In January 2025, the sales volume of commercial vehicles in China was less than 300000 units, a year-on-year decrease of 10%, and failed to achieve a good start.

In February, various industries resumed work one after another, and the demand for goods transportation increased rapidly compared to January. Can the commercial vehicle market enter an upward trend? What new changes have occurred in the industry landscape?

In February, 313300 vehicles were sold, a month on month increase of 8% and a year-on-year increase of 25%

According to the latest information from the First Commercial Vehicle Network, according to data from the China Association of Automobile Manufacturers (based on the number of invoices issued by enterprises and non terminal actual sales), in February 2025, China's commercial vehicle market sold 313300 vehicles, an increase of 8% compared to January this year and a year-on-year increase of 25%. The year-on-year growth rate has turned positive (the commercial vehicle market in January decreased by 10% year-on-year).

Looking at the sales and growth trend chart of commercial vehicles in February of the past five years, it can be seen that the commercial vehicle market has shown an increasing decreasing increasing decreasing increasing trend in February. The sales peak in February of the past five years was in 2023, when the commercial vehicle market sales reached 323500 units. Except for February 2023, the sales volume in February 2025 also exceeded 300000 units. The sales volume of commercial vehicles in February of other years is not significantly different, all in the range of 250000 to 300000 units (note: February 2023 is the only February in recent years that is completely unaffected by the Spring Festival holiday). From a numerical perspective, the sales volume of 313300 units in the commercial vehicle market in February this year ranked second in five years, belonging to a relatively high level. This performance is also at a relatively high level in the past decade (it can also rank second in the past decade). From this perspective, the commercial vehicle market performed very well in February this year.

In terms of cumulative sales, the commercial vehicle market sold 603800 units in January and February this year, ranking second in the past five years. However, there is a gap of over 150000 units compared to the highest sales in January and February 2021. Compared to the first two months of last year, the cumulative sales have increased by nearly 3 units, with a cumulative growth rate of 5%.

Foton continues to rank first on the monthly chart, top two for China National Heavy Duty Truck Group, and Liberation leads the market with double growth

In February 2025, there were 12 companies in the commercial vehicle market with sales exceeding 10000 units (Datong, ranked 11th on the monthly chart, and Xinyuan Automobile, ranked 12th, also sold over 10000 units), an increase of 2 companies with monthly sales exceeding 10000 units compared to January. Foton won the championship with a performance of 46800 vehicles, securing its second monthly ranking in the commercial vehicle market this year.

Sales Table of Commercial Vehicle Market in February 2025 (Unit: Vehicles)

As shown in the table above, in February 2025, the commercial vehicle market grew by 25% year-on-year, and the year-on-year growth rate turned positive from the previous month (-10%). In an environment where the overall market is growing by over 20%, not all companies have the good fortune of achieving growth. The top ten companies in terms of sales in February saw 8 increases and 2 decreases: Foton, Jiefang, Great Wall, Jiangling Motors, and Shaanxi Automobile's sales in February increased by 56%, 101%, 65%, 32%, and 28% year-on-year, respectively, achieving growth while also outperforming the commercial vehicle market in February. Heavy Duty Truck Group, Dongfeng Motor, and Wuling all increased by 24% year-on-year, while the two declining companies both experienced double-digit year-on-year declines.  

In terms of market share, the top ten companies in terms of sales in February had a total share of 78.25%, with the top five companies having a total share of over 50%, reaching 51.36%. In February, only two companies had a market share of over 10% in the commercial vehicle market, with the top two companies, Foton and Heavy Duty Truck, grabbing 14.95% and 10.07% of the market share respectively; The monthly share of Dongfeng, ranked third, is also close to 10%, reaching 9.27%; Chang'an and Liberation, ranked 4th and 5th respectively, had a market share of 8.86% and 8.20% in February. The gap between adjacent enterprises is very small, with a monthly share difference of less than 1% between Heavy Duty Truck and Dongfeng, Dongfeng and Changan, and Changan and Jiefang.

The gap between the lower ranked companies is also very small: in February, Great Wall and Jianghuai ranked 7th and 8th had a monthly share difference of only 0.43%; Jianghuai and Jiangling, ranked 8th and 9th on the monthly chart, have a monthly share difference of only 0.39%; Jiangling Motors and Shaanxi Automobile, ranked 9th and 10th on the monthly chart, only differ by 0.20% in monthly market share... The seat competition in the commercial vehicle market is so exciting.   

From the perspective of the industry landscape, the top ten members of commercial vehicle sales in February are different from the previous month, and the rankings have also undergone significant changes. Only Foton, ranked first, Jiefang, ranked fifth, and Jiangling, ranked ninth, remain consistent with the monthly rankings in January. The changes are as follows: Wuling has "killed" the 13th place on the monthly rankings in January and entered the top ten, ranking sixth on the February monthly rankings; China National Heavy Duty Truck Group rose one place to the second place on the monthly list in February, Dongfeng rose three places to the third place on the monthly list, and Great Wall rose three places to the seventh place on the monthly list (China National Heavy Duty Truck Group, Dongfeng, and Great Wall ranked third, sixth, and tenth on the monthly list respectively in January); Correspondingly, several companies have experienced a decline in their rankings, and have even been squeezed out of the top ten of the monthly rankings.  

Accumulated growth of 5% from January to February, with Wuling leading the way and Foton and others increasing their market share

From the perspective of cumulative sales, in January and February 2025, the commercial vehicle market sold a total of 603800 vehicles, a year-on-year increase of 5%. After achieving a growth rate of over 20% in February, the cumulative sales of commercial vehicles in 2025 returned to the upward trend after February, selling approximately 29000 units more than the same period last year.

Looking specifically at the top ten companies in terms of cumulative sales, Foton's cumulative sales have approached 10 vehicles, reaching 96700 vehicles; China National Heavy Duty Truck Group, Changan Automobile Group, and Dongfeng Automobile Group have all sold over 50000 vehicles, reaching 61500, 61500, and 51200 vehicles respectively; The cumulative sales of Jiefang and Jianghuai both exceeded 40000 vehicles, reaching 48200 and 40000 vehicles respectively, ranking 5th and 6th; Great Wall Motors, Wuling Motors, Shaanxi Automobile Group, and Jiangling Motors, which rank 7-10 in cumulative sales, currently have cumulative sales between 27000 and 30000 vehicles, with little difference.

From the perspective of cumulative sales growth, most companies are in an upward trend (7 increases and 3 decreases). Among them, companies such as Foton, Great Wall Motors, Wuling Motors, Shaanxi Automobile Group, and Jiangling Motors' cumulative sales in January and February increased by 18%, 14%, 38%, 20%, and 12% year-on-year, respectively, with growth rates higher than the overall market growth rate. Currently, the cumulative growth rates of two companies, Heavy Duty Truck Group and Jiefang, are both 4%. At the same time, three companies are in a declining range, with the most severely declining company experiencing a decline of over 20%.  

From the perspective of cumulative share, the top ten companies with cumulative sales have a total share of 79.09%, and the top five companies in the industry have a total share of 52.84%. Currently, there are three companies with cumulative shares exceeding 10%, and the difference between adjacent companies is not significant. Compared with the same period last year, companies such as Foton, Wuling, Shaanxi Automobile, Great Wall Motors, and Jiangling Motors have achieved an increase in market share, with Foton showing the most significant improvement, increasing by 1.76 percentage points.

From the perspective of industry structure, after February 2025, there will be significant changes in the top ten commercial vehicle markets compared to the end of last year: Heavy Duty Truck Group has risen 2 places to temporarily rank second in the industry, Great Wall Motors has risen 2 places to temporarily rank seventh in the industry, and Shaanxi Automobile Group has risen 1 place to temporarily rank ninth in the industry (Heavy Duty Truck Group, Great Wall Motors, and Shaanxi Automobile Group ranked fourth, ninth, and tenth respectively at the end of last year); Futian, Chang'an, Jiefang, Jianghuai, and Wuling maintained their year-end rankings unchanged from last year.  

conclusion

In February, commercial vehicle sales increased by 25% year-on-year, successfully bringing the cumulative sales growth rate for 2025 back into the upward range. The First Commercial Vehicle Network has noticed that in 2025, the competition in the commercial vehicle market will be very fierce, and the gap between "neighbors" will be very small. Currently ranked second and third, there is only a difference of more than 30 vehicles in cumulative sales between China National Heavy Duty Truck Group Co., Ltd. and Dongfeng Motor Co., Ltd., and a shift may occur at any time. What new changes will there be in the commercial vehicle market next month? Will the champion of the monthly chart change hands? Have any new faces made it into the top ten? Please follow our website for further reports.