China Truck Market 2021-2026

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    CHINA TRUCK MARKET

     

    KEY FINDINGS

    1. In 2020, trucks occupied more than 90% of the vehicles sold in Commercial Vehicle segment
    2. After first 4 months in 2021, there was on an average 50% Y-o-Y growth in sales of light and heavy trucks
    3. OEMs are sourcing Components from Tier-1 suppliers to reduce investment on R&D
    4. Recent policy changes have led to a dramatic shift from Heavy-Duty trucks to tractors as the power unit of choice for logistics
    5. Commercial truck manufacturers are manufacturing their products based on the application and usage like Construction, Mining, and Logistics & commodities
    6. The market leaders in the trucks segment are Foton, Dongfeng and Sinotruck. Top 3 players accounted for 35% of the overall market volume.

     

    INTRODUCTION

    In 2020, overall truck sales were record 4.6M units with an approximate growth rate of 40% in all of the segments.

     

    Light trucks alone accounted for 45% of the overall truck sales in the country and witnessed the highest growth rate compared to 2019.

     

    Heavy duty trucks accounted for ~35% of the overall volume and witnessed about 38% Y-o-Y growth. Jiefang was the market leader in the heavy trucks segment with market share of ~23%.

     

    CHINA TRUCK MARKET DYNAMICS

    Unlike 2020, the start of 2021 has shown a lot of promise to be the most selling year for trucks in the country. After the first 4 months of 2021, in the light trucks segment volumes have witnessed a growth of 49% for the same period in 2020. In 2021, the sales numbers of light trucks in the period were 814,000.

     

    Second most popular segment in the country, heavy trucks have surpassed the growth rate of light trucks and the Y-o-Y for the period Jan-Apr has been ~57%. The sales volumes in the period are around 465,000.

     

    However, most of the top ten players in the heavy-duty market witnessed a drop in sales in the month of April. After an early burst of heavy trucks, sales might move at a moderate pace for the rest of the year.

     

    From January to April in 2021 the total sales volume of tractor trucks reached 366,000 units, up by 45% Y-o-Y. Beiben is the market leader in the segment as it witnessed a growth of 205% Y-o-Y, followed by Dongfeng.

     

    The below chart shows the volume split of different types of trucks in China in 2020

     

    infographic: China Truck Market , China Truck Market Size, China Truck Market Trends, China Truck Market Forecast, China Truck Market Risks, China Truck Market Report, China Truck Market Share

     

    Apart from the domestic sales the exports have also been reaching new heights. Dongfeng’s commercial vehicle exports jumped by 30% in the Q1 of 2021.

     

    In Australian & New Zealand markets GWM’s light trucks have entered the top-10 sellers list with its GWM Power vehicle

     

     

    CHINA TRUCK MARKET SEGMENTATION

     

    By Vehicle Type

    • Light Trucks
    • Medium/Mid-Size Trucks
    • Heavy Trucks
    • Tractor Trucks

     

    By End Use

    • Domestic
    • Exports

     

    By Propulsion Type

    • Gasoline
    • Diesel
    • Electric

     

    CHINA TRUCK MARKET SIZE AND FORECAST

    China truck market is estimated at $XX Billion in 2020.  It is estimated to grow at XX% CAGR in the period 2021-2026.

     

    A significant rise of E-commerce is making it one of the fastest-growing mini-truck segments and OEMs are competing in terms of providing good fuel-efficiency and high payload carrying capability.

     

    Chinese trucks have created a lot of demand in the Latin American countries and the Chinese manufacturers have been setting up plants in these countries to assemble the trucks instead of exporting the entire vehicle.

     

    Top players in China will start setting up entire production plants in countries Columbia, Peru, Paraguay and others in order to reduce the overall cost of the vehicle.

     

    LATEST DEVELOPMENTS IN CHINA TRUCK MARKET

     

    • CNHTC’s first pickup model VX7, particularly designed for the high-end market, will be launched by the end of 2021. The vehicle is powered by 2.0T gasoline powered engine and Shengduan 8AT transmission gearbox and can achieve max power of 221 HP

     

    • In May 2021, SAIC Hongyan delivered 1,000 units of electric heavy-duty trucks to Tangshan to transport products from Tangshan Steel. SAIC Hongyan is powered by 282 kwh batteries made by CATL.

     

    • In February, Beiben officially deployed its first 100 kW hydrogen fuel cell vehicle in Baotou, Inner Mongolia. The vehicle is jointly developed by Beiben and Shanghai Jiaotong University.
      • The truck will be used for urban sanitisation and the vehicle is able to cover 350km after complete refill of hydrogen
    • 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.

     

     

     

    CHINA TRUCK MARKET POWERTRAIN TRENDS

     

    The light trucks have 3.5T-8T GVW, vehicle length shorter than 7 meters, two axles, and with the engine power nearly 80-160 kW (the OEMs use the Japanese or Cummins engines on their Light commercial vehicles).

    The medium-duty trucks have 7.5T-12.0T GVW, vehicle length shorter than 13 meters, two to three axles, and with the engine power between 80-140kW.

    The Heavy trucks have GVW above 14T, vehicle length longer than 13 meters, with more than three axles with the engine power up to 500HP (Many vehicles use the Cummins engines with higher engine power).

     

     

    FAW J6M FOTON

    AUMAN ETX Series

    SHACMAN M3000 SINOTRUK HOWO
    Displacement (L) 8.6L 9.726L 7.5L 9.726L
    Min power (hp) 260 250 210 260
    Max horsepower 320 340 300 336
    Emission standard China 4, 5, 6 China 5 China 4, 5 China 4
    Transmission type Manual Manual Manual Manual
    Gears 10F+2R (9F+1R) (9F+1R) (10F+2R)

     

     

    COMPETITIVE LANDSCAPE

    Unlike the bus market in China, the truck market is more consolidated and there are about 15-16 major players.

     

    In terms of light trucks, the top 10 players accounted for ~90% of sales in 2021 and top 5 of them account for 62% of that.

     

    Foton, Dongfeng and JAC are the top 3 players in the light trucks segment. These 3 cumulatively account for 42% of sales volume, with Foton being the market leader with XX% share.

     

    In the heavy trucks segment the top 10 players account for ~99% of the overall volume. Out of which top 5 players alone account for ~88% of the sales.

     

    FAW Jeifang, Sinotruck and Dongfeng are the market leaders in the heavy trucks segment. The top 3 players account for 66% of the sales volume and FAW Jeifang is the market leader with XX% share.

     

    COMPANY PROFILES

    1. Foton
    2. Dongfeng
    3. SInotruck
    4. Great Wall
    5. Chang’an
    6. JMC
    7. FAW Jeifang
    8. SHACMAN
    9. Hongyan
    10. Dayun
    11. SAIC Maxus
    12. Feidi
    13. Jiebei
    14. XCMG

     

    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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