Medium Duty Box Trucks

Parameter list

What is Medium duty truck?

Medium duty box trucks is a truck with a total mass of between 6 and 14 tons ‌, usually carrying a yellow license plate, which is free to move through the city and is not affected by some traffic restrictions. ‌ 12

The classification standard of the medium duty box trucks

‌ mini truck‌ : Total mass <1.8 tons.

‌ light truck ‌ : 1.8 tons < total mass ≤6 tons.

‌ medium truck ‌ : 6 tons < total mass ≤14 tons.

‌ heavy truck ‌ : total weight >14 tons.

The medium duty truck sell quantities grow up fast in 2024 year.

As we all know, at present, the overall demand of the truck industry is weak, showing a weak state, and even can be said to enter the trough. As one of the four segments of the truck market (including heavy trucks, medium trucks, light trucks and micro trucks, the same below), the truck has shown a rise against the trend, which can be described as "a single show", this phenomenon can be said to be very rare in the history of truck development in recent years, so it has attracted great attention from the industry.

China Automobile Association data show that in July 2024, China's cumulative sales of trucks 232,400 (including chassis, tractor), down 6%, of which 10,700 medium duty box trucks were sold, up 43% year-on-year, outperforming the truck market in July this year -6% year-on-year growth rate of nearly 50 percentage points. It is the only positive growth in the four segments of the truck market in July this year and the only segment with a larger increase (China Automobile Association data show that in July this year, the growth rate of heavy trucks, light trucks and micro trucks was -5%, -1.59% and -31.75%, respectively), an increase of 16 percentage points over the previous month, continuing to win the "best segment" of the truck. It can be said that the scenery is unique.

From January to July 2024, China's truck cumulative sales of 2.057 million units, a cumulative increase of 3%, of which the cumulative sales of 80,800 units from January to July this year, a cumulative increase of 23%, also led the overall truck market from January to July this year (China Automobile Association data show that From January to July this year, the cumulative growth rate of heavy trucks, light trucks and micro trucks was 2.5%, 4% and -4%, respectively, which is the most prominent market segment in the truck industry in the first July of this year.

It can be seen that whether it is July this year or January to July, the medium duty box trucks is the most shining "star" in the current weak truck industry.

Why the Medium duty trucks quickly sold in China market?

So the question comes, what is the reason that the medium duty box trucks can rise against the trend and rise suddenly in the current depressed truck market?

According to the research and analysis of the weier, the Chinese truck purchased by domestic users is mainly used in the field of logistics transportation, engineering construction and other special vehicles.

Logistics and transportation industry is mainly reflected in cold chain transportation (including insulated vehicles); The main body of engineering construction vehicles is now in the fields of dump trucks and mixing trucks; Other types of special vehicles are mainly reflected in the field of sanitation special vehicles (such as all kinds of washing and sweeping vehicles, sprinklers, dust suppression vehicles, road sweepers, etc.) and all kinds of wreckers;

In addition, some truck types in China are currently used for export and serve overseas markets.

Therefore, the current market sales of Chinese truck is not only affected by the domestic market demand, but also by the overseas market demand;

Not only that, we believes that the sales of new cars in China are also largely affected by the inventory.

The following we from the domestic and foreign market sales and inventory situation of the current demand for medium duty box trucks is briefly analyzed.

First, the demand for Chinese truck in many domestic market segments has increased year-on-year.

Although the overall market demand for domestic trucks has been weak this year, the demand for Chinese trucks in many market segments has not decreased, but has increased. It is mainly reflected in the following aspects:

1. the demand for Chinese trucks in the field of cold chain logistics transportation has increased.

According to the terminal registration data, in the first half of this year, China's refrigerated truck cumulative sales of 27,000 units, year-on-year (refrigerated truck cumulative sales of 25,700 units in the same period last year) an increase of 5%, of which the cumulative sales of mid-truck refrigerated truck about 5,000 units, an increase of 25%, outperforming the growth rate of refrigerated truck market in the first half of this year by nearly 20 percentage points. Occupied nearly 19% of the market share of the overall sales of refrigerated vehicles in the first half of this year, an increase of 4 percentage points over the same period last year, and was the segment with the largest year-on-year increase in the proportion of all types of refrigerated vehicles in the first half of this year, leading the first half of all types of refrigerated vehicle market.

Although the terminal sales of refrigerated trucks in July this year have not been released for the time being, according to industry forecasts, the high temperature weather in July this year is more, and the demand for refrigerated trucks will still show a relatively strong development trend. In other words, in July this year and in the middle of January to July, the truck-type refrigerated truck will still lead the overall refrigerated truck market, which undoubtedly provides a better support role for the truck-led truck market in July this year and in the middle of January to July.

2. in the construction vehicles, the proportion of medium duty box trucks dump trucks and mixing trucks has shown an increasing trend.

Terminal registration data show that in the first half of this year, the cumulative sales of heavy truck engineering vehicles (including dump trucks and mixing trucks, etc.) was about 38,000, down 8% year-on-year; Among them, the cumulative sales of medium-truck engineering vehicles were 0.52 million, an increase of 10% year-on-year, accounting for 13.7% of the share of medium-heavy engineering vehicles in the first half of this year, an increase of nearly 2.5 percentage points year-on-year. In other words, in the first half of this year, although the overall market of domestic medium and heavy construction vehicles showed a decline, the medium duty box trucks and heavy construction vehicles still grew year-on-year. Although the sales data of medium and heavy truck engineering vehicle terminals in July this year is still not out for the time being, according to industry forecasts, the cumulative sales growth of medium duty truck engineering vehicle terminals from January to July this year can still be maintained at 9-10%, which can still play a certain role in supporting the increase in the overall market demand for medium duty box trucks in July and January to July this year.

According to the analysis, it is mainly due to the downturn in the domestic real estate market and the lack of construction of new infrastructure projects this year, so in order to reduce the transportation cost of construction vehicles, some users who intended to buy heavy construction vehicles transferred to the purchase of medium duty box trucks type construction vehicles, so to a certain extent, promoted the growth of terminal sales of truck type vehicles in the first July of this year.

3.in the market for special vehicles such as sanitation vehicles and wreckers, the proportion of demand for medium truck types also showed an increasing trend year-on-year.

According to the terminal licensing data show that in the first half of 2024, China's cumulative sales of 37,200 sanitation vehicles, down 8.2% year-on-year, of which the cumulative sales of 14,000 medium duty sanitation vehicles, an increase of 11% year-on-year, accounting for 37.6% of the overall sales of domestic sanitation vehicles in the first half of this year, accounting for an increase of nearly 6.5 percentage points. Led the first half of this year domestic sanitation vehicle market.

The industry forecast that from January to July this year, the cumulative sales of domestic truck type sanitation vehicles reached 17,000 units, an increase of 12%, so the growth of overall truck sales in the first July of this year also played a certain supporting role.

In addition, in the wrecker market in the first half of this year, the truck type also showed a certain growth year-on-year.

Terminal registration data show that in the first half of 2024, the cumulative sales of wreckers in China were 0.95 million, an increase of 11%, of which the cumulative sales of medium duty box trucks wreckers were 0.1,300, an increase of 14%; The industry predicts that the cumulative sales of the domestic medium duty box trucks type in January to July this year will exceed 0.1,600 units, an increase of about 15% year-on-year, so it also gives the growth of the domestic medium trucks market in January to July this year.

Second, the overseas exports of Chinese trucks rose more than 30% year-on-year, leading the rise of China's medium duty box truck export market, becoming the biggest driving force to promote the growth of Chinese truck sales

According to the China Automobile Circulation Association data, in the first half of 2024, China's total exports of 26,000 vehicles, up 32% year-on-year, is the highest year-on-year growth rate of truck exports of various segments, leading the first half of this year, China's truck export market 6% year-on-year growth rate of nearly 26 percentage points (see screenshot 1). Become the first half of this year in China's truck export market in the "most fierce" subdivision models;

According to industry forecasts, from January to July this year, China's accumulated exports of more than 30,000 trucks, an increase of about 30%, is still the most eye-catching market segment in China's January to July truck export market. It can be seen that the Chinese truck exports from January to July this year soared year-on-year, which made a huge contribution to the overall Chinese truck market in January to July this year, leading the truck market in January to July this year, and became the biggest "contributor" to the growth of the Chinese truck market in January to July this year.

Third, the minimum stock of trucks, good for manufacturers to buy new models

Since the previous truck has been the weakest segment of the "presence" in the truck market, the general truck marketing manufacturers do not "like" the medium duty truck type, and worry about buying more than selling. Due to the small number of medium truck types purchased before, the inventory is relatively small compared to heavy trucks, light trucks and other models. That is to say, because some manufacturers have less pressure on the medium duty truck inventory this year, so this has provided support for some manufacturers to buy new medium duty truck in this year, the direct performance is that in July this year and January to July in the truck sales rose year on year, which is leading to July this year and January to July in China's truck sales led the truck market an important reason.

Since this year, the governance of the "large ton small label" blue truck phenomenon has been stricter in many places, providing new opportunities for the yellow truck market.

According to theweier research found that since this year, many places have increased the governance of non-compliant blue truck light trucks, so this year's yellow truck market has brought certain opportunities. Especially for the truck friends who often walk at high speed, run green for a long time, run freight, and receive goods on the freight platform, due to the increased risk of non-compliance of blue truck light trucks, the number of yellow truck trucks recently increased than before.

Fifth, Jiefang, Sinotruk, BYD and other mainstream enterprises have performed "strongly", which has provided strong support for the good performance of the Chinese truck market since the beginning of this year.

In July 2024 and from January to July, Jiefang, Sinotruk, BYD and other mainstream enterprises in the industry performed very well in the Chinese truck market.

China Automobile Association data show that in July this year, Jiefang, Sinotruk and BYD's sales increased by 205%, 80% and 37,500%, respectively. From January to July this year, the cumulative growth rate of Jiefang, Sinotruk and BYD in the Chinese truck market was 72%, 77% and 2332%, respectively. It can be seen that these three mainstream enterprises have provided effective support for the current year-on-year surge in the truck market.

Sixth,The small sales base of medium duty box trucks in the same period last year laid the foundation for the year-on-year increase of trucks in July this year and from January to mid-July.

It is the superimposed effect of the above many factors, resulting in the current weak overall truck market can rise against the trend, a unique!

There is reason to believe that with the implementation of favorable policies such as replacing old with new, after August this year, China's truck market will be better!

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