In 2023, the possession of new registrations of medium trucks in China stood at 53,900 units. The year-on-year variation showed a decline of 11.79%, continuing the downward trend observed since 2022. Over the previous two years, significant negative growth rates can be noted, indicating a tapering demand for medium trucks. The last five-year compound annual growth rate (CAGR) was modestly positive at 1.7%, primarily influenced by variances in specific years of increase, such as in 2021.
Looking into the future, the forecast suggests a sharp decline in medium truck registrations, projected to decrease to 19,000 units by 2028. With a five-year forecasted CAGR of -16.52% and an overall expected reduction of 59.45% from 2023 to 2028, a substantial reduction in market size is anticipated.
Future trends to watch for:
- Changing regulatory environments and emission standards in China.
- Adoption rate of alternative fuel and electric medium trucks.
- Economic factors impacting logistics and transport sectors.
- Technological advancements and automation within the trucking industry.
