ACT: Setbacks for China’s CV Markets in Q1, Some Segments to Improve in Q2
JUL 1, 2020 - 6:18 am
According to the ACT Research‘s China Commercial Vehicle Outlook, China’s heavy and medium commercial vehicle markets suffered a severe setback in Q1/20 due to the COVID-19 virus. However, the truck portion of China’s commercial vehicle market has already shown a significant recovery in the first two months of Q2/20.
The consumer-facing segments of China’s economy are likely to give less support to the heavy and medium truck markets, particularly with GDP growth muted as a result of COVID-19. Ongoing structural changes, such as stricter weight-limit enforcement, modal shifts and the removal of NSIII vehicles within China’s CV markets are helping to offset COVID-19-impacted consumption. Demand for bulk goods in construction markets is expected to recover in the next six months as infrastructure investment once again becomes the main driver of growth in China’s economy.
In the meantime, freight-hauling overcapacity will continue to be a drag on freight rates and new vehicle sales until supply and demand become more closely aligned.
The China CV Outlook, jointly published quarterly by ACT and China’s State Information Center (SIC), includes a review and forecast of China’s heavy tractor and heavy and medium duty truck and bus markets, as well as analysis of OEM market shares within China and an overview of the Chinese macroeconomy. This quarterly report also includes access to monthly wholesale data, alternative fuels by CV application, market share percentage, industrial policy impacts and a look at the competitive landscape.
SIC is affiliated with the National Development and Reform Commission of China and is engaged in research on the macroeconomy, key industries and information technology.
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