As the segment with the largest sales volume and the most fierce competition in the field of commercial vehicles, light trucks have always attracted the most attention from the industry. How will the light truck market perform in May 2024?
According to data from the China Association of Automobile Manufacturers, the sales of light trucks in May 2024 will be 157,200 units (invoicing data, including exports, the same below), a decrease of 0.79% from 158,400 units in April, and a slight increase of 6.77% from 147,200 units in May last year, achieving a development trend of a small year-on-year increase and a slight month-on-month decline.
From the perspective of the performance of light truck car companies, in May 2024, there are 6 companies in the light truck industry with sales of more than 10,000 units, and 1 company with more than 30,000 units, of which the top three car companies are:
Foton Motor sold 34,711 units, ranking first, Changan Automobile sold 18,162 units, ranked second, Great Wall Motors sold 15,101 units, ranked third, TOP10 increased by 6 and decreased by 4 year-on-year, led by Xinyuan;
From January to May 2024, the cumulative sales of light trucks were 806,900 units, a year-on-year increase of 4.07%.
The main characteristics of the light truck market in May 2024 are briefly analyzed.
Feature 1: Sales increased slightly year-on-year and decreased slightly month-on-month
According to data from the China Association of Automobile Manufacturers, the sales of light trucks in May 2024 were 157,200 units, a slight decrease of 0.79% month-on-month and a slight increase of 6.77% year-on-year, showing a slight year-on-year increase and a slight month-on-month decline.
--- sales of light trucks in May this year increased slightly by 6.77% year-on-year, according to the analysis, the sales base was high in the same period last year, and the market environment improved in May this year, which led to a year-on-year increase, but the increase was small.
--- fell 0.79% month-on-month in May this year, mainly due to the fact that April this year is the traditional peak season market, and the PMI index of the mainland manufacturing industry in May this year was 49.5%, down 0.9 percentage points from 50.4% in April, which means that the market prosperity in May was worse than in April, indicating that the demand for light trucks in May was weaker than in April.
Feature 2: Outperform year-on-year and lead the truck market month-on-month
Table 1, according to the data of the China Association of Automobile Manufacturers, the year-on-year comparison of light truck sales in May 2024 with the truck market:
The table above shows:
In May 2024, the sales volume of light trucks was 157,200 units, a month-on-month decrease of 0.79%, outperforming and leading the rise of the truck market in May this year, with a month-on-month increase of nearly 3.65 percentage points of -4.44%, becoming the main force to curb the month-on-month decline in the truck market in May this year.
In May 2024, the sales volume of light trucks increased by 6.77% year-on-year, outperforming the 1.68% year-on-year increase of nearly 5.09 percentage points in the truck market in May this year, and it was the second segment with the highest year-on-year growth rate among the four truck segments in May this year.
In short, in May this year, the light truck market outperformed year-on-year and led the truck market month-on-month.
Feature 3: Sales volume ranked fourth in the same period in the past 10 years, at the middle and upper level
Table 2, comparison of light truck sales and year-on-year growth rate in May in the past 10 years (data source: China Association of Automobile Manufacturers):
The above table shows that in the sales of light trucks in May of the past 10 years:
The sales volume in May 2024 will be 157,200 units, ranking fourth in the same period in the past 10 years, and the overall level is at the upper middle level, and the year-on-year increase is 6.77%, which shows that the sales of light trucks in May this year have performed well in the same period in the past 10 years. Compared with the sales of 150,000 units in the same period of 2019 before the epidemic, an increase of 7,200 units, that is, the sales of light trucks in May this year have returned to the normal level before the epidemic. According to the analysis, the main reasons are:
First, the domestic economy is currently in the stage of recovery growth, and the demand for light trucks is also at a normal level;
Second, with the increase in the implementation of the new regulations on blue light trucks, the demand for compliant light trucks has increased;
Third, the country has recently intensively introduced a series of policies to support the development of new energy logistics vehicles, resulting in a year-on-year increase in the sales of new energy light truck logistics vehicles, so to a certain extent, the overall market sales of light trucks in May this year have been boosted.
Feature 4: The cumulative sales volume in the first five months ranked third in the same period in the past 10 years, at a good level
Comparison of light truck sales and year-on-year growth rate from January to May in the past 10 years (data source: China Association of Automobile Manufacturers):
The above figure shows that in the cumulative sales of light trucks from January to May in the past 10 years:
The cumulative sales from January to May 2024 will be 806,900 units, ranking third in the same period in the past 10 years, at a good level as a whole, and a year-on-year increase of 4.07%, which shows that the sales of light trucks from January to May this year have performed well in the same period in the past 10 years. This is nearly 20,000 units short of the 827,000 units sold in the same period in 2019 before the pandemic. In other words, the sales of light trucks from January to May this year have not fully returned to the normal level before the epidemic. The main reason is that the market demand for light trucks has not fully recovered from January to May this year.
Feature 5: May: Foton exceeded 30,000 vehicles to dominate the list, Great Wall and Changan both exceeded 15,000 vehicles, ranking second and third respectively, and the TOP10 increased by 6 and decreased by 4 year-on-year; Liberation leads the gains
Table, 4, Top 10 light truck sales in May 2024 (data source, ; China Association of Automobile Manufacturers)
The chart above shows:
--- Foton Motor sold 34,711 vehicles, which is the only car company in the industry with sales of more than 30,000 vehicles, a year-on-year increase of 5.55%, underperforming the market, accounting for 22.08% of the market, and dominating the list;
--- Changan Automobile ranked second, with sales of 18,162 units, a year-on-year increase of 11.25%, outperforming the market, accounting for 11.55% of the market
--- Great Wall Motors (mainly pickup trucks) sold 15,101 vehicles, a year-on-year decrease of 18.8%, underperforming the market, accounting for 9.61% of the market, ranking third;
--- the rest of the car companies sold less than 15,000 vehicles.
--- TOP10 increased by 4 and decreased by 6 year-on-year, of which Xinyuan Automobile increased by 62.3% year-on-year.
In short, in the competition pattern of the light truck market in May this year, Foton exceeded 30,000 units to dominate the list, Changan and Great Wall both exceeded 15,000 units, ranking second and third respectively, and the TOP10 increased by 4 and decreased by 6 year-on-year; Xinyuan Automobile led the gains.
Feature 6, the first 5 months of cumulative sales: Futian Chang'an Dongfeng ranked in the top three; TOP10 increased by 8 and decreased by 2 year-on-year, led by Xinyuan; The market share increased by 7 and decreased by 3 year-on-year, and Xinyuan increased the most
Table 5, according to the data of the China Association of Automobile Manufacturers, the sales ranking of the top 10 car companies in the first five months of 2024:
As can be seen in the chart above, in the first five months of 2024, the market share and share of the top 10 light trucks increased or decreased year-on-year:
1. Foton has sold a total of 177,400 vehicles, a year-on-year increase of 1.65%, accounting for 21.99% of the market, a year-on-year decrease of 0.52 percentage points, which shows that Foton's dominance has weakened slightly year-on-year.
2. Changan Automobile sold a total of 90,947 vehicles, ranking second, with a year-on-year increase of 13.76%, accounting for 11.22% of the market, accounting for an increase of 0.96 percentage points year-on-year.
3. Dongfeng Motor sold a total of 81,891 vehicles, a year-on-year increase of 8.45%, and the market share was 10.15%, ranking third, accounting for an increase of 0.41 percentage points year-on-year, and the performance was acceptable;
4. JAC sold a total of 78,231 vehicles, a year-on-year increase of 7.89%, with a market share of 9.7%, ranking fourth, and the market share increased by 0.35 percentage points year-on-year.
5. Great Wall Motors sold a total of 76,665 vehicles, a year-on-year decrease of 10.93%, with a market share of 9.5%, ranking fifth, and a year-on-year decrease of 1.6 percentage points in the market share;
6. Jiangling Motors sold a total of 53,925 vehicles, ranking sixth, a year-on-year increase of 8.88%, accounting for 6.68% of the market, an increase of 0.29 percentage points year-on-year.
7. The cumulative sales of the rest of the car companies are below 50,000 units, and the market share is less than 5.5%.
It can be seen that in the competition for market share of light trucks in the first five months of 2024, Foton dominates the list, Changan is second, and Dongfeng is third; TOP10 increased by 8 and decreased by 2 year-on-year, led by Xinyuan Automobile (an increase of 94.74%); The market share of the TOP10 increased by 7 year-on-year and decreased by 3, and the year-on-year share of Brilliance Xinyuan increased the most (by 2.49 percentage points).
In short, the sales of light trucks in May 2024 were 157,200 units, showing a slight year-on-year increase and a slight month-on-month decline, ranking fourth in the same period in the past 10 years, and the performance was acceptable.
How will the light truck market perform in the next six months?
Please stay tuned for the data analysis of China Truck Network in the later stage!