The recovery of the commercial vehicle market emerged in the second half or out of the trough

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In the first half of this year, the contribution of passenger vehicles to the growth of China’s automobile output was 96.8%, while that of commercial vehicles was only 3.2%. The overall market demand for commercial vehicles was relatively sluggish, with cumulative production and sales of 1.5719 million units and 156.5 million units. Production volume increased by 1.64% year-on-year, and sales volume decreased by 0.52%. Among all commercial vehicle models, the number of trucks remained the only growth, and the bus market was in an all-out slump. The drop in the size of large passenger cars was most noticeable. However, data in the last three months showed that the commercial vehicle market has begun to bottom out, and is expected to bottom out in the second half of the year.

In the first half of the year, the vendor landscape remained basically stable. The top ten commercial vehicle sales companies were: Beiqi Foton, Dongfeng, FAW, Jianghuai, Chongqing Chang'an, Jinbei, Zhongqi, Jiangling, Kama and SAIC-GM-Wuling. The above-mentioned ten companies sold 1,085,100 commercial vehicles. It accounts for 69% of the total commercial vehicle sales.

According to the latest statistics from the China Association of Automobile Manufacturers, the production and sales of commercial vehicles in June reached 254,500 units and 262,200 units, respectively. Although they decreased 10.81% and 7.38% respectively from May, they were up 11.04% and 8.34% respectively over the same period of the previous year. From the same period of last year, commercial vehicles have been higher than the same period of the previous year for three consecutive months, and the growth rate has increased month by month.

In June, among the main varieties of commercial vehicles, sales of passenger cars and semitrailer tractors grew fastest, by 15.41% and 21.10%, respectively, compared with the previous month. Monthly sales of semi-trailer tractors have been consecutively increased month by month. The improvement was noticeable; the recovery of non-completed passenger vehicle sales rebounded by 12.42%; the production and sales of non-integrated vehicles for trucks and trucks continued to decline. Compared with the same period of last year, non-integrated trucks and passenger cars showed a certain increase, and passenger car production increased slightly. It is expected that this trend will continue.

Generally speaking, June is the off-season of commercial vehicles, and the declining month-on-month ratio is basically the same as in previous years. It is normal. The consecutive three-month increase year-on-year is a positive sign. Apart from indicating that logistics demand is clearly picking up, it shows that the government's implementation of incentives such as "cars going to the countryside" and "old-for-new" subsidies have achieved initial success in the commercial vehicle market.

The use of financial subsidies to encourage the "renewal of old cars" indicates that the country's rescue operations for the auto market have been further expanded. The commercial vehicle market, which had previously been out of favour with the discount, has become the main body of the current round of automobile rescue. Judging from the new model structure covered by this subsidy policy, both the scope and the subsidy quota have been expanded, which will have a significant impact on the sales of light and medium trucks, and sales of light and medium-sized passenger cars, and light trucks in the automobile-to-country policy. Policies are supplemented. The increase in vehicle subsidy will make the promotion of mainstream commercial vehicle companies more obvious.



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