Used Truck Market in China 2021-2026

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    USED TRUCK MARKET IN CHINA

     

    INTRODUCTION

    Used trucks in the region of China have been of peculiar interest in consideration to its large mechanical economy and logistical requirements. China, like the EU and the US, utilises national rules to manage and limit emissions, such as NOx or sulphides of sulphur oxide (SOx). China V, the newest national standard, went into force in January of this year. In comparison to the previous China IV requirements, China V principally aims to restrict the sulphur level in fuel to 10 parts per million – one sixth of the China IV requirement of 50 ppm.

     

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

     

    Furthermore, there isn’t a single definition that applies to all trucks because trucks are themselves often divided into other categories. While the EU uses the categories of N2 (vehicles weighing more than 3.5 tonnes) and N3 (vehicles weighing more than 16 tonnes), the description of light (3.5-7.5 tonnes), medium (7.5-12 tonnes), and heavy-duty (more than 12 tonnes) vehicles is commonly used in China.

     

    Similar to the passenger car industry, many Chinese OEMs in the truck sector cooperate with foreign companies via Joint Ventures to develop and produce their vehicles. There have been considerable number of foreign JV partners, which are framed with a blue square and positioned right next to their Chinese partners as part of much required used trucks sales and mobility.

     

    USED TRUCK MARKET IN CHINA MARKET DYNAMICS

    In the past, vehicle manufacturers and dealers have preferred to omit used automobiles from their operations, believing that the focus of dealers’ sales efforts should be on new cars, which have higher price tags and are targeted at richer consumers. Aiming to push new automobile inventories to the market with suitable incentives has been a goal of dealers and original equipment manufacturers (OEMs).

     

    Because used trucks are less expensive than new ones and freight demand has increased throughout the construction and logistics industries, there has been a steady increase in the market for used vehicles. However, considerations like as incentives and discounts provided by truck manufacturers, new technology, fuel economy (available at a cheap cost), and reduced downtime of new vehicles drive consumers to prefer new trucks over old ones. There has been an increase in demand for material transportation due to the growth of construction and agricultural as well as e-commerce operations during the last three years.

     

    The market  has been boosted most recently by government policy. Series policy, whether direct or indirect, has been released and helps to create a favourable market for used cars and trucks. The basic macro-policy direction of encouraging the development of the used car and truck market was confirmed by the government work report and plan. In the used car market, the policy support has already been put into practise and shifts from external environmental support to direct foster on the used car market. The Demonstration Project for Upgrading and Reconstruction of the Used Truck Trade Market is the most significant.

     

    USED TRUCK MARKET IN CHINA MARKET SEGMENTATION

     

    The Used Truck Market In China Market can be segmented into following categories for further analysis.

     

    By Product Re Usage

    • Remanufacturing Process
    • Scraping
    • Rental Services
    • Showcasing and Museum Purposes
    • Re Buying Purposes

     

    By Truck Type

    • Heavy Tonnage Truck
    • Medium Tonnage Truck
    • Low Tonnage Truck
    • Commercial Cargo Truck
    • Off Highway Truck
    • Mining Operations Truck
    • Others

     

    By Product Sales Conveyance

    • Online Sale
    • TV Marketing
    • Social media Marketing Platform
    • Online Auction
    • Platform based sales – OLX etc.
    • Direct Purchase

     

    By Class of Propulsion

    • Electric Vehicle
    • Hybrid Vehicle
    • Fossil Fuel Vehicle
    • Specialized Fuel Vehicle
    • Gas Based Vehicle

     

    By Age Classification of Usage

    • Adults
    • Middle Aged
    • Elders and Senior Citizens

     

    By Regional Classification

    • Inner Mongolia Region
    • Guangxi Region
    • Chongqing Region
    • Sichuan Region
    • Guizhou Region
    • Yunnan Region
    • Tibet Region
    • Shaanxi Region
    • Gansu Region
    • Qinghai Region
    • Ningxia Region
    • Xinjiang Region

     

    RECENT MARKET TECHNOLOGICAL TRENDS IN USED TRUCK MARKET IN CHINA MARKET

    The used truck market has grown in size and importance in the past decade and is positioned to continue to do so in the  future. A successful used vehicle  strategy on the part of automakers  and dealers is becoming essential to their operations and is increasingly recognized as such. 

     

    There have been some core  strategies being implemented  that  are essential  for  growing dealers’ used  vehicle  sales in the Chinese Market in the recent years which includes to have an opportunity to Continually  improve  the  customer  experience,  from  the  Internet  to  the showroom,  rationalize  customer  relationships  through  CRM,  perfect  online  promotion  and merchandising  efforts to  reach  prospects  and existing  customers,  manage inventory  and pricing with network-wide IT solutions, maximize high-margin sales opportunities, optimize certified used vehicle programs. 

     

    The lack of trust between buyers and sellers in China’s used trucl market is still a major obstacle. There are few resources available to Chinese consumers to help them appreciate the value of older cars. Used-car brokers frequently set traps for unsuspecting customers in order to make a large profit. Consumers must weigh factors like quality, price, and legal risk. And few mechanics are experienced enough to value cars independently. Due to the lack of trust, many potential used car demands cannot transfer into real market demand. Some foreign automakers are hoping to address this problem by setting up programmes to sell certified pre-owned cars with warranty protection.

     

    The urban customers would have better saviourism towards the OEM affiliated branded dealerships. The internet portals did not have a visible share. It looks like the customers looked to the information on the internet but concluded the transaction at a physical dealership. It must also be said that the identification of a customer who transacted in a conventional dealership as opposed to a web portal is relatively lower when integrated directly into a non-branded platform dealership. It is, therefore, likely that there is a certain amount of bias away from the buyers on the internet.

     

    COMPETITIVE LANDSCAPE

    Used automobile purchasers are increasingly turning to the Internet as a source of information. Consumers still utilize local media and word-of-mouth to investigate used car purchases, but they are increasingly turning to the Internet, underscoring the necessity of having a solid Internet strategy for used vehicle programmes in general. A growing number of dealers report that their Web operations have boosted sales and expanded their trading range, thanks to their increased attention to multi-channel communication techniques.

     

    Made in China has been one of the major developer and distributor channel for the used trucks segment in the Chinese region of business operations. Being a comprehensive service platform for foreign trade, Made-in-China.com is focused to tapping business opportunities for Chinese suppliers and overseas buyers and providing one-stop services for promoting the international trade between the two sides. In order to reduce trade risks for global buyers, all premium suppliers on Made-in-China.com are verified on-site by SGS, Bureau Veritas or TÜV Rheinland, world’s leading inspection companies.

     

    Sino truck is part of the much-required localised used truck market sale and distribution platform. It operates on the lines of selling various class of vehicles which includes, various trailers such as heavy duty low bed trailer, flatbed trailers, skeletal container semi-trailer, side wall semi-trailer, gooseneck trailers, high bed trailers, cargo box semi-trailer, dump trailers, bulk cement tanker trailer, fuel tanker trailer, stainless steel tank trailer, aluminium tank trailer, car carrier semi-trailer, cement bulkers, and can be manufactured as customized design with great price and service advantages. It also holds the manufacturing and redeciding capability as per the client requirements, for developing and manufacturing SINOTRUK HOWO tractor trucks, dump trucks, fuel tanker trucks and concrete mixer truck, water spraying trucks etc.

     

    COMPANIES PROFILED

    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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