November 2024: Heavy Truck Sales Hit New Highs

After months of sluggish performance in 2024, November brought encouraging news for the heavy truck market. Terminal sales reached 57,100 units, marking a 28% increase from October and a 17% year-over-year growth. This is the first year-over-year increase in three months and the first time in three months that sales surpassed 50,000 units.

Top Performers: FAW Jiefang and Dongfeng Lead the Way

Two companies sold over 10,000 units in November: FAW, with 15,600 units, maintained its lead, while Dongfeng followed closely with 11,200 units. Sinotruk (9,235 units), Foton (6,501 units), and SHACMAN (5,270 units) rounded out the top five.

Other brands also saw notable results. SANY, XCMG, and JAC all exceeded 1,000 units, with sales of 2,307, 1,697, and 1,121 units, respectively. XCMG and BAIC Heavy Duty Trucks stood out with their sales doubling year-over-year, growing by 162% and 135%.

Market Share Overview

The top ten companies collectively accounted for 95% of the market. FAW led with a 27.36% market share, followed by Dongfeng (19.69%), Sinotruk (16.17%), Foton (11.39%), and SHACMAN (9.23%).

Year-to-Date: Stable Rankings with Surprises

From January to November 2024, cumulative heavy truck sales reached 533,000 units, an 8% year-over-year decline. Despite this, FAW maintained its dominance with 124,900 units, followed by Dongfeng (111,300 units) and Sinotruk (97,000 units). Foton overtook SHACMAN for fourth place, with 55,800 units versus 54,700 units.

SANY, XCMG, and JAC also performed well, with sales of 17,400, 12,600, and 11,100 units, respectively. XCMG and BAIC Heavy Duty Trucks were particularly impressive, showing cumulative growth of 106% and 365%, making them market disruptors.

Year-End Uncertainty

The top ten companies accounted for 93.65% of total sales from January to November, with FAW and Dongfeng both capturing over 20% of the market. However, Foton and SHACMAN are in close competition for fourth place, with a gap of just 0.21%. The final rankings for the year remain uncertain.

Conclusion

November’s growth has injected new momentum into the heavy truck market. However, intense competition continues as companies vie for market share and industry leadership. How will 2024 conclude for the heavy truck industry? Stay tuned for updates!