China Truck Market 2024-2030

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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 Sunstruck. Top 3 players accounted for 35% of the overall market volume.

     

    INTRODUCTION TO CHINA TRUCK MARKET

    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

     

    China Truck Market By Vehicle Type

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

     

    China Truck Market By End Use

    • Domestic
    • Exports

     

    China Truck Market By Propulsion Type

    • Gasoline
    • Diesel
    • Electric

     

    CHINA TRUCK MARKET SIZE AND FORECAST

    China truck market is estimated at $XX Billion in 2023.  It is estimated to grow at XX% CAGR in the period 2024-2030.

     

    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.

     

    CHINA TRUCK MARKET LATEST DEVELOPMENTS

     

    CNHTC’s first pickup model VX7, particularly designed for the high-end market, will be launched by the end of 2023. The vehicle is powered by 2.0T gasoline powered engine and Shandean 8AT transmission gearbox and can achieve max power of 221 HP

     

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

     

    In February, Beibei officially deployed its first 100 kW hydrogen fuel cell vehicle in Baotou, Inner Mongolia. The vehicle is jointly developed by Beibei and Shanghai Jiao tong University.

     

    The truck will be used for urban sanitization 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)

     

    CHINA TRUCK MARKET 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.

     

    CHINA TRUCK MARKET RECENT PRODUCT DEVELOPMENT AND INNOVATION

    The Shaanxi Delong series of trucks is one of Shaanxi Automobile Group’s flagship products. Long-haul transportation, construction, mining, and other uses are among the applications that the Delong series’ extensive portfolio of heavy-duty trucks is built to handle. These trucks are renowned for their dependable performance, strong construction, and cutting-edge technology.

     

    The Delong series’ powerful engines are its core, assuring maximum efficiency and fuel economy while delivering great torque and horsepower. The company’s dedication to environmental sustainability is seen in the engines’ design to meet strict emissions regulations.

     

    The transmission systems on the Shaanxi Delong trucks are expertly built, providing seamless gear changes and improved driver comfort. The ergonomics of the cabin design ensures that the driver has a pleasant and roomy working. The vehicles are user-friendly and effective due to the logical layout of the controls and instruments.

     

    The Delong series includes a number of safety measures since Shaanxi Automobile Group places a high priority on safety. The safety features built into modern vehicles, such as airbag systems, electronic stability control, and anti-lock brakes, provide improved protection for both the driver and the cargo.

     

    One of China’s top automakers, FAW Group Corporation, commonly known as First Automotive Works, is a significant player in the truck manufacturing sector. The business provides a broad selection of vehicle goods to meet different transportation requirements, from light-duty to heavy-duty applications.

     

    The Jiefang series is one of FAW’s prominent truck product lines. For their dependability, toughness, and performance, Jiefang trucks are well-liked options in both home and foreign markets. These vehicles are made to satisfy a variety of needs, including those of logistics firms, construction projects, and transportation organizations.

     

    Numerous variants, including the Jiayang J6, Jiayang J7, and Jiayang JH6, are part of the Jiayang line. Every model is customized to serve a particular function, giving consumers a wide range of options to select from depending on their needs.

     

    A light-duty vehicle that specializes at logistics, short-haul travel, and urban distribution is the Jiayang J6. It is a good option for city deliveries and urban operations thanks to its excellent fuel efficiency, maneuverability, and driver-friendly cabin.

     

    A medium-duty truck intended for local and long-distance travel is the Jiayang J7. It provides exceptional loading capacity, cutting-edge safety features, and an engine that uses less gasoline, guaranteeing affordable and dependable transportation solutions for a variety of sectors.

     

    FAW provides the Jiayang JH6, a strong and capable vehicle made for long-distance transportation of heavy products, for heavy-duty applications. In order to ensure efficiency and safety on the road, this vehicle is outfitted with cutting-edge technologies, such as electronic control systems and safety measures.

     

    FAW’s dedication to quality and innovation is evident in their truck products. They continually spend money on R&D to improve the efficiency, security, and environmental sustainability of their trucks. Through these initiatives, FAW has increased their global footprint and gained reputation in both domestic and foreign markets.

     

    FAW provides several specialty trucks in addition to the Jiayang series for various industries, including mining, construction, and agricultural. Dump trucks, concrete mixers, multipurpose vehicles, and other items are among their product offerings.

     

    FAW Group Corporation’s position as a dominant force in the worldwide truck manufacturing sector has been cemented by its broad selection of trucks and commitment to client satisfaction.

     

    CHINA TRUCK MARKET 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

     

    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, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    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, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
     
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