China's Heavy Truck Exports Rising 58% YOY to 276,000 Units in 2023

The data showed that China's cumulative exports of heavy trucks in 2023 were 276,000 units, an increase of nearly 60% (58%) from 175,000 units in 2022.

Heavy Truck Exports VS. Overall Heavy Truck Sales in 2023

The figures shown in the table above indicate that exports of heavy-duty trucks grew by an unexpectedly 58 per cent, 22 percentage points higher than the overall heavy-duty truck market. The number of exports accounted for 30 per cent of overall heavy truck sales, up 4.3 per cent from last year's 26 percent. The reasons behind the growth can be summarized into three aspects: 

一. Heavy trucks are mainly exported to Latin America and some Asian countries, where there were some restrictions on rigid demand before, but now they have been removed.

二. There has been a significant change in the pattern of investment, from a predominantly trade and partly KD mode to direct investment pattern. For example, factories directly invested by leading truck builders such as Foton, SINOTRUK, and Jiefang have begun mass production in overseas countries and gradually increased local production and sales volume. This also provides a great support for the company's overseas sales and lays a solid foundation for its future growth.

三. In 2023, Russia, Mexico, Algeria and other countries imported more trucks from China，which contributed greatly to the growth.

TOP 10 Heavy Truck Export Brands in 2023

The data displayed in the table demonstrate that the TOP 10 heavy truck export brands are: SINOTRUK, SHACMAN, FAW Jiefang, FOTON, Dongfeng, SAIC Hongyan, JAC, XCMG, Dayun, CAMC.

SINOTRUK got first place with exports of 120584 units, which is more than the sum of the second and the third players. SHACMAN comes in the second place with exports of 56,499 units and a year-on-year increase of 64.81 percent, although there is a very wide gap between SHACMAN and SINOTRUK. Jiefang took the third place with 44,817 units exported and a 109.3 per cent increase year on year. Foton and Dongfeng Motor ranked fourth and fifth, with an increase of 21.64 per cent and 58.73 per cent to 19945 and 16,390 units respectively. Those failed to find place in the top 5 export less than 5000 units in 2023.

The cumulative export sales of the top 10 heavy-duty truck exporters were 275,133 units, accounting for 99.68 per cent of the overall market share.

Market Share of TOP 10 Heavy Truck Brands. The share and its changes of the TOP 10 are as follows:

---SINOTRUK, with a share of 43.69 per cent, ranked first, but its share decreased by 1.95% year-on-year, suggesting that its share as the export leader is being eaten up by other truck builders.

SHACMAN ranked second with a 20.47 per cent share, up 0.88 per cent from last year.

FAW Jiefang's market share increased by 4 percentage points from last year to 16.24 per cent, ranking third.