DUBLIN–(BUSINESS WIRE)–The “Association of Southeast Asian Nations (ASEAN) Commercial Vehicle (CV) Growth Opportunities” report has been added to ResearchAndMarkets.com’s offering.
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 the 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 the 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. , the top 3 sellers alone contribute to two-thirds of the market.
Many Chinese OEMs, such as , 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:
Companies Featured:
Key Topics Covered:
Strategic Imperatives
Study Scope
Growth Opportunity Analysis
ASEAN Outlook
Thailand
Indonesia
The Philippines
Malaysia
Vietnam
Growth Opportunity Universe
Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/19wtor
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