Domestic need for heavy trucks increased significantly in Q4/16, rising nearly 36%, albeit slower than Q3/16’s 51% year-over-year expansion, according to the most recent China Commercial Vehicle Outlook, jointly published quarterly by ACT Research and China’s State Information Center (SIC).
The outlook includes an overview of the China economy and a review and forecast of China’s heavy and medium-duty truck and bus markets, as well as analysis of OEM market shares within China.
“Coupled with improvement in market demand, the levelling-out of China’s economy and lower base year comparisons made for what seems like rapid year-over-year recovery in every commercial vehicle segment during Q4/16,” said Robert Perkins, senior global business consultant at ACT.
Driven by the continued impact of the GB1589 regulation, the tractor segment fared very well in Q4/16, with more than 118% year-over-year growth, compared to 42% in the previous quarter. Medium duty truck sales registered a moderate growth rate of more than 6% year-over-year in Q4/16, compared to the very healthy 22% year-over-year reported in Q3/16.
“Driven by the implementation of new energy subsidies, domestic demand for large and medium buses gained sales growth momentum in Q4/16,” Perkins said.
SIC is affiliated with the National Development and Reform Commission of China and is engaged in research on the macro-economy, key industries and information technology.
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