China commercial vehicle industry Worth USD 5.12 Million : Latest Report By Radiant Insights,Inc
The China commercial vehicle industry is projected to register a 6% CAGR during the forecast period (2014-2017).
San Francisco, United States – March 30, 2016 /MarketersMedia/ —
The commercial vehicle market aims to reach a volume of 29 million units by 2020. Commercial vehicles make the transport easier between states and national borders. The sale of commercial vehicles provides growth opportunities for logistics and transportation industries. Asia Pacific is the region with the greatest growth potential, with China being considered a prime source of revenue.
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The China commercial vehicle industry is projected to register a 6% CAGR during the forecast period (2014-2017). The market is estimated to attain revenue worth USD 5.12 million by 2017. The growth of the market is interlinked to the country’s GDP (Gross Domestic Product), as evident by the fall of China’s GDP to 7.7%. While the GDP enjoyed a slow growth, sales and output of the industry had increased by 6.4% and 7.6% respectively. Regulations pertaining to environment are expected to drive innovation in the industry, spurring market demand in the process.
The China commercial vehicle industry is segmented by products. Buses, cars, and trucks comprise as major products of the market. Trucks enjoyed a sales volume of 2.7 million units. It is expected to grow with an annual growth rate of 2.8%. This segment will enjoy a stable growth rate on account of China’s macro economy. Heavy-duty trucks, a sub-segment of trucks had the maximum share of the market.
The passenger car segment has witnesses a surge on account of sales of tourist and school buses. Passenger cars enjoyed a sales volume of 477,000 units in 2013. It had a 12% increase as compared to the previous year (2012). It had an output of 483,000 units in 2013. The bus market is predicted to experience a CAGR of around 10% till 2017. In the bus segment, large buses enjoyed a greater share than medium or light-weight buses.
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There are currently 73 companies competing for the top position in the China commercial vehicle industry. Yutong Bus and Jinlong Bus occupied a 65% share of the bus segment in 2013. Beiqi Foton, JAC Motors, Sinotruk, Shaanxi Automobile, and Dongfeng Motor together made up almost 84% of the truck segment. Notable players of the market are Jinbei Automobile, Nanjing Auto, FAW Group, and Jiangling Holding.
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