Asia-Pacific: Truck Market 2023

Truck Market Size in Asia-Pacific

In 2022, the Asia-Pacific truck market decreased by -9.4% to $X, falling for the fifth year in a row after four years of growth. Over the period under review, consumption saw a slight setback. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Truck Production in Asia-Pacific

In value terms, truck production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight contraction. The pace of growth appeared the most rapid in 2015 when the production volume increased by 9.6%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Truck Exports

Exports in Asia-Pacific

In 2022, overseas shipments of trucks increased by 29% to X units, rising for the second year in a row after two years of decline. Total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +104.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 58% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, truck exports rose significantly to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 71%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

In 2022, China (X units) represented the major exporter of trucks, committing 51% of total exports. Thailand (X units) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Japan (14%) and South Korea (7.4%). India (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the trucks exports, with a CAGR of +15.3% from 2012 to 2022. At the same time, India (+4.7%) displayed positive paces of growth. By contrast, Japan (-1.4%), Thailand (-1.7%) and South Korea (-3.2%) illustrated a downward trend over the same period. While the share of China (+33 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-7.1 p.p.), Japan (-9.2 p.p.) and Thailand (-17.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and Thailand ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 92% of total exports.

China, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, with a decrease of -15.3% against the previous year. Over the period under review, the export price recorded a pronounced slump. The pace of growth was the most pronounced in 2021 when the export price increased by 8.3%. Over the period under review, the export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.6%), while the other leaders experienced a decline in the export price figures.

Truck Imports

Imports in Asia-Pacific

In 2022, purchases abroad of trucks increased by less than 0.1% to X units, rising for the second consecutive year after two years of decline. Total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, truck imports shrank slightly to $X in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

Australia was the largest importer of trucks in Asia-Pacific, with the volume of imports finishing at X units, which was approx. 48% of total imports in 2022. The Philippines (X units) ranks second in terms of the total imports with a 9.6% share, followed by New Zealand (5.9%) and Indonesia (5.9%). Vietnam (X units), Cambodia (X units), Malaysia (X units), Japan (X units), Thailand (X units), China (X units), Taiwan (Chinese) (X units) and Pakistan (X units) followed a long way behind the leaders.

Imports into Australia increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, the Philippines (+8.4%), New Zealand (+7.6%), Vietnam (+7.4%), Taiwan (Chinese) (+7.4%), Japan (+5.3%), Pakistan (+5.3%), Cambodia (+4.1%), Indonesia (+2.4%) and Thailand (+1.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +8.4% from 2012-2022. By contrast, Malaysia (-6.6%) and China (-9.8%) illustrated a downward trend over the same period. Australia (+13 p.p.), the Philippines (+3.3 p.p.) and New Zealand (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and China saw its share reduced by -6.4% and -6.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported trucks in Asia-Pacific, comprising 47% of total imports. The second position in the ranking was held by the Philippines ($X), with a 9.8% share of total imports. It was followed by New Zealand, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in Australia totaled +4.0%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+16.7% per year) and New Zealand (+6.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2022, approximately reflecting the previous year. In general, the import price recorded a noticeable setback. The growth pace was the most rapid in 2016 when the import price increased by 3.4%. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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