Decline of commercial vehicle sales across East Asia accelerates in Q3 of 2024
By Will Pulson - 6th January 2025
East Asia - Sales of commercial vehicles over 2 tons gvw in East Asia’s seven main markets (excluding China), declined by 15% to 276,272 in the third quarter of 2024 from 325,532 units a year earlier, based on data compiled from numerous industry sources including industry associations and vehicle manufacturers.
Markets in the region continued to be held back by tight bank lending, high interest rates and high consumer debt, with sales of light commercial vehicles particularly weak in several key markets. In recent months several central banks in the region began cutting interest rates to help stimulate domestic consumption—the first cuts since the post-pandemic tightening cycle.
