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In 2020, the CV sales in China recorded the biggest jump in the last 10 years with an 18% increase Y-o-Y to 5.1M units. It was the first time the annual CV sales in China crossed 5M units.
The CAGR of CV sales in China for the last 5 years (2015-2020) is ~8.1%.
In 2020, truck sales witnessed a steep rise of ~22% Y-o-Y, primarily attributed to Heavy Duty Truck Sales which grew by 38% last year. Truck sales in China are growing at a much faster rate compared to commercial car sales in China.
The below chart shows the volume split of different types of commercial vehicles in China
Trucks accounted for ~91% of the overall CV sales in China i.e., ~4.7M units.
Light Trucks alone accounted for ~42% of the overall volume, followed by heavy duty trucks with ~32%.
Buses in China accounted for only about 9%. Out of 437K buses sold in 2020, light buses had the majority of share with ~76%.
Foton was the market leader in trucks market in China with approximately 13.5% market share followed by Dongfeng with ~13%
In the bus market, top 10 players accounted for ~82% of the overall sales, with JMC acquiring the top spot with ~21%. SAIC Maxus and BAIC Foton were positioned at 2nd and 3rd place with 13.6% and 9.7% market share.
In 2020, the export of buses from China fell by almost 35% and the volumes were around 41,400. The total export volume accounted for 9.40% of China’s total sales volume of buses & coaches. Export of mid-sized buses was the segment which was hit severely as the exports fell by almost 50% in this segment.
In the buses segment, diesel powered buses occupied the lion’s share in the market with over XX% share. Gasoline powered buses were about 19%, followed by electric buses XX%.
Natural gas-powered buses and plug-in hybrid buses had comparatively low share cumulatively accounting for just 1.5%. In 2020, about 960 Fuel cell buses were sold across the country.
The bus market (ICE+ Electric) in China is estimated at $10 Billion per annum.
China’s autonomous driving bus route length will reach ~300 km by 2022 making it the longest bus route of its kind in the world.
Pioneers in autonomous bus driving market Ankai autonomous buses have already been put into service in Shenzhen, Wuhan, Tianjin, Hefei, Macau and Zhangjiajie.
Chinese new energy bus manufacturers are continuously trying to reduce the weight of the buses to enhance the efficiency of the vehicle.
Foton AUV has achieved a significant breakthrough in reducing the weight of its new electric bus BJ6123 city bus which has an aluminium monocoque body structure. Foton has been able to reduce the weight up to 1,000kg and thus increasing the efficiency by 6-9%.
Regional governments in China are shifting their public transport to electrified vehicles thereby driving this segment across the country which is the growth driver. This will see an increase till a substantial portion of the fleet is electric which will be coupled with infrastructure development.
The number of fuel cell vehicles in China is expected to reach one million units between 2030 and 2035.
In 2020, combined sales volume of the top ten players in the commercial vehicle accounted for 79.8% of the industry’s total. The top 5 manufacturers accounted for almost 54% of the overall volume
China’s bus market has 25 players in total, accounting for 0.5 million units in 2020.
In the truck market there are about 15-16 major players. The top 10 players account for ~80% of the market. The top 3 players in the trucks market were Foton, Dongfeng and Sinotruck accounting for 35.4% of the overall market in 2020.
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