China Commercial Vehicle Market 2021-2026

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    KEY FINDINGS

    1. The Commercial Vehicle market in China reached record volumes in 2020 as it crossed the 5M units mark for the first time. 
    2. Trucks occupied more than 90% of the market in terms of volumes.
    3. After a slow start in 2020, the market hit peak sales in October-November period.
    4. Light buses accounted for 334,400 of these units up by 6.5%
    5. In 2020 Electric buses in China accounted for ~12% of total bus sales. The volume dropped by 12.3% to XX. 
    6. The market leaders in the trucks segment are Foton, Dongfeng and Sinotruck. Meanwhile, in the buses segment the market was dominated by the top 3 players JMC, SAIC Maxus and BAIC Foton who accounted for ~44% of the overall volume.

     

    CHINA COMMERCIAL VEHICLE MARKET

     

    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%.

     

    CHINA COMMERCIAL VEHICLE  MARKET DYNAMICS

    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

     

     

    infographic: China Commercial Vehicle Market. China Commercial Vehicle Market Size, China Commercial Vehicle Market Trends, China Commercial Vehicle Market Forecast, China Commercial Vehicle Market Risks, China Commercial Vehicle Market Report, China Commercial Vehicle Market Share

     

    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.   

     

    CHINA COMMERCIAL VEHICLE MARKET SEGMENTATION

    By Vehicle Type

    • Trucks
    • Buses

     

    By End Use

    • Domestic
    • Exports

     

     By Propulsion Type

    • Gasoline
    • Diesel
    • Electric

     

     

    CHINA CV MARKET BY PROPULSION TYPE

     

    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. 

     

    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%.

     

    LATEST DEVELOPMENTS IN CHINA COMMERCIAL VEHICLE MARKET

     

    • In June 2021, Foton AUV BJ6122 intercity buses were officially launched in Lianyungang. These buses are targeted towards the high-end market. These buses are able to dynamically adjust the power output based on the road condition.

     

    • Zhongtong has successfully developed the L4 autonomous bus. This latest innovation from Zhongtong is capable of long-distance cruising, route planning, identifying traffic lights and avoiding barriers. They are one of the market leaders in the Fuel cell bus segment in the country.

     

    • In January 2021, Huawei and Trunk, Chinese autonomous truck start-up, entered into a partnership for the R&D and market promotion of the products related to smart port

     

    • In December 2020, Qingling and Germany’s Engineering & Tech company Bosch established a JV focussing on specializing in developing, manufacturing, assembling and marketing fuel cells.

     

    CHINA COMMERCIAL VEHICLE POWERTRAIN TRENDS

     

    • The LCVs produced by Sinotrucks consist of a 5-speed transmission which has a load-carrying capacity up to 10 Tons with two-axle configuration.
      • Whereas, Medium & Heavy trucks from the same brand are provided with in house manufactured 10-speed manual gearbox (10F+2R) which can be carrying GVW up to 50Tons.

     

    • The transmission for Foton’s Light Commercial Vehicles is sourced from ZF which is 6 Speed and has a load-carrying capacity up to 12 Tons with two-axle configuration.
      • Medium & Heavy trucks are provided with 12, 14 & 16 Speed manual synchromesh gearbox and providing TraXon automatic transmission as an option for AUMEN EST-A model truck for long haul application.

     

    • The load carrying capacity of FAW ‘s LCVs are comparatively lower as it can withstand up to 8 tons only. These vehicles are equipped with 6-speed transmission (5F+1R)
      • The Medium Commercial Vehicles are provided with 8, 9 & 10 speed transmissions which have GVW up to 30 tons with 3-axle configuration.
      • Heavy Vehicles from FAW have 12-speed transmission (10F+2R) which has GCW (Tractor trailer) up to 50 Tons with three Axle trailers for tractor trucks and GVW of 48 Tons for Rigid trucks with 5-axle configurations.

     

    infographic: China Commercial Vehicle Market. China Commercial Vehicle Market Size, China Commercial Vehicle Market Trends, China Commercial Vehicle Market Forecast, China Commercial Vehicle Market Risks, China Commercial Vehicle Market Report, China Commercial Vehicle Market Share

     

     

    CHINA COMMERCIAL VEHICLE MARKET SIZE AND FORECAST

    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.

     

    COMPETITIVE LANDSCAPE

    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.

     

    COMPANY PROFILES

    1. Foton
    2. Dongfeng
    3. SInotruck
    4. JMC
    5. Nanjing Iveco
    6. SAIC Maxus Wuling
    7. SHACMAN
    8. Zhengzhou Yutong Bus Co. Ltd.
    9. Haige Bus((Suzhou Jinlong)
    10. Jinlong Bus
    11. Higer Bus Company Limited
    12. Foton Ouhui
    13. Shenlong Bus
    14. Golden Dragon
    15. BYD Company Limited
    16. Nenault Brilliance
    17. Kaiwo Automobile (Nanjing Jinlong)
    18. Zhongtong Bus Holding Co. Ltd.
    19. Ankai Bus

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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