In 2023, the possession of trucks in China stood at 3.70 million units. Forecasted data for the years 2024 to 2028 indicate a steady upward trend in truck possession. The year-on-year percentage variations are as follows:
- 2024: 4.32%
- 2025: 4.92%
- 2026: 4.20%
- 2027: 4.03%
- 2028: 3.87%
These figures translate into a Compound Annual Growth Rate (CAGR) of approximately 4.26% over the five-year period from 2024 to 2028.
Future trends to watch for include the rapid adoption of electric trucks as China pushes for reduced emissions, the impact of new regulations on freight and logistics, and advancements in autonomous driving technologies which could further influence truck possession rates.
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