Commercial Vehicles November 2022

Over 100 OEMs are competing in the new energy bus and truck market in China

Shirly Zhu
Shirly Zhu

Shirly has worked across multiple industry sectors in her 10+ year career, conducting projects requiring primary and secondary research, as well as quantitative and qualitative analysis. She’s primarily focused on Industrial Automation topics including motion and industrial controls.

Despite overall stagnant sales of buses and trucks, new energy commercial vehicles have maintained their growth momentum. In the first three quarters, registration sales of new energy commercial vehicles stood at 123 thousand units, constituting an increase of 78% year-on-year, as shown in our monthly tracker.

Of over 100 OEMs, the top 10 account for 2/3 of total registrations

Robust demand has attracted a growing number of vendors into the market. From January to September, over 140 OEMs were selling new energy buses and trucks – 7 more companies than the same period last year. Of these, 113 vendors supplied electrified trucks while 54 OEMs delivered new energy buses.

Although a large number of companies are competing in the market, the supply of new energy buses and trucks is relatively concentrated, with the top 10 OEMs together accounting for 65% of total registration sales in the first three quarters of the year. Furthermore, in the new energy bus market, the top 10 OEMs accounted for 81% of all registrations during the same period, more than in the truck segment.

Top 10 new energy truck and bus OEMs, Jan-Sept

The market supply is very dynamic

Though there is relatively high concentration in the market, supply is very dynamic and the top 10 market rankings change significantly from month to month. This is closely tied to the fluctuating demand for different vehicle types and varying sales destinations.

Top 10 market rankings, month by month

As shown in the table above, OEMs such as Dongfeng, Geely and SAIC Motor – which have a sharp focus on the light-duty vehicle business, took the leading positions, thanks to strong sales of their new energy light-duty buses and trucks. In contrast, owing to the slow growth in the medium- and large-size new energy bus market, OEMs such as Yutong lost ground and Zhongtong and BYD actually fell out of the top 10.

 

Geely Commercial Vehicle has taken the top position for five consecutive months, having benefited from its strong sales of both heavy- and light-duty vehicles. Light-duty buses and trucks accounted for 88% of the company’s total sales in the first nine months of the year, with its Farizon vehicle range increasing in popularity. Furthermore, Geely Commercial Vehicle also ranked 3rd for heavy-duty trucks, mainly owing to strong sales by CAMG, a subsidiary that was acquired by Geely Commercial Vehicle in 2021.

 

For more information on our China CV monthly tracker, download the brochure and report here!

Posted in: Commercial Vehicles.