.2.9 Hyundai Automobiles
6.2.10 IVECO (Industrial Vehicles Corporation)
6.2.11 Hino Motors Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER
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  • Isuzu Motors Ltd
  • Mitsubishi Motor Corporation
  • Honda Motor Company
  • Daihatsu Motor Co. Ltd
  • Ford Motor Company
  • Toyota Motor Corp.
  • Scania
  • Fiat Chrysler Automobiles
  • Hyundai Automobiles
  • IVECO (Industrial Vehicles Corporation)
  • Hino Motors Ltd
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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