Characteristics of China’s domestic commercial vehicle market—June 2024 (2.0)

The structure of trucks and buses in commercial vehicles is relatively stable. Light trucks among trucks perform well, while heavy trucks have a strong trend this year after a deep adjustment last year. Light buses among buses have a strong trend, while large and medium-sized buses continue to shrink and slump.

The penetration rate of new energy in commercial vehicles is generally low, plug-in hybrids have basically no market, and pure electric vehicles perform better. This year, fuel vehicles for large and medium-sized buses have rebounded significantly, realizing the return to fuel vehicle demand in the post-subsidy era. Hydrogen-powered commercial vehicles rely on subsidies to drive sales, and only large buses have high subsidies, but hydrogen energy generally performs generally, and commercial vehicle electrification performs well.

Commercial vehicle companies are mainly light truck companies that support sales. Foton and Wuling are the main forces of commercial vehicles, with strong sales in the light truck and micro-car markets respectively.

Overall, medium and heavy trucks have a high market share in the central Yellow River region, Northwest and North China. The penetration rate of new energy heavy trucks in South China and Northwest China is relatively good, among which the penetration rate in South China has increased rapidly, but the increase in East China is slightly slower.

The best performing heavy truck market in the domestic market should be FAW Jiefang, Sinotruk, Dongfeng Motor and other companies. The overall performance of heavy trucks is relatively stable. The penetration rate of electric vehicles of some second-tier heavy truck companies such as XCMG, Sany Heavy Industry, and Yutong has increased.

The light truck market is mainly strong in the East-North China and Southwest regions.

The main market for new energy light trucks is still relatively strong in the East-South China market and the East China market, while the market of the municipalities of Beijing, Tianjin and Shanghai has generally declined this year.

The main manufacturers of domestic light trucks are still BAIC Foton, SAIC-GM-Wuling, JAC Motors, Sinotruk and Dongfeng Motor. In particular, the market performance of Wuling and Changan, which have gradually risen from small and micro trucks to small and light trucks, is relatively good.

The main companies in the new energy light truck industry are Geely Auto and Xinyuan Auto, among others. Geely Auto in particular has performed relatively well in the new energy light truck industry in the past two years.