Market Insights Mobility Commercial Vehicles

Trucks - China

China

In 2024, the Trucks market is projected to reach a total of 1.72m vehicles unit sales.
This represents the expected volume of sales in the market.
Over the period from 2024 to 2029, the unit sales are expected to grow at an annual growth rate of -5.45%, also known as the Compound Annual Growth Rate (CAGR).
As a result, the market volume is projected to reach 1.30m vehicles units by 2029.
This demonstrates the potential for growth in the Trucks market.
Looking specifically at the production of Trucks market, it is anticipated to reach a total of 1.25m vehicles units by 2029.
This showcases the capacity for the market to expand and meet the growing demand.
It is worth noting that these figures apply to the Trucks market as a whole.
Taking a global perspective, it is evident that in China is expected to dominate the sales in the Trucks market in 2024, with a projected volume of 1.72m vehicles units.
This highlights the significance of in China as a key player in the market, further emphasizing its influence and potential impact on the industry.
China's truck market is booming, with increased demand for electric and autonomous vehicles driving innovation and competition.

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Analyst Opinion

The Trucks market in China has been experiencing significant growth in recent years, driven by several key factors. Customer preferences in the Chinese Trucks market have shifted towards larger and more powerful vehicles.

This can be attributed to the increasing demand for heavy-duty trucks in industries such as construction, mining, and logistics. Customers are looking for trucks that can handle heavy loads and operate efficiently in various terrains. Additionally, there is a growing preference for trucks with advanced technological features, such as GPS navigation systems and telematics, which enhance safety and productivity.

One of the major trends in the Chinese Trucks market is the rise of electric and hybrid trucks. As the government pushes for greener transportation solutions, there has been a significant increase in the adoption of electric and hybrid vehicles in the country. This trend is driven by a combination of factors, including government subsidies and incentives, as well as the increasing availability of charging infrastructure.

Electric and hybrid trucks offer lower operating costs and reduced emissions, making them an attractive option for both businesses and individuals. Another trend in the Chinese Trucks market is the increasing popularity of online truck-hailing platforms. These platforms connect truck owners with customers who need transportation services, providing a convenient and efficient way to match supply and demand.

This trend is driven by the rapid growth of e-commerce and the need for efficient logistics solutions. Online truck-hailing platforms offer benefits such as real-time tracking, transparent pricing, and a wide range of truck options, making them a preferred choice for many customers. Local special circumstances in China also play a role in the development of the Trucks market.

The country's vast size and diverse geography create unique challenges for transportation. Trucks are essential for the movement of goods across long distances and difficult terrains. Additionally, the government's focus on infrastructure development, including the construction of highways and logistics parks, has further fueled the demand for trucks.

Underlying macroeconomic factors, such as China's rapid urbanization and industrialization, also contribute to the growth of the Trucks market. As more people move to cities and industries expand, the demand for trucks to transport goods and materials increases. Additionally, government initiatives to boost domestic consumption and stimulate economic growth have led to increased investment in infrastructure, which further drives the demand for trucks.

In conclusion, the Trucks market in China is experiencing growth due to customer preferences for larger and more powerful vehicles, the rise of electric and hybrid trucks, the popularity of online truck-hailing platforms, local special circumstances, and underlying macroeconomic factors. These trends and developments are shaping the future of the Trucks market in China, creating opportunities for both domestic and international players in the industry.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.