Global and China Heavy Truck Markets, 2021

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15 Mar, 2022, 10:15 ET

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DUBLIN, March 15, 2022 /PRNewswire/ -- The "Global and China Heavy Truck Industry Report, 2021-2027" report has been added to ResearchAndMarkets.com's offering.

From 2016 to 2020, China's heavy truck sales surged from 728,000 units to 1,617,000 units, hitting new records for the consecutive four years. In 2021, a combination of factors such as sluggish freight market and demand overdraft led to an annualized 14.1% slump in the heavy truck sales to 1.39 million units, a figure projected to be around 1.2 million in 2022. It is conceivable that China's heavy truck ownership will reach 11.7 million units in 2025.

First, the stagnating freight market and the increasing unbalance between supply and demand have brought about slowing demand for heavy trucks since April 2021, and plus a range of other factors like transport overcapacity, falling freight rates, and insufficient construction of infrastructure projects, led to less-than-expected orders from heavy truck end users.

Second, the "crazy growth" of heavy truck market in 2020 overdrew part of demand in 2021. The full implementation of China Phase VI Emission Standards kicked companies into high gear to produce China V models from early 2021, and dealers across the country also went all out to stock up, which moved up the release time of the end demand and caused the plummeting demand for heavy trucks in the second half of 2021.

Third, users' doubts about the reliability and fuel adaptability of China VI heavy trucks with high price and high use cost slashed the rigid demand. The successive issuance of policies for controlling China V diesel vehicles in some regions made it hard to digest the China V vehicle inventory.

In 2022, the demand for heavy trucks will show a trend of opening low but going up and the market will enter the phase of stock competition, thanks to the Winter Olympics and economic recovery cycle among other factors. First, the resumption of infrastructure projects will create opportunities for the construction vehicle market; second, the goal of "double carbon" (carbon peaking and carbon neutrality) will spur the new energy vehicle market; third, the end of phase-out of China III diesel vehicles and the restriction on China IV ones will leave the scope for replacement and update; fourth, people's livelihood security and specialized transport will bring opportunities to market segments.

Sales of China VI tractors may surge.

In 2021, China sold a total of 1.39 million heavy trucks, including about 250,000 China VI heavy trucks, or 18% of the total, 4 percentage points higher than in 2020 (14%). In 2021, the first year to implement the China Phase VI Emission Standards, China VI diesel heavy trucks however shared lower than 1/5. In the future, as the restriction on China V and below vehicles become stricter, the sales of China VI heavy trucks will sustain growth, of which the sales of tractors may soar.

In 2018, China finalized China VI standards that will apply to new heavy-duty diesel vehicles nationwide in two stages. The first stage, China VI-a, is largely equivalent to Euro VI and applied to gas engines in July 2019, urban HDVs in July 2020, and all new HDVs in July 2021. The second stage, China VI-b, adds requirements such as anti-tampering monitoring and remote on-board diagnostics data reporting that are expected to enhance real-world emissions compliance. China VI-b will apply to gas engines nationwide starting in January 2021 and all new HDVs in July 2023.

Global and China Heavy Truck Industry Report, 2021-2027 highlights the following

Key Topics Covered: 1. Overview of Heavy Truck Industry1.1 Definition and Classification1.2 Technology Introduction1.3 Emission Standards1.4 Product Trends1.5 Self-driving and Telematics1.5.1 Self-driving Truck1.5.2 Truck Telematics1.5.3 The Autonomous Trunk Logistics Market Will Be Worth Nearly RMB1 Trillion in 20301.6 Hydrogen Fuel Cell Heavy Truck1.6.1 Key Drivers for Popularity1.6.2 Market Updates1.6.3 Important Issues2. Overall Heavy Truck Market2.1 Global Zero-emission Heavy-Duty Trucks2.2 Ownership2.3 Output and Sales2.3.1 Output2.3.2 Sales2.4 Market Structure2.5 Competitive Landscape2.6 Natural Gas Heavy Truck2.7 High-end Heavy Truck2.8 Trends2.9 Export3. Heavy Truck Market Segments3.1 Complete Heavy Truck3.1.1 Output and Sales3.1.2 Import & Export3.1.3 Competitive Landscape3.2 Incomplete Heavy Truck3.2.1 Output and Sales3.2.2 Competitive Landscape3.3 Semi-trailer Tractor3.3.1 Output and Sales3.3.2 Import & Export3.3.3 Competitive Landscape3.3.4 Market Segments4. Heavy Truck Industry Chain4.1 Overview4.2 Key Components4.2.1 Cost Structure4.2.2 Supporting4.3 Raw Materials Market4.3.1 Steel Market4.3.2 Rubber Market4.4 Downstream Market4.4.1 Infrastructure Construction4.4.2 Property Development4.4.3 Highway Freight5. Key Companies

For more information about this report visit https://www.researchandmarkets.com/r/oqte87

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