Chinese truck market demand began reversing downward trajectory in Q4’22

Chinese truck market demand began reversing downward trajectory in Q4’22

Medium truck and heavy tractor volumes remained under pressure in the year’s final quarter.

Chinese commercial vehicle demand presented a mixed bag of results into the end of 2022. Demand for heavy trucks, medium trucks, and tractors started the process of reversing their downward trajectory as the Chinese economy reopened, according to ACT Research.

Medium truck and heavy tractor volumes remained under pressure in the year’s final quarter but saw improvement relative to year-ago levels, ACT says. While still down compared to last year, heavy truck volumes posted a strong gain in Q4 q/q, boosting overall HD vehicle output. With declines narrowing and easy comps inbound, 2022 is expected to be the lowest point of this demand cycle, ACT says. MD and HD vehicle output is projected to rise 25% in 2023 from 2022 levels.

Economic growth in Q4’22 was mixed as an explosion of COVID cases negatively impacted activity due to a surge of infections after the pandemic control restrictions were lifted. Additionally, falling external demand dampened exports amid slower global growth.

Infrastructure investment was strong but insufficient to drive an uptick in volume against other headwinds, ACT says.

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