The possession of private medium trucks in China has shown a significant declining trend from 2013 to 2023. Starting at 111.85 ten thousand units in 2013, it dropped to 55.54 ten thousand units by 2023. The most substantial decline occurred between 2014 and 2015 with a year-on-year drop of 17.43%. However, there was an unusual uptick in 2022 with a 21.08% increase from the previous year, followed by a slight decrease again in 2023 by 3.39%. Over the last five years, the Compound Annual Growth Rate (CAGR) was -4.13%.
Future trends to watch for include:
- The forecasted data shows a continued decline with a five-year CAGR of -2.52%, indicating that the possession of private medium trucks in China will possibly reach 46.53 ten thousand units by 2028.
- The total growth rate over the next five years is expected to be -11.97%.
- The medium truck market's contraction may suggest that businesses are shifting towards more efficient logistics methods or changes in transportation regulations.
