China: Truck Market 2025

Truck Market Size in China

In 2022, the Chinese truck market decreased by -15% to $X, falling for the fifth year in a row after six years of growth. In general, consumption saw a pronounced contraction. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Truck Production in China

In value terms, truck production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, showed a slight reduction. The pace of growth was the most pronounced in 2015 with an increase of 17% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Truck Exports

Exports from China

In 2022, overseas shipments of trucks increased by 95% to X units, rising for the sixth consecutive year after four years of decline. Overall, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 99%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, truck exports surged to $X in 2022. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 117%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Chile (X units), Mexico (X units) and Russia (X units) were the main destinations of truck exports from China, with a combined 17% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +55.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Chile ($X) and Vietnam ($X) were the largest markets for truck exported from China worldwide, together accounting for 17% of total exports. These countries were followed by Australia, Mexico, the Philippines, Ecuador, Colombia, Saudi Arabia, Peru, South Africa, Ghana and Algeria, which together accounted for a further 16%.

In terms of the main countries of destination, Mexico, with a CAGR of +38.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average truck export price stood at $X per unit in 2022, reducing by -30% against the previous year. In general, the export price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2015 an increase of 13% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+0.5%), while the prices for the other major destinations experienced a decline.

Truck Imports

Imports into China

In 2022, purchases abroad of trucks was finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 80% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, truck imports dropped dramatically to $X in 2022. Overall, imports, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 68%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X units), Germany (X units) and Sweden (X units) were the main suppliers of truck imports to China, together accounting for 37% of total imports. These countries were followed by Austria, Italy, Russia, Belgium and Japan, which together accounted for a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +63.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of trucks to China, comprising 22% of total imports. The second position in the ranking was taken by Sweden ($X), with an 8.4% share of total imports. It was followed by the United States, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled -11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-9.0% per year) and the United States (-10.4% per year).

Import Prices by Country

The average truck import price stood at $X per unit in 2022, waning by -36.6% against the previous year. In general, the import price recorded a perceptible decrease. The pace of growth appeared the most rapid in 2019 when the average import price increased by 113% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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