12-Month Heavy-Duty Truck Sales Reach 81,000 Units! Sinotruk And Dongfeng Surpass 18,000, Jiefang And Foton Increase by 50%, XCMG Rises by 2.3 Times

    After experiencing a“six consecutive declines”，the heavy-duty truck industry reversed its downward trend in the last month of 2024, achieving both year-on-year and month-on month growth. What was the competitive landscape of the industry throughout 2024?

January to December 2024 Market Share Chart of Heavy-Duty Truck Enterprises

December Heavy-Duty Truck Sales Reach 81,000 Units, with Gas, Electric, and Export Sectors All Showing Upticks

     According to the latest data from the First Commercial Vehicle Network, in December 2024, the heavy-duty truck market in China sold totally 81,000 units , a month-on-month increase of 18%, and a significant year-on-year growth of 55% compared to the 52,100 units sold in the same period of the previous year. This ended the six-month consecutive year-on-year decline in the heavy-duty truck market from June to November 2024, greatly boosting the confidence of the heavy-duty truck industry's upstream and downstream supply chains.

    Cumulatively, from January to December 2024, the heavy-duty truck market in China sold various models totaling about 899,000 units , a slight year-on-year decrease of 1%.

    The First Commercial Vehicle Network analysis suggests that the heavy-duty truck market's shift from negative to positive and significant growth in December 2024 was mainly due to the stimulus of the "trade-in" policy for trucks and the increase in exports. According to the truck trade-in policy, December 31, 2024, was the deadline for trade-ins. In this final month of the policy, the renewal speed of old National III medium and heavy-duty trucks accelerated, leading to an increase in purchasing demand in the heavy-duty truck market. It is estimated that the domestic terminal sales volume increased by about 14% month-on-month and about 80% year-on-year, which is relatively satisfactory for both month-on-month and year-on-year comparisons. This also caused the wholesale sales volume of the month to rise accordingly. In addition, the wholesale export sales volume of heavy-duty trucks in December 2024 remained essentially flat month-on-month and increased by nearly 20% year-on-year, also contributing to the growth of the total domestic and foreign wholesale sales volume for the month.

2018-2024 Monthly Sales Chart of China’s Heavy-Duty Truck Market(Unit:units)

    In addition to the overall sales increase stimulated by the truck trade-in policy, there were several other aspects of the heavy-duty truck market in December 2024 that were worth noting:

First, gas vehicles, second, new energy vehicles; third, a few regions, such as Jiangsu, have already started the National IV trade-in program, thereby creating a wave of robust demand for National IV vehicle replacements. On one hand, in December 2024, due to the retail price of LNG being less than 5 yuan/kg, significantly lower than the same period of the previous year, the market demand for natural gas heavy-duty trucks increased considerably year-on-year, with an estimated terminal sales volume increase of about 50% year-on-year, but a month-on-month decrease, with the monthly sales volume being roughly equivalent to that of September 2024. On the other hand, it is estimated that the actual terminal sales of new energy heavy-duty trucks in December were around 13,000 units, an increase of about 1.1 times year-on-year. The monthly sales volume of 13,000 units also broke the historical record of 10,100 units in November, setting a new monthly high in the development history of new energy heavy-duty trucks.

Sinotruk and Dongfeng Surpass 18,000 Units, Jiefang and Foton Increase by Nearly 50%, XCMG Rises by 2.3 Times

    Data from the First Commercial Vehicle Network shows that in the "ranking competition" of December, four enterprises had sales exceeding 10,000 units. Sinotruk won the championship with 19,000 units sold, while Dongfeng Company leaped to the second place in the industry with 18,000 units sold. FAW Jiefang sold 16,000 units, an increase of nearly 50% year-on-year. Shaanxi Automobile Group sold 12,000 units, a 44% year-on-year increase. Enterprises whose year-on-year growth rate outperformed the market included Sinotruk (90%), Dongfeng (176%), and XCMG (230%). Cumulatively, enterprises that achieved year-on-year growth in market share throughout 2024 included Sinotruk, Shaanxi Automobile, Dongfeng, and XCMG.

December 2024 Heavy-Duty Truck Enterprise Sales Ranking (Unit: Units)

    Specifically, Sinotruk sold about 19,000 heavy-duty trucks in December, a 90% year-on-year increase, maintaining the top position in the industry. Its cumulative sales from January to December were approximately 244,900 units, making it the heavy-duty truck sales champion of 2024, with the full-year market share rising to 27.2%, an increase of 1.5 percentage points year-on-year.

    FAW Jiefang sold about 16,000 heavy-duty trucks in December, an increase of nearly 50% year-on-year. The cumulative sales of Jiefang heavy-duty trucks from January to December 2024 were approximately 179,700 units, with a market share of about 20%.

    Shaanxi Automobile Group (including Shaanxi Heavy-Duty Trucks, Shaanxi Commercial Vehicles, etc.) sold about 12,000 heavy-duty trucks in December, a 44% year-on-year increase. The cumulative sales of various heavy-duty trucks from January to December 2024 were approximately 148,900 units, ranking third in the industry in terms of annual sales volume, with a market share of 16.6%, an increase of 0.2 percentage points year-on-year. Dongfeng Company (including Dongfeng Commercial Vehicles, Dongfeng Liuqi Long, Dongfeng Huashen, etc.) sold about 18,000 heavy-duty trucks of various types in December, a significant year-on-year increase of 176%, with the monthly sales volume rising to the top two in the industry. From January to December 2024, Dongfeng Company cumulatively sold 145,300 heavy-duty trucks, a 1% year-on-year increase, ranking in the top four of the industry in terms of annual sales volume, with a market share of about 16.2%, an increase of 0.4 percentage points year-on-year.

    Foton(including Foton Daimler Automobile)sold about 7000 units heavy-duty trucks in December,an increase of nearly 50% year-on-year. The cumulative sales of various heavy-duty trucks from January to December 2024 were approximately 71,600 units, with a market share of about 8%.

    In the third echelon of the heavy-duty truck industry, XCMG Heavy-Duty Trucks sold about 3,300 vehicles in December, a significant year-on-year increase of 230%, ranking sixth in monthly sales volume; its cumulative sales from January to December were 21,100 units, a 30% year-on-year increase, ranking seventh in the industry in terms of annual sales volume (just a step away from the sixth place, Dayun Heavy-Duty Trucks, with 21,600 units), with a market share of 2.4%, an increase of 0.6 percentage points. JAC Motors sold about 1,500 heavy-duty trucks in December 2024, with cumulative sales from January to December of approximately 14,200 units, ranking eighth in the industry in terms of annual sales volume, with a market share of about 1.6%. Beiben Heavy-Duty Trucks sold 1,195 heavy-duty trucks in December, with cumulative sales of various models from January to December at 11,100 units, ranking ninth in the industry in terms of annual sales volume for 2024, with a market share of about 1.2%.

   In the last four months of 2024, the heavy-duty truck market sales achieved a "step-by-step increase month by month," which was completely different from the usual "month-on-month decline" trend. Especially in the last two months, a relatively obvious "tail-off effect" was presented. However, overall, in 2025, opportunities outweigh challenges.