China's Truck Exports Grew by 29% YOY to 220,789 Units in H1, 2022
In recent years, Chinese branded trucks have been significantly improved in terms of appearance, quality and intelligent connected configuration. The gap between Chinese brand trucks and joint venture products has narrowed and in some aspects they can even surpass those of joint ventures.2. Some important changes have occurred in overseas investment mode over recent years. The changes overseas investment mode undergone is from original trading patterns, partly KD, to patterns of direct investment. A number of factories with direct investment from the truck manufacturer have started series production outside of China and are ramping up production to support the sales of independent brands in overseas markets.
3. China truck makers began to focus on building their own brands in overseas markets. Localized production and marketing is beneficial to build brand image and promote brand's awareness and reputation. FOTON, SINOTRUK, Jiefang were among the top-performing players in exports, creating a good reputation for future development.
4. Chinese branded trucks are favored by some developing countries for their high-quality performance good price.
5. Russia has seen a modest recovery, contributing significantly to China's truck exports. In the first half of the year, the number of trucks exported to Russia reached 9,384, which were 6,300 units more than in the same period in 2021 (3097 units).
6. Latin American countries are maintaining a high growth momentum, which seems to be very favorable for truck export growth. Customs data shows that the number of trucks exported from China to Chile in the first half of this year increased by 50% to 37,689 units, a volume that is 12,000 units more than the same period last year. In Mexico, up to 15,988 Chinese trucks were exported to the country, a jump of 513% year-on-year and 13,300 units more than the same period last year.
Quantity and proportion of each segment by tons in H1, 2022
In Jan-June period, cumulative exports of light trucks (Vehicles with weight less than or equal to 5 tons) reached a total of 150,874 units, up 31% year-on-year, with the largest share of 68.4 percent. This indicated that the global demand for light-duty trucks is increasing because they are mostly used in logistics and delivery sectors.
From January to June, a total of 38,963 heavy-duty trucks (vehicles weighing 14 tons or more) were exported, up 16% year-on-year and accounting for the second largest share of 17.6%. This indicated that the global demand for heavy-duty trucks is increasing and the majority of the heavy trucks operating as long-haul road freight trucks or express trucks.
Medium trucks (vehicles weighing less than or equal to 14 tons greater than 5 tons) came to the third place with export volume of 24074 units and 21% YoY increase, representing 10.9% of the exported trucks. Most of them were used as special-purpose vehicles for logistics and sanitation vehicles.
Others mainly went to special vehicles, which got the least share of 3.1% with an exports volume of 6878 units and an increase of 165% year on year.
Quantity proportion of truck exports by power type in H1, 2022
The number of diesel trucks exported reached 147,723 units, up 22% year-on-year and representing nearly 70% (66.9%) of the total.
This was followed by gasoline-powered trucks, which accounted for 29.9 percent of exports at 66,065 units, up 36 per cent year-on-year.
And then further down the list are electric trucks. With 4,144 electric trucks exported, it accounted for 1.88% of total exports.
Plug-in hybrid trucks have the lowest number of exports, at 123 units, representing a negligible 0.056%.
There were 2734 units exported trucks with a power type not yet known, representing1.24% of the total.
In this way, it seems that diesel-powered trucks are now the most popular one among Chinese brand trucks in overseas markets; while new energy trucks, including pure electric and plug-in hybrid, show strong growth though they are relatively few in numbers.
Chile is the country with the largest number of Chinese branded trucks among the TOP 10 exporting countries. In the first half of 2022, the number of trucks exported to Chile reached 37,689, up 50% year-on-year, with a market share of 17.07%. This is something China trucks depend on for a significant increase in Jan.-June, 2022. The second highest export destination country is Vietnam, to which China exported 24156 units, up 24% year-on-year, with a market share of 10.94%. Mexico has the third-largest number, with an export volume of 15988 units, representing a year-on-year increase of 513% and a market share of 7.24%. Australia has the fourth-largest number, with an export volume of 9950 units, representing a market share of 4.51% and down 20% YOY. Ecuador has the fifth-largest number, with an export volume of 9432 units, up 58% year-on-year, and a market share of 4.27%. Russia comes to the sixth place, to which 9384 China trucks were exported, with a 203% jump year-on-year and a market share of 4.25% has become the most important driving force behind the exports growth. The seventh place went to the Philippines, to which 8961 China trucks were exported, with a 4% decline year-on-year and a market share of 4.06%. Colombia ranked in the eighth place with a market share of 4.05%, to which 8956 China trucks were imported, up 74% year-on-year. Peru ranked in the ninth place and imported 8325 trucks from China, up 2% year-on-year and accounting for 3.77% of the total market share. Saudi Arabia ranked in the tenth place and imported 6332 units from China, up 48% year-on-year and accounting for 2.87% of the total export market.
Overall, the TOP10 export destination countries have all registered a year-on-year growth, with Mexico seeing the fastest growth and Australia seeing the largest decline. The TOP10 export destination countries together accounted for a market share of 62.1%.
At present, China trucks are mainly exported to economically underdeveloped countries and regions. While In developed European countries, Chinese trucks still do not have a clear competitive advantage and need to be further improved.
Source : www.chinatrucks.com
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