[First Commercial Vehicle Network Original].
In 2023, China's commercial vehicle and truck market will continue to recover, with the overall growth rate of the commercial vehicle and truck market reaching 22%. As the segment with the largest share in the truck market and even the entire commercial vehicle market, the performance of the light truck market in 2023 is not outstanding, not only underperforming the truck market from March to October for eight consecutive months"** Its annual growth rate of 17% is also lower than the overall growth rate of the commercial vehicle and truck market.
In the first month of 2024, both truck and commercial vehicle sales have achieved a considerable increase in "good start", but what about the performance of the light truck market? What are the new highlights and highlights of the light truck market in the new year? Please see the analysis report of the first commercial vehicle network.
Sales 16220,000 units, up 82% January, the second-highest start in a decade
The first commercial vehicle network recently learned that according to the data of the China Automobile Association (the number of invoices issued by enterprises, the caliber of non-terminal actual sales, the same below), in January 2024, a total of 28880,000 units, down 7% m/m from December last year, but up 82% y/y. Compared to January last year, all four segments of the truck market have delivered growth reports. As the market segment with the largest truck market share and the most fierce competition, China's light truck (including light trucks, small trucks, pickup trucks, etc., hereinafter referred to as "light trucks") market in January 2024 will hand over the report card is: sales 16220,000 units, down 14% m/m and up 82% y/y, a significant increase from the previous month (38% y/y increase in the light truck market in December 2023).
In January, the truck market as a whole achieved a year-on-year growth of 82%, and the four truck market segments all achieved growth, of which the heavy truck market increased by 99% year-on-year, the highest increase, and the year-on-year growth rate of medium trucks and micro trucks was lower than the overall 82% of the truck market, underperforming the market.
The analysis of the first commercial vehicle network believes that the light truck market in January 2024 will increase by more than 8 percent, one is due to the low sales volume in the same period last year (less than 90,000 units, the lowest in history), and the other is that January this year was not affected by the Spring Festival holiday as last year, which is a complete "sprint month", therefore, the light truck market in January this year to achieve growth, and even a large increase can be said to be expected, 16The sales volume of 220,000 units is also a good performance, and the harvest at the beginning has increased by more than 8%, which undoubtedly makes people have higher expectations for the light truck market in 2024.
Why do you say 16220,000 units is a decent performance? Let's take a look at how the last 10 young card markets have started!
In terms of January sales in the past ten years alone, around 150,000 units is the normal level of the light truck market in January, and the situation that is significantly higher or lower than 150,000 units is actually only 19 units in January 2021380,000 units and 8930,000 units. As can be seen in the figure above, the light truck market in January this year was 16Sales of 220,000 units are at a high level in the past decade, only lower than the highest level in January 2021, when the decade was high. Starting with the second highest sales volume in a decade and a year-on-year increase of 82%, it means that 2024 will be a year worth looking forward to and full of enthusiasm for both the light truck industry and the market "players".
Five companies sold more than 10,000 vehicles per month, and Xinyuan rose sharply into the top ten
The light truck market as a whole has a very good start in 2024, and the gold content of the "good start" is also very high. So, what is the performance of the leading automobile companies in the light truck market?
January 2024 list of major light trucks (including small trucks and pickup trucks) sales volume (unit: units).
In January 2024, there are 5 companies with sales of more than 10,000 units in the light truck market, and the number of companies with monthly sales of more than 10,000 units decreased by one from the previous month90,000 units, 2050,000 units, 1830,000 units, 1740,000 and 1550,000 units, with a monthly share of the total. 74% and 953%。In January 2024, the total share of the top 10 companies in the light truck market reached 9041%, of which the total share of the top five companies is close to 70%, reaching 6824%, and the industrial concentration has been further strengthened (the total share of the top 10 young cards in 2023 is 85.).76%, and the total share of the top five in the industry is 625%）。
In January 2024, the light truck market fell by 14% month-on-month, Foton, Jiangling, Datong and other companies saw a decline in sales in January compared with December last year, and Jianghuai, Changan, Dongfeng, Xinyuan Automobile, Jiefang and other enterprises achieved month-on-month growth, of which Jiefang increased by 220% month-on-month, with a performance of more than 6,000 units in the first month of 2024 to enter the top ten of the sales list.
Compared to the same period last year, growth was also not the only melody of the light truck market in January. Foton, JAC, Chang'an, Dongfeng, Jiangling, Xinyuan Automobile, Jiefang and other enterprises increased by % and 271% year-on-year respectively, and many companies have doubled the performance of the "good start", and outperformed the light truck market "** Including JAC, Chang'an, Dongfeng, Jiefang, etc., a number of enterprises in January to achieve a month-on-month, year-on-year double increase. At the same time, some companies have declined, and even suffered a month-on-month and year-on-year decline. From the perspective of growth, the light truck market in January still showed a scene of some people happy and some worried.
In January 2024, Foton Motor will start with 390,000 units, 2406% of the monthly share, without any suspense, grabbed the first place in the sales list of the light truck market in the first month of 2024, and grabbed the "good fortune" in the new year.
In January 2024, the market pattern of light trucks has changed a lot compared with the year-end ranking in 2023, except for Foton, which "dominates the list", only Jiangling Motors, which ranks 6th, remains the same as last year's year-end ranking. JAC grabbed the 2nd place in the monthly list (ranked 4th at the end of 2023), Chongqing Changan grabbed the 3rd place in the monthly list (ranked 5th at the end of 2023), Xinyuan Automobile grabbed the 7th place in the monthly list (ranked 10th at the end of 2023), and Jiefang entered the top 10 in the monthly list, ranking 10th (ranking 12th at the end of 2023). At the same time, there are also many companies in January ranking lower than last year's year-end ranking, but the performance of one month does not say anything, and the performance of each company is more worthy of attention.
Compared with the same period last year, the market share of Foton, JAC, Dongfeng, Jiangling, Xinyuan and Jiefang has increased significantly, and the most obvious improvement is Futian, Dongfeng, Xinyuan and Jiefang, and the share of the four enterprises in January this year increased by 2 compared with January last year09 percentage points, 227 percentage points, 282 percentage points, and 198 percentage points (as shown in the chart above). At the same time, the share of many companies declined compared with the same period last year, and the most severely affected companies fell by more than 4 percentage points. Just over a month after 2024, the increase or decrease in the share of one month is not of much significance, because any company has many opportunities to catch up this year.
It's too early to talk about "relegation", and you still have a chance
In 2023, the suspense of the top ten relegation zones for light trucks is mainly concentrated among the three enterprises of Xinyuan Automobile, Jiangxi Isuzu and FAW Jiefang. However, due to the poor performance of the two companies Jiefang and Jiangxi Isuzu in 2023, the two companies actually basically declared that the top ten at the end of the year were hopeless after September. Xinyuan Automobile is 6With a cumulative sales volume of 450,000 units, it ranked 10th, and successfully advanced to the top 10 in the light truck industry in 2023 from 11th at the end of 2022.
In the first month of 2024, the fate of the three "little partners" is not the same: Jiangxi Isuzu ranks 13th on the monthly list, Xinyuan Automobile and Jiefang both "kill" into the top ten, ranking 7th and 10th in the monthly list, respectively, and the share of the two companies in January has expanded compared with their market share in 2023 (Xinyuan Automobile and Jiefang will share 3 in the light truck market in 2023 respectively41% and 189%）。
In 2023, long-range commercial vehicles and Xinyuan automobiles will each win 8160,000 and 6The cumulative sales of 450,000 units won the 9th and 10th place in the year-end ranking of the light truck market, and finally succeeded in the "light truck super league". In January 2024, long-range commercial vehicles were squeezed out of the top 10 of the monthly list, ranking 12th, and Xinyuan Automobile grabbed the 7th position in the monthly list. But it should be noted that the 2024 young card market qualifying competition has just begun, whether it is Xinyuan and Jiefang, which are in the top ten, or Long-distance and Qingling, which are temporarily ranked outside the top ten, or even Jiangxi Isuzu, the performance of 1 month can not say anything, and how several companies will perform next in 2024, this site will continue to pay attention.
Conclusion:
In January, the light truck market was 16220,000 units, a year-on-year increase of 82% performance start, for this year's light truck market to get off to a good start. The 2024 young card "Super League" has been ignited, how will the market develop next? Can the companies that grabbed the good fortune in January continue to perform well in the future? In the end, which ten companies can leave their names on the list of the top 10 light trucks? Stay tuned for the next report on this site.