Commercial Vehicles - Thailand

Thailand

In 2024, the projected unit sales in the Commercial Vehicles market in Thailand are expected to reach 411.70k vehicles.
Looking ahead, it is forecasted that the unit sales will experience a compound annual rate of -1.79% from 2024 to 2030, resulting in a projected market volume of 369.40k vehicles by 2030.
This growth potential is further highlighted by the expected production of Commercial Vehicles market reaching 1,261.00k vehicles units in 2030.
From an international perspective, it is worth noting that the in the United States is anticipated to have the highest sales volume in 2024, with 12,530.00k vehicles units sold.
This showcases the prominence of the Commercial Vehicles market the in the United States.
Thailand's commercial vehicle market is witnessing a shift towards electric vehicles, driven by government incentives and increasing environmental consciousness.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

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Analyst Opinion

The Commercial Vehicles market in Thailand is experiencing significant growth and development.

Customer preferences: Customers in Thailand are increasingly favoring commercial vehicles for various reasons. One of the main reasons is the growing demand for transportation services, both within the country and for export purposes. As Thailand is a major manufacturing hub, there is a need for efficient and reliable transportation of goods. Commercial vehicles provide the necessary capacity and flexibility to meet these demands. Another factor driving customer preferences is the increasing focus on sustainability and environmental friendliness. With the growing concerns about pollution and climate change, customers are opting for commercial vehicles that are more fuel-efficient and emit lower levels of greenhouse gases. This is particularly important for businesses that want to comply with stricter environmental regulations and reduce their carbon footprint.

Trends in the market: One of the key trends in the Commercial Vehicles market in Thailand is the shift towards electric and hybrid vehicles. The government has been actively promoting the adoption of electric vehicles through various incentives and subsidies. This has led to an increase in the number of electric and hybrid commercial vehicles on the roads. These vehicles not only help reduce carbon emissions but also offer cost savings in terms of fuel consumption and maintenance. Another trend in the market is the growing popularity of light commercial vehicles. These vehicles are smaller in size and offer greater maneuverability in congested urban areas. They are particularly favored by small businesses and delivery services. The demand for light commercial vehicles is expected to continue growing as e-commerce and online shopping become more prevalent in Thailand.

Local special circumstances: Thailand's geographical location and infrastructure development play a significant role in the development of the Commercial Vehicles market. The country is strategically located in Southeast Asia, making it a key transportation hub for both domestic and international trade. The government has been investing heavily in infrastructure projects, such as the expansion of highways and the development of logistics parks, to improve connectivity and support the growth of the commercial vehicles industry.

Underlying macroeconomic factors: Thailand's strong economic growth and industrialization have contributed to the development of the Commercial Vehicles market. The country has a thriving manufacturing sector, which requires efficient transportation of goods. Additionally, the growth of the e-commerce industry has led to an increased demand for commercial vehicles for last-mile delivery services. These macroeconomic factors, combined with favorable government policies and customer preferences, are driving the growth and development of the Commercial Vehicles market in Thailand.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.