Commercial Vehicle Sales

1. Definition and Data Sources

Commercial vehicle sales refers to the statistical metric tracking the total sales volume registered by domestic commercial vehicle manufacturers within a given period, primarily encompassing commercial lorries and buses/coaches. Commercial vehicles are primarily deployed for industrial transport and public utility services; hence, fluctuations in sales figures serve as a leading economic indicator reflecting infrastructure spending, logistics activity, and overall economic momentum. Released periodically by the China Association of Automobile Manufacturers (CAAM), this dataset is a pivotal reference for gauging macroeconomic trends and industry sentiment.

2. H1 2026: Steady Overall Volume, Structural Divergence

Between January and June 2026, commercial vehicle production and sales volumes reached 2.272 million units and 2.297 million units, rising 8.2% and 8.3% year-on-year (YoY) respectively, defying the broader downturn experienced in the passenger vehicle segment. However, this growth momentum was predominantly driven by export markets—overseas shipments climbed 32.5% YoY to 664,000 units, accounting for nearly 90% of total net sales growth. In contrast, domestic deliveries stood at just 1.633 million units, up marginally by 0.8% YoY, highlighting a distinct trend of robust external demand against a sluggish domestic market.

Lorries remained the primary volume driver in the commercial vehicle market, registering 2.019 million units in the first half—an 8.7% YoY increase. Across sub-categories, heavy-duty commercial lorries (prime movers/heavy trucks) led the charge with 661,000 units sold, up 22.6% YoY. Light commercial lorries recorded 1.05 million units, edging up by just 1.3% YoY as saturated urban logistics demand dampened growth. Bus and coach sales stood at 278,000 units, growing 5% YoY on the back of regional transit fleet renewals and solid overseas deliveries.

3. New Energy Commercial Vehicles: Rapid Market Penetration

New energy commercial vehicles (NECVs) are rapidly evolving from supplementary offerings into a core force reshaping the automotive landscape. In the first half, domestic sales of NECVs hit 496,000 units, surging 40.2% YoY. Monthly penetration reached 40.9% in June alone, while the cumulative penetration rate for H1 stood at 30.4%, marking an increase of roughly 6.8 percentage points YoY.

In the heavy commercial vehicle (HCV) sector, electrification has been particularly aggressive. First-half sales of new energy heavy commercial lorries reached roughly 140,000 units, a sharp 75.9% YoY surge, contributing to 88% of domestic heavy lorry sales growth. In June alone, the market penetration of new energy heavy lorries climbed to 43.6%. Major industry players have aggressively expanded their green vehicle portfolios: SINOTRUK registered 22,100 units of new energy heavy lorries, up 135% YoY, while FAW Jiefang saw its new energy medium- and heavy-duty lorry deliveries exceed 20,000 units, climbing 43% YoY.

4. Exports: The Key Growth Engine

Exports have emerged as the crucial pillar underpinning commercial vehicle expansion. In 2025, commercial vehicle exports surpassed the one-million mark for the first time, reaching 1.06 million units. In the first half of 2026, exports hit 664,000 units, up 32.5% YoY, accounting for 28.9% of total commercial vehicle sales—meaning nearly three out of every ten commercial vehicles produced were shipped abroad.

In terms of geographical breakdown, Africa has become the single largest export destination. In H1 2026, heavy commercial lorry shipments to Africa reached 95,000 units, up 75% YoY and accounting for 47.9% of total heavy lorry exports; deliveries to Southeast Asia reached 50,000 units, while Latin America took in 17,000 units, representing gains of 32.9% and 69.5% respectively. Leading the pack, SINOTRUK maintained its market supremacy with 103,000 units exported in H1 (up 46.5% YoY), while Foton Motor exported 22,000 units (up 63.4% YoY), marking some of the fastest growth in the industry.

5. Future Outlook and Industry Trends

The commercial vehicle market is currently charting three structural trends: First, exports will remain the key growth catalyst, as demand for infrastructure development, freight logistics, and mining haulage across overseas markets continues to expand; second, new energy adoption is set to accelerate, with penetration rates projected to surpass 50% by 2030, though the industry must navigate the challenge of volume growth offset by compressed margins, with capacity utilisation remaining below 60% and heavy lorry profit margins dipping below 4%; third, market consolidation is intensifying, with top-tier players (CR5) expected to command greater market share while uncompetitive, trailing manufacturers are phased out. Concurrently, the global push of Chinese commercial vehicle marques is evolving from purely transactional vehicle sales towards a comprehensive ecosystem strategy built around local assembly, aftersales service networks, and end-to-end fleet solutions.