Key Market Indicators
Chinese commercial vehicle registrations are projected to hit approximately 4.6 million units by 2028, up from about 3.5 million units in 2023. This represents an annual compound growth rate (CAGR) of 4.2%. Despite this growth, the Chinese market has seen a decline of 4.3% year on year since 2010. In 2023, China ranked fifth in commercial vehicle registrations, trailing Argentina, which registered around 3.5 million units. Canada, Mexico, and Argentina occupied the second, third, and fourth spots, respectively. On the production front, China's commercial vehicle output is expected to reach roughly 2.2 million units by 2028, up from around 2.1 million units in 2023. This marks a modest annual growth rate of 1.2%. Since 2002, Chinese supply has increased by 0.7% annually. In 2023, China stood third in commercial vehicle production, with Mexico leading at approximately 2.1 million units. Mexico, China, and Canada ranked second, third, and fourth, respectively, in this category.
