Vietnam Commercial Vehicle Market Assessment, By Vehicle Type [Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle], By Type [Trucks, Vans, Cars, Special, Others], By Fuel Type [Petrol, Diesel, Electrically- Chargeable (ECV), Hybrid Electric (HEV), Others], By Application [Logistics, Construction, Mining, Agriculture, Others], By Region, Opportunities and Forecast, 2016-2030F

Vietnam Commercial Vehicle Market size was valued at USD 3.07 billion in 2022 which is expected to reach USD 5.84 billion in 2030 with a CAGR of 8.37% for the forecast period between 2023 and 2030.

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Vietnam Commercial Vehicle Market size was valued at USD 3.07 billion in 2022 which is expected to reach USD 5.84 billion in 2030 with a CAGR of 8.37% for the forecast period between 2023 and 2030. The Vietnam commercial vehicle market has experienced significant growth and transformation in recent years. Vietnam is one of the fastest-growing economies in Southeast Asia; increasing industrialization and urbanization have been key drivers behind the surging demand for commercial vehicles in the region. The expansion of the e-commerce and logistics sectors, driven by a rising middle class and changing consumer behaviour, has further fuelled the need for efficient and reliable transportation solutions. Moreover, the government's infrastructure development initiatives and investments in road and transportation networks have created opportunities for commercial vehicle manufacturers and suppliers to meet the growing demand.

Innovation has also played a crucial role in shaping the Vietnam commercial vehicle market. With a growing awareness of environmental concerns, there has been a notable shift towards adopting greener and more sustainable transportation options. Electric commercial vehicles (ECVs) have gained traction, spurred by advancements in battery technology and the government's support through incentives and policy measures promoting electric mobility. Additionally, the market has witnessed innovations in connectivity and telematics solutions, enhancing fleet management and operational efficiency. Digital platforms and online sales channels have facilitated easier access to commercial vehicles, streamlining the buying process for businesses.

For instance, in 2023, The Toyota Vellfire Executive Lounge offers advanced technology and telematics features. It includes a sophisticated infotainment system with touchscreen controls, smartphone integration, and advanced driver assistance systems. Telematics capabilities enable remote vehicle monitoring and connectivity for a seamless driving experience.

Demand Call from Electric Commercial Vehicles

The Vietnam commercial vehicle market is poised for growth, primarily driven by the rising demand for electric commercial vehicles (ECVs). The shift towards electrification is gaining momentum as businesses recognize the benefits of sustainable transportation solutions. ECVs offer reduced carbon emissions, lower operating costs, and enhanced energy efficiency, making them an attractive option for fleet owners and logistics companies. Government initiatives promoting electric mobility, such as subsidies, tax incentives, and infrastructure development, further propel the market's expansion.

Additionally, advancements in battery technology and charging infrastructure are overcoming the barriers to widespread adoption of ECVs. As a result, the Vietnam commercial vehicle market is expected to witness a surge in demand for electric alternatives, revolutionizing the transportation landscape with clean and efficient solutions. For instance, in 2023, the Proterra Catalyst 40-Foot Bus is a state-of-the-art electric vehicle specifically designed for public transportation. With zero-emission operation, a 40-foot length, and advanced charging technology, it provides a sustainable and efficient solution for urban transit, reducing environmental impact and improving overall transportation sustainability.

Growing Demand for Used Commercial Vehicles

The Vietnam commercial vehicle market is witnessing a surge in demand for used commercial vehicles. This increasing trend can be attributed to several factors. Firstly, used commercial vehicles provide a cost-effective solution for businesses, especially small and medium enterprises, looking to expand their fleets or replace existing vehicles within limited budgets. Secondly, the availability of used commercial vehicles offers a wider range of options to buyers, allowing them to choose from different makes, models, and configurations based on their specific operational needs. Furthermore, the growth in e-commerce and logistics sectors has stimulated the need for reliable transportation, leading to a higher demand for used commercial vehicles. Lastly, the market for used vehicles promotes sustainability by prolonging the lifespan of vehicles and reducing waste. Overall, the growing demand for used commercial vehicles presents an opportunity for buyers to acquire affordable and suitable options for their business requirements in Vietnam.

Advancement in Technology

The Vietnam commercial vehicle market has witnessed significant technological advancements in recent years, revolutionizing the industry. One of the prominent advancements is the adoption of electric and hybrid technologies, providing eco-friendly alternatives to traditional fuel-powered vehicles. Moreover, there has been a remarkable integration of smart and connected technologies, such as telematics and GPS tracking systems, enhancing fleet management efficiency, and enabling real-time monitoring of vehicle performance and logistics operations. Advancements in vehicle safety systems, including advanced driver assistance systems (ADAS), have improved road safety and reduced accident rates. Additionally, manufacturers are incorporating lightweight materials and aerodynamic designs to enhance fuel efficiency and reduce emissions.

The rise of autonomous vehicle technology is also on the horizon, holding the potential to transform the logistics landscape further. These technological innovations drive the Vietnam commercial vehicle market towards a more sustainable, efficient, and connected future. For instance, in 2022, The Toyota Hilux STD is a pickup truck that has seen technological advancements over the years. It now incorporates features such as advanced safety systems, touchscreen infotainment, smartphone connectivity, and improved fuel efficiency, enhancing the overall driving experience and functionality of the vehicle.

Impact of COVID-19

The COVID-19 pandemic had a significant impact on the Vietnam commercial vehicle market. During the initial stages of the outbreak, the market experienced a sharp decline in demand as economic activities slowed down, supply chains were disrupted, and businesses faced uncertainties. Lockdowns and movement restrictions further dampened sales and production activities. The transportation and logistics sectors were particularly affected as trade volumes decreased. However, as the situation improved and restrictions eased, there was a gradual recovery in the commercial vehicle market. The pandemic also accelerated the adoption of digital technologies in the industry, such as online vehicle sales and contactless services. Additionally, there was an increased focus on last-mile delivery services, which boosted demand for smaller commercial vehicles. Overall, the Vietnam commercial vehicle market demonstrated resilience and adaptability in response to the COVID-19 challenges.

Impact of Russia-Ukraine War

Due to its geographical distance from the conflict, the Russia-Ukraine war had a limited impact on the Vietnam commercial vehicle market. However, there might have been some indirect effects, particularly in terms of global economic uncertainties and fluctuations in commodity prices. The conflict could have influenced international trade dynamics and led to fuel price fluctuations, affecting commercial vehicle operating costs. Additionally, disruptions in global supply chains might have impacted the availability and cost of vehicle components and raw materials. Nevertheless, the overall impact on the Vietnam commercial vehicle market is likely more modest than regions closer to the conflict zone.

Vietnam Commercial Vehicle Market: Report Scope

Vietnam Commercial Vehicle Market Assessment, Opportunities and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of the commercial vehicle market in Vietnam, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.


Report Attribute


Base Year of the Analysis


Historical Period


Forecast Period


Projected Growth Rate

CAGR of 8.37% between 2023 and 2030

Revenue Forecast in 2030

USD 5.84 billion


Revenue in USD billion

Segments Covered

By Vehicle, By Type, Fuel Type, End-user

Regions Covered

Northern, Central, Southern 


Key Companies Profiled

AB Volvo, Mercedes-Benz Vietnam Pte. Ltd., Ford Motor Co., Nissan Motor Co. Ltd., Honda Vietnam Company, Hyundai Motor Company, Toyota Motor Vietnam Co., Ltd., UD Trucks Vietnam, Isuzu Vietnam Co., Ltd, Mitsubishi Motors Vietnam

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)


In this report, Vietnam Commercial Vehicle Market has been segmented into the following categories: 

1.       By Vehicle Type

1.1.     Light Commercial Vehicle

1.2.     Medium Commercial Vehicle

1.3.     Heavy Commercial Vehicle

2.       By Type

2.1.     Trucks




2.1.4.Fire Trucks


2.2.     Vans

2.2.1.Step Vans

2.2.2.Cargo Vans

2.2.3.Passenger Vans

2.3.     Cars

2.3.1.Rental Cars


2.3.3.Delivery Vehicles

2.4.     Special 

2.4.1.Passenger Trolleys

2.4.2.RV-Style Mobile Services

2.5.     Others

3.       By Fuel Type

3.1.     Petrol

3.2.     Diesel

3.3.     Electrically- Chargeable (ECV)

3.4.     Hybrid Electric (HEV)

3.5.     Others

4.       By Application

4.1.     Logistics

4.2.     Construction

4.3.     Mining

4.4.     Agriculture

4.5.     Others

5.       By Region

5.1.    Northern

5.2.    Central

5.3.    Southern 

Key Players Landscape and Outlook

The Vietnam commercial vehicle market boasts a competitive landscape with key players vying for market share. Renowned international manufacturers like Toyota, Ford, and Isuzu have a strong presence, leveraging their brand reputation and advanced technologies to cater to diverse customer demands. Domestic companies, such as VinFast and Thaco, have also made significant strides, offering localized solutions and competitive pricing. The market outlook remains promising as economic growth, urbanization, and the e-commerce boom drive demand for commercial vehicles. With an increasing focus on sustainability and technological advancements, the players that can adapt and innovate are poised to capitalize on the market's growth potential.

For instance, in 2022, Vietnam, Thailand, South Africa, and Australia have been identified as one of the four key markets for Ford Motor Company. This recognition positions Vietnam as a pivotal market for the growth and advancement of Ford Vietnam in the forthcoming years.

Key Players Operating in Vietnam Commercial Vehicle Market

·         AB Volvo

·         Mercedes-Benz Vietnam Pte. Ltd.

·         Ford Motor Co.

·         Nissan Motor Co. Ltd.

·         Honda Vietnam Company

·         Hyundai Motor Company

·         Toyota Motor Vietnam Co., Ltd.

·         UD Trucks Vietnam

·         Isuzu Vietnam Co., Ltd

·         Mitsubishi Motors Vietnam


Markets and Data’s reports answer the following questions:

    What is the current and future market size of the product/service in question globally or specific to different countries?

    How are the markets divided into different product/service segments and the market size and growth of each segment?

    What is the market potential of different product segments and their investment case?

    How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

    What is the business environment and regulatory landscape specific to the product/service?


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Table of Contents

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of COVID-19 on Vietnam Commercial Vehicle Market

4.       Impact of Russia-Ukraine War

5.       Executive Summary

6.       Voice of Customer

6.1.    By Demographics (Age, Geography, Income, etc.) 

6.2.    Brand Awareness and Loyalty

6.3.    Factors Considered in Purchase Decision




6.3.4.Style and Design

6.3.5.Environmental Concerns


6.3.7.Promotional Offers 

6.3.8.Reviews and Recommendations 

6.4.    Medium of Purchase

6.5.    Frequency of Purchase

6.6.    Understanding of Channel Retail

7.       Vietnam Commercial Vehicle Market Outlook, 2016-2030F

7.1.    Market Size & Forecast

7.1.1.By Value

7.1.2.By Volume

7.2.    By Vehicle Type

7.2.1. Light Commercial Vehicle

7.2.2. Medium Commercial Vehicle

7.2.3. Heavy Commercial Vehicle

7.3.    By Type

7.3.1. Trucks              Semi-Trucks              Box-Trucks              Pickup-Trucks              Fire Trucks              Crane Trucks              Others

7.3.2. Vans              Step Vans              Cargo Vans              Passenger Vans

7.3.3. Cars              Rental Cars              Taxi              Delivery Vehicles

7.3.4. Special   Passenger Trolleys   RV-Style Mobile Services

7.3.5. Others

7.4.    By Fuel Type

7.4.1. Petrol

7.4.2. Diesel

7.4.3. Electrically- Chargeable (ECV)

7.4.4. Hybrid Electric (HEV)

7.4.5. Others

7.5.    By Application

7.5.1. Logistics

7.5.2. Construction

7.5.3. Mining

7.5.4. Agriculture

7.5.5. Others

7.6.    By Region




7.7.    By Company Market Share (%), 2022

8.       Market Mapping, 2022

8.1.    By Vehicle Type

8.2.    By Type

8.3.    By Fuel Type

8.4.    By End-user

8.5.    By Region

9.       Macro Environment and Industry Structure

9.1.    Supply Demand Analysis

9.2.    Import Export Analysis

9.3.    Value Chain Analysis

9.4.    PESTEL Analysis

9.4.1.Political Factors

9.4.2.Economic System

9.4.3.Social Implications

9.4.4.Technological Advancements

9.4.5.Environmental Impacts

9.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)

9.5.    Porter’s Five Forces Analysis

9.5.1.Supplier Power

9.5.2.Buyer Power

9.5.3.Substitution Threat

9.5.4.Threat from New Entrant

9.5.5.Competitive Rivalry

10.   Market Dynamics

10.1.                     Growth Drivers

10.2.                     Growth Inhibitors (Challenges and Restraints)

11.   Key Players Landscape

11.1.                     Competition Matrix of Top Five Market Leaders

11.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, 2022)

11.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

11.4.                     SWOT Analysis (For Five Market Players)

11.5.                     Patent Analysis (If Applicable)

12.   Pricing Analysis

13.   Case Studies

14.   Key Players Outlook

14.1.                     AB Volvo

14.1.1.    Company Details

14.1.2.    Key Management Personnel

14.1.3.    Products & Services

14.1.4.    Financials (As reported)

14.1.5.    Key Market Focus & Geographical Presence

14.1.6.    Recent Developments

14.2.                     Mercedes-Benz Vietnam Pte. Ltd.

14.3.                     Ford Motor Co.

14.4.                     Nissan Motor Co. Ltd.

14.5.                     Honda Vietnam Company

14.6.                     Hyundai Motor Company

14.7.                     Toyota Motor Vietnam Co., Ltd.

14.8.                     UD Trucks Vietnam

14.9.                     Isuzu Vietnam Co., Ltd

14.10.                  Mitsubishi Motors Vietnam

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

15.   Strategic Recommendations

About Us & Disclaimer   

List of Figures: Vietnam Commercial Vehicle Market

Figure 1. Vietnam Commercial Vehicle Market, By Value, In USD Billion, 2016-2030F

Figure 2. Vietnam Commercial Vehicle Market, By Volume, In Unit Thousand, 2016-2030F

Figure 3. Vietnam Commercial Vehicle Market Share, By Vehicle Type, In USD Billion, 2016-2030F

Figure 4. Vietnam Commercial Vehicle Market Share, By Type, In USD Billion, 2016-2030F

Figure 5. Vietnam Commercial Vehicle Market Share, By Fuel Type, In USD Billion, 2016-2030F

Figure 6. Vietnam Commercial Vehicle Market Share, By End-user, In USD Billion, 2016-2030F

Figure 7. Vietnam Commercial Vehicle Market Share, By Region, In USD Billion, 2016-2030F

Figure 8. By Vehicle Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 9. By Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 10. By Fuel Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 11. By End-user Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 12. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2022

List of Tables: Vietnam Commercial Vehicle Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

Frequently Asked Questions

What is the market size and growth rate of the Vietnam Commercial Vehicle Market?


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