Asia: Truck Market 2023

Truck Market Size in Asia

In 2021, the Asian truck market increased by 5.9% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Truck Production in Asia

In value terms, truck production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Truck Exports

Exports in Asia

In 2021, after two years of decline, there was significant growth in overseas shipments of trucks, when their volume increased by 43% to X units. Over the period under review, exports saw a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, truck exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand represented the major exporting country with an export of around X units, which accounted for 35% of total exports. Turkey (X units) took the second position in the ranking, followed by China (X units), Japan (X units) and South Korea (X units). All these countries together took approx. 60% share of total exports. India (X units) followed a long way behind the leaders.

Thailand experienced a relatively flat trend pattern with regard to volume of exports of trucks. At the same time, China (+8.7%), Turkey (+4.6%) and India (+1.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +8.7% from 2012-2021. By contrast, South Korea (-2.9%) and Japan (-3.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Turkey increased by +8.7 and +5.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest truck supplying countries in Asia were Japan ($X), Thailand ($X) and China ($X), with a combined 72% share of total exports. Turkey, South Korea and India lagged somewhat behind, together comprising a further 25%.

In terms of the main exporting countries, India, with a CAGR of +5.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, rising by 7.8% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.3%), while the other leaders experienced more modest paces of growth.

Truck Imports

Imports in Asia

In 2021, the amount of trucks imported in Asia surged to X units, rising by 20% against the previous year's figure. In general, imports, however, showed a pronounced downturn. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, truck imports surged to $X in 2021. Over the period under review, imports, however, showed a pronounced descent. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of truck imports in 2021 were the Philippines (X units), Saudi Arabia (X units), the United Arab Emirates (X units), Turkey (X units), Vietnam (X units), Iraq (X units), Malaysia (X units), Israel (X units), Japan (X units), Oman (X units), Cambodia (X units) and Indonesia (X units), together accounting for 68% of total import. Yemen (X units) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Yemen (with a CAGR of +12.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), the United Arab Emirates ($X) and Israel ($X) were the countries with the highest levels of imports in 2021, with a combined 26% share of total imports.

The Philippines, with a CAGR of +18.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, surging by 4.2% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2017 when the import price increased by 8.4% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Israel ($X per unit), while Yemen ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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