Chinese CV Market Demand Continues Strong Decline in Q3/22

Chinese commercial vehicle market demands for heavy trucks, medium trucks and tractors continued a strong decline, affected by policy, market and economic factors, according to the recent release of ACT Research’s China Commercial Vehicle OUTLOOK.

In Q3/22, domestic sales of heavy trucks, excluding tractors, were down nearly 31% year-over-year. Q1/22 sales were consistent with last year’s run rate, but Q3/22 continued to slow down.

Freight hauling and specialty trucks saw their market shares decrease from the previous quarter, as the dump truck demand proved more resilient. The growth rates for all heavy truck types continued to decline during the quarter.

Three factors influenced the market in Q3/22:

  • COVID-19
  • Logistics balance
  • Industrial considerations

As COVID continued to negatively impact economic performance, economic growth was mixed. Conditions that delayed production and projects, like extreme weather conditions, starts; and the more-vehicle-than-freight supply-demand balance remains a drag and high oil prices pressured rates and reduced carrier profits.

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