Views: 0 Author: Site Editor Publish Time: 2025-02-08 Origin: Site
In January 2025, the heavy truck industry sales fell year-on-year and month-on-month, but the popular segments still maintained a certain growth, and the proportion of gas, electric and oil vehicles in the market changed. In this opening month, how are the sales of each major heavy truck company? Will the market grow year-on-year in February and March?
Market share chart of heavy truck enterprises in January 2025
In January, the heavy truck market sold 70,000 units, and electric vehicles maintained growth
In the heavy truck market in January 2025, although truck companies have scrambled to "get off to a good start", they failed to reach the height of the same period last year.
According to the latest data obtained by the first commercial vehicle network, in January 2025, China's heavy truck market sold a total of about 70,000 units (wholesale caliber, including exports and new energy), down 17% from the previous year's 97,000 units down 28%. On the one hand, January is the Spring Festival month, earlier than the same period last year, suppliers, production, marketing, channels are on holiday, which to a certain extent affected the "opening" performance of the heavy card manufacturers, but also laid the groundwork for the growth in February after the spring.
On the other hand, the industry did not "leave surplus grain" at the end of 2024. In 2024, due to the overall decline of the heavy truck market, the heavy truck companies basically have no power to "leave the surplus grain to the next year", but go all out to complete the annual sales task. This can also be seen from the wholesale sales of heavy trucks as high as 84,000 units in December 2024, an increase of 62% year-on-year. At the end of 2024, there was no sales "carry-over" to January 2025, and sales in the same period of last year were pushed very high by "carry-over" sales, so it is inevitable that industry sales in January 2025 would decline significantly compared with the same period last year. Even exports, which are closely watched, fell by double digits year-on-year.
Monthly Sales chart of China's heavy truck market from 2019 to 2025 (Unit: vehicle)
In January this year, the industry wholesale sales fell year-on-year and month-on-month, and domestic terminal sales also declined, which is expected to fall by 15-20% year-on-year. On the one hand, the month in which the Spring Festival is located has always been a traditional off-season, and it is normal for road freight to go home for the New Year before the reduction of driving vehicles and owners and drivers' holidays. Therefore, the demand for terminal car purchases in January is lower the closer the Spring Festival is. On the other hand, the deadline of last year's truck trade-in policy is December 31, 2024, which led to the overdraft phenomenon of a large number of new car purchases at the end of last year, which directly affected the terminal sales in early 2025.
From the perspective of several highly concerned segments, in January this year, the retail price of LNG continued to fall, the average price of northern LNG was less than 5 yuan /kg, and the oil and gas price difference was generally more than 2 yuan, which promoted the increase in the proportion of natural gas heavy truck market in the month, and it is expected that the terminal sales volume of the segment fell by about 4% year-on-year. Monthly penetration increased to more than 22% from 19% in the same period.
In January, the growth rate of terminal sales of new energy heavy trucks slowed down significantly, the year-on-year growth rate is expected to be about 60%, and the industry penetration rate is about 21%. In total, the domestic share of natural gas heavy trucks and new energy heavy trucks reached about 43% at the beginning of the year, an increase of more than 10 percentage points over the same period last year, and the market space of diesel vehicles was further compressed.
Heavy truck/liberation more than 14,000 vehicles, BAIC small increase, Xugong up 54%
In January this year, the overall performance of China's heavy truck market is general, how about the performance of several major brands?
The first commercial vehicle network data show that in January, there were four companies with sales of more than 10,000, China National Heavy Duty Truck won the title with 19,000, and FAW Jiefang maintained the top two in the industry with 14,000. Baic Group's heavy trucks bucked the trend; Bucking the trend were BAIC Group (1 per cent) and Xugong Automobile (54 per cent). Companies that achieved year-on-year market share gains in January 2025 included Sinotruk, Shaanxi Automobile, BAIC, Xugong and Beben.
It should be noted that since 2025 has just started, the industry ranking in January has strong instability and uncertainty, and new changes may occur at any time after February.
Sales ranking of heavy truck enterprises in January 2025 (Unit: vehicle)
Specifically, SinotruK sold about 19,000 heavy trucks in January, maintaining the first place in the industry, and its market share rose to 27.1%, an increase of 0.3 percentage points year-on-year.
Faw Jiefang sold about 14,000 heavy trucks in January, with a market share of about 20%.
Shaanxi Automobile Group (including Shaanxi Automobile heavy trucks, Shaanxi Automobile commercial vehicles, etc.) sold about 11,000 heavy trucks in January, with a market share of 15.7%, an increase of 3.9 percentage points year-on-year. Dongfeng Company (including Dongfeng commercial vehicles, Dongfeng Liuqi Chenglong, Dongfeng Fenghuashen, etc.) sold about 10,000 heavy trucks in January, with a market share of about 14.3%.
Baic Group (including Beiqi Foton, Beijing heavy truck, etc.) sold about 7,000 heavy trucks in January, an increase of 1% year-on-year, and the market share was about 10%, an increase of 2.9 percentage points year-on-year.
In the third echelon of the heavy truck industry, Xugong Automobile sold 2,050 vehicles in January, up 54% year-on-year, ranking sixth in the industry, with a market share of 2.9%, an increase of 1.6 percentage points. In January 2025, Jianghuai Automobile sold about 1,100 heavy trucks, ranking seventh in the industry, with a market share of about 1.6%. Beiben Heavy truck sold about 780 heavy trucks in January, ranking eighth in the industry, with a market share of about 1.1%, up 0.2 percentage points year-on-year.
Overall, the heavy truck market sales in January, although lackluster, were expected. So, just arrived in February, wholesale sales and terminal sales will come out of the trough, both to achieve year-on-year growth?
Considering the "Spring Festival month" in the same period last year and the low sales base, the answer is positive and affirmative.