In 2023, the possession of light trucks in China stood at 25.7 million units, showcasing a steady upward trend from the 1.3 million units in 2013. The year-on-year variation over the last two years has been 7.05% in 2022 and 6.52% in 2023, reflecting consistent growth. Over a five-year period, the compound annual growth rate (CAGR) from 2019 to 2023 averaged 8.25%. From 2013 to 2023, the sector has experienced robust growth, although the pace of increase has slowed slightly in recent years.

Future trends to watch for include:

A forecasted rise in light truck possession to 33.3 million by 2028, driven by a forecasted five-year CAGR of 4.1%.
Increasing demand for advanced features and smart technologies in light trucks.
Growth in electric and hybrid light truck options as China pushes towards greener transportation solutions.