Chinese CV market demand maintained a sharp decline in Q3’22

Chinese CV market demand maintained a sharp decline in Q3’22

Freight hauling and specialty trucks saw their market shares decrease.

According to the recent release of ACT Research’s China Commercial Vehicle OUTLOOK, Chinese commercial vehicle market demands for heavy trucks, medium trucks, and tractors maintained a sharp decline, affected by policy, market, and economic factors. In Q3’22, domestic sales of heavy trucks (excluding tractors) were down nearly 31% y/y. While Q1 sales were consistent with last year’s run rate, Q3 continued the sluggishness which started in Q2.

Freight hauling and specialty trucks saw their market shares decrease from the previous quarter, as the dump truck demand proved more resilient. The growth rates for all heavy truck types continued to decline during the quarter.

Three factors influenced the heavy-duty truck market in Q3’22: COVID, logistics balance, and industrial considerations. Economic growth was mixed, as COVID continued to negatively impact economic performance, as did extreme weather conditions that delayed production and project starts. The more-vehicle-than-freight supply-demand balance remains a drag, and high oil prices pressured rates and reduced carrier profits.

The China CV OUTLOOK, jointly published quarterly by ACT and China’s State Information Center (SIC), includes a review and forecast of China’s heavy tractor and heavy and medium duty truck and bus markets, as well as analysis of OEM market shares within China and an overview of the Chinese macroeconomy. This quarterly report also includes access to monthly by-OEM wholesale data, alternative fuels market shares by CV application, market share percentages, industrial policy impacts, and an overview of the competitive landscape.

SIC is affiliated with the National Development and Reform Commission of China and is engaged in research on the macro-economy, key industries and information technology.

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