The commercial vehicle market over 2 tons gvw in South Korea expanded by just over 3% in the second quarter of 2023 compared with the same period of last year.

The Thai market for commercial vehicles over 2 tons gvw is estimated to have fallen by 37% in the second quarter of 2023 compared with the same period of last year.

The Philippines market for commercial vehicles over 2 tons gvw continued to edge lower in the second quarter of 2023 following a strong rebound to 28,002 units in the same period of last year.

Sales of commercial vehicles in China continued to recover moderately in July 2023, with sales rising by 17% compared with the same month a year earlier.

The Indonesian market for commercial vehicles over 2 tons gvw continued to grow in the second quarter of 2023, albeit at the much slower pace of 5% following a 26% jump in the same period of last year.

The Malaysian commercial vehicle market over 2 tons gvw weakened slightly in the second quarter of 2023, with sales falling by 3% after volumes almost doubled in the same period of last year as the economy rebounded from the previous year’s lockdowns.

Japan’s commercial vehicle market over 2 tons gvw continued to recover in the second quarter of 2023, with sales rising by 11%compared with the same period a year earlier.

Sales of commercial vehicles over 2 tons gvw in East Asia’s seven main markets, excluding China, declined by almost 9% to 308,421 units in the second quarter of 2023 from 338,668 units.

Zita Zigan, Director, Global Commercial Vehicle Forecasts at GlobalData, in a webinar held at the end of June, provided a positive outlook for the global truck market in 2023, 2024 and beyond. Zigan, in her presentation, highlighted some of the many factors influencing different markets in Europe, North America and the BIC countries. Below is a summary of some of her analysis of the global truck markets.

Tractor sales in the first quarter (April to June) of 2023-24 increased by 51.9% to register 14,479 units compared with 9,535 units in the same quarter of the previous year (FY 2022-23).

Sales of medium and heavy-duty rigid trucks (7.5t gvw and above) in India experienced a contraction of 10.4% in Q1 (April-June) of FY2023-24 to register 52,356 units, down from 58,443 units in same quarter of the year 2022-23.

Latent demand has boosted sales of buses and coaches (7.5t GVW and above) in India, amongst other reasons, with registrations up by 38.9% in the first quarter (April to June) of the financial year 2023-24 to register 10,939 units compared with 7,876 units in the same quarter of the previous financial year (FY2022-23).