Heavy Truck Sales Reached 56,000 units in First Three Quarters 2024

The heavy truck market has faced a challenging year in 2024, with the industry showing signs of strain and sluggish growth.

According to recent data, heavy truck sales in September reached only 56,000 units, a 10% drop from August and a 35% decrease compared to September 2023. Cumulative sales for the first nine months reached 681,200 units, a 4% decline from the same period last year, indicating an overall weak market.

Market Struggles Despite September’s “Golden” Sales Period

The heavy truck sector typically expects a strong September, known as the "Golden September" for sales. However, this year, both monthly and annual sales have fallen short. Contributing factors include low demand, less impact from old truck replacement subsidies, and a drop in sales of natural gas trucks due to rising fuel prices. The Manufacturing PMI also remained below the economic threshold at 49.8%, showing low demand for trucks across industries.

Sales Trends: More Declines than Gains

From January to September, monthly sales followed a “3 gains, 6 declines” pattern. This declining trend is largely due to weak economic recovery, slow freight demand, and high diesel prices, although the electric truck market showed some growth. Nevertheless, this growth has not been enough to balance the drop in conventional diesel truck sales.

Leading Companies: China National Heavy Duty Truck Group (CNHTC) Holds the Top Spot

In 2024, CNHTC led the market with 187,400 units sold, capturing a 27.5% market share. Other leading companies, such as FAW Jiefang and Shaanxi Automobile Group, showed a decline in sales, with only three out of the top ten companies achieving growth. XCMG was the top performer, showing the highest growth rate among competitors.


Electric Trucks Grow, But Diesel Trucks Remain Dominant

The electric truck sector sold approximately 48,600 units in the first three quarters, marking a 150% year-over-year increase and accounting for 7.1% of total sales. Natural gas trucks also rose to around 148,000 units, up 38%, while diesel trucks fell by 25%, reaching about 260,000 units. Despite growth in alternative energy vehicles, diesel trucks still dominate the market.

Looking Ahead

Market data shows that the heavy truck industry is in its second-lowest position in the past seven years, slightly above 2022. To reverse this trend, the sector will need stronger economic momentum and more supportive policies to stimulate demand.