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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%.
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
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 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.
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).
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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.
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