Press Releases

Asia-Pacific Market for Specialty Commercial Vehicles to Reach $42.3 Billion by 2023

January 14, 2019

WELLESLEY, Mass., Jan. 14, 2019 – The Asia-Pacific market for specialty commercial vehicles is quickly advancing due to rapid infrastructure development in the region, which has led to urbanization and the widespread development of smart cities, according to the BCC Research report “Asia-Pacific Markets for Specialty Commercial Vehicles.”

The Asia-Pacific market for specialty commercial vehicles was valued at $32.0 billion in 2018 and is expected to reach $42.3 billion by 2023 at a compound annual growth rate (CAGR) of 5.8%, according to the report.

Prominent players in the market include: Chengli Special Automobile Co., Ltd., China National Heavy Truck Group Co. Ltd., Dongfeng Motor Corporation, DY Corporation, Hualing Xingma Automobile Group Co. Ltd., Hubei Chenglongwei Special Purpose Vehicle Co., Ltd. and many others.

Research Highlights:

  • The concrete pumper and concrete mixer trucks market will be driven by rising construction activity in both commercial buildings and houses.
  • The cab and chassis segment is dominating the Asia-Pacific market for specialty vehicles, with a 2017 market share of nearly 77%.
  • Dump trucks and flatbed trucks amount to nearly 83% of the Asia-Pacific total market size for cab and chassis trucks for specialty commercial vehicle bodies.

“Government focus on the improvement of healthcare quality in Asia-Pacific has led to an improvement in environmental-related issues such as sanitation by providing safe drinking water, improving sanitation facilities and promoting good hygiene practices,” the report states.  
“Specialty commercial vehicles such as dump (tipper) trucks, refuse collection trucks, street sweeper and sewer, and catch basin cleaners will be the biggest beneficiary of this government drive to improve sanitation in this region.”

Opportunities in the Asia-Pacific Specialty Commercial Vehicles Market

Alternative powerchains – such as battery electric, hydrogen/fuel cell, compressed natural gas/liquefied natural gas, synthetic fuel and biofuel – are a prime market opportunity, as they are expected to reduce the overall carbon dioxide footprint. Another market opportunity is autonomous specialty commercial vehicles, which are anticipated to reduce costs and increase safety and efficiency at large.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Asia-Pacific Markets for Specialty Commercial Vehicles( IAS144A )
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