April to 2024 New Energy Refrigerated Truck, Hybrids is The Most Popular

Refrigerated trucks are a niche market among special-purpose vehicles, mainly used for home delivery of fruits and vegetables, medical distribution, and fresh food e-commerce distribution. With the rapid development of cold chain logistics, the refrigerated transport vehicle market has developed rapidly in recent years with the support of many favorable policies at the national and local levels. Among them, new energy refrigerated trucks have performed particularly well.
According to terminal registration data, 811 new energy refrigerated trucks were sold in April 2024 (excluding exports, the same below), an increase of 189% year-on-year from 281 units in April 2023; a total of 2,298 new energy refrigerated trucks were sold in the first four months of 2024, an increase of 176% year-on-year from 834 units in the same period last year.
So what are the main characteristics of the new energy refrigerated truck market from January to April 2024?
1. The year-on-year growth rate outperformed the new energy logistics vehicle market
Table 1, according to terminal registration data, the year-on-year comparison of new energy refrigerated trucks in April 2024 and January to April with the new energy logistics vehicle market:
 
The above table shows that in April 2024, new energy refrigerated trucks increased by 189% year-on-year, far outperforming the 96.12% year-on-year growth rate of new energy logistics vehicles in April this year, becoming a "bright spot" in the new energy logistics vehicle market in April this year. From January to April 2024, a total of 2,298 new energy refrigerated trucks were sold, with a cumulative year-on-year growth of 176%, which also far outperformed the 90.4% year-on-year growth rate of the new energy logistics vehicle market from January to April this year. , becoming a highlight of the new energy logistics vehicle market from January to April this year. It can be seen that whether in April this year or from January to April, new energy refrigerated trucks have outperformed the new energy logistics vehicle market.
According to analysis, it is mainly due to:
First, various policies supporting the development of new energy logistics vehicles have been further implemented recently, which has promoted the surge in the new energy refrigerated truck market in April and January-April this year.
For example, the National Development and Reform Commission issued the "14th Five-Year Plan for the Development of Cold Chain Logistics", which clearly pointed out that it is necessary to accelerate the elimination of high-emission refrigerated trucks and encourage new or updated refrigerated trucks to adopt new energy models. This policy not only reflects the country's emphasis on green development, but also provides a clear direction and impetus for the development of domestic refrigerated trucks; in addition, local governments have also introduced corresponding support policies. For example, the Foshan Municipal Government of Guangdong Province provides different mileage subsidies for qualified pure electric trucks, including refrigerated trucks and other five new energy logistics and distribution vehicles;
In terms of technology research and development, the "14th Five-Year Plan for the Development of Cold Chain Logistics" issued by the State Council emphasizes the need to accelerate the research and development and manufacturing of light and micro new energy refrigerated trucks and refrigerated boxes, and actively promote new refrigerated trucks. This policy further clarifies the important position of new energy refrigerated trucks in my country's cold chain logistics, and also points out the direction for the development of new energy refrigerated trucks.
Second, the road rights of new energy refrigerated trucks are greater than those of traditional refrigerated trucks, making it easier for refrigerated trucks to enter the city;
Third, the charging infrastructure has been continuously improved recently, solving the problem of difficulty in charging new energy refrigerated trucks;
Fourth, the price of vehicles has fallen along with the price of batteries, making it easier for truck drivers to buy refrigerated trucks;
Fifth, leading companies such as FOTON, JAC, and SINOTRUCK will focus on the development of the new energy logistics vehicle market in the future. This can be confirmed by the recent announcement of the 383rd batch of new energy light trucks.
According to the data from the Ministry of Industry and Information Technology, in the 383rd batch of new energy light trucks, pure electric and hybrid light trucks (including 3.5 tons to 6 tons, the same below) were on the list, including new energy trucks, new energy refrigerated trucks, and new energy dump trucks. A total of 49 new energy light truck models were on the list, including pure electric (including battery replacement and charging), hybrid (including diesel hybrid, gasoline hybrid, methanol hybrid, etc.) and other technical routes. Among them, a total of 19 new energy refrigerated trucks were on the list, accounting for nearly 40% (39%) of the total number of new energy light trucks on the list, setting a new record for the five batches of announcements issued by the Ministry of Industry and Information Technology since 2024 (including the 379th batch in January, the 380th batch in February, the 381st batch in March, the 382nd batch in April, and the 383rd batch in May). Further statistics show that among the 19 new energy refrigerated trucks on the list:
Foton Motor has 5 models on the list, ranking first; China National Heavy Duty Truck has 4 refrigerated trucks on the list; JAC Motors has 3 models on the list. In addition to the above three mainstream new energy light truck companies, in the 383rd batch of new energy light truck announcements, SANY Automobile, Weichai New Energy Commercial Vehicles, Yuancheng New Energy Commercial Vehicles, Yutong, BYD T5, etc. all have new energy refrigerated trucks on the list.
It can be seen that among the current top-ranked new energy light truck companies, almost all of them have new energy refrigerated trucks on the list, providing product support for the surge in the new energy refrigerated truck market in April and the first four months of this year.
It is the combined effect of the above-mentioned many favorable factors that led to the new energy refrigerated truck market outperforming the new energy logistics vehicle market in April and January-April this year.
Feature 2: The dominant position of pure electric vehicles has weakened year-on-year; the proportion of hybrid vehicles has increased the most year-on-year
Table 2, based on terminal registration data, the sales volume, proportion and proportion of new energy refrigerated trucks of various technical routes in January-April 2024 increased by % year-on-year

As can be seen from the above chart, in the year-on-year sales and proportion of various types of new energy refrigerated trucks from January to April 2024:
---A total of 1,666 pure electric refrigerated trucks were sold, accounting for 72.5% of the market share of new energy refrigerated trucks, occupying an absolute dominant position, but the proportion decreased by 2.5 percentage points year-on-year, indicating that its dominant position has weakened.
---A total of 499 hybrid refrigerated trucks were sold, accounting for 21.7% of the market, ranking second, and the proportion increased by 6.2% over the same period last year, ranking second. It is the segmented model with the largest year-on-year increase in proportion and the "most popular" one. According to the analysis, the main reasons are:
First, there are many places with weak charging facilities, and pure electric refrigerated trucks are not convenient to charge, while hybrid light trucks are more suitable.
Second, the purchase cost of hybrid refrigerated trucks is lower than that of pure electric light trucks.
According to the author's understanding, the power battery cost of a pure electric refrigerated truck with 100 kWh is about 150,000 yuan, weighs less than 1 ton (about 0.9 tons), and the purchase price is about 200,000 yuan. The vehicle's curb weight is about 3 tons. The power battery capacity of a hybrid refrigerated truck of the same quality is generally selected at 15-20KWh, and the selling price is about 160,000 yuan.
It can be seen that the price of a hybrid refrigerated truck of the same weight is 40,000 yuan cheaper than that of a pure electric light truck, which makes the hybrid refrigerated truck have a greater advantage in terms of purchase cost than the pure electric refrigerated truck. Especially in the current environment of "low freight rates, more vehicles and less goods", the return cycle of purchasing a hybrid refrigerated truck in a specific scenario is shorter than that of a pure electric refrigerated truck, and the market risk is relatively lower.
Third, hybrid refrigerated trucks can be compliant with green license plates.
According to current policies, as long as the range of hybrid refrigerated trucks in pure electric mode exceeds 50 kilometers, they can meet the green license plate regulations and enjoy the same road rights preferential policies as pure electric models.
Fourth, since this year, mainstream light truck companies and "new forces" in car manufacturing have launched technologically advanced hybrid refrigerated truck models, providing more product support for end users to choose hybrid light truck models.
According to statistics, more than 20 mainstream light truck companies, including Beiqi Foton, JAC Motors, Dongfeng Motor, FAW Jiefang, Yuancheng New Energy Commercial Vehicle, BYD, Weichai New Energy Commercial Vehicle, and Zhejiang Feidi Automobile, have hybrid refrigerated truck products with advanced technology, which strongly supports the development of hybrid vehicles.
For example, the Aumark Smart Blue HS series hybrid refrigerated truck launched by Foton Motor adopts the PS technology route for its standard plug-in hybrid refrigerated model, equipped with an Aucan engine and a Mingheng CVT dual-motor hybrid transmission. The shifting process is quiet, smooth, and powerful. The vehicle consumes only 7.16 liters per 100 kilometers, which can save 15-20% of fuel compared with the same level of fuel vehicles. For another example, the hybrid No. 1 Junling Jubaopan refrigerated truck launched by JAC is equipped with a Derun D2x2 plug-in dual-motor power split strong hybrid system. It has two power systems, one is the engine and the other is two motors. It can intelligently control the power output ratio of the engine and the motor according to different driving scenarios and road conditions to achieve the optimal oil-electric combination, and the cruising range can exceed 750 kilometers.
---A total of 133 fuel cell refrigerated trucks have been sold, accounting for only 5.8% of the market, a year-on-year decrease of 3.7 percentage points, and is the segmented model with the largest year-on-year decrease.
Feature 3: Light trucks are the dominant force
Table 3, based on terminal registration data, the year-on-year sales and share of various types of new energy refrigerated trucks in April 2024 and January-April are as follows:

The above table shows that among all types of new energy refrigerated trucks in April 2024 and January-April:
---Light truck refrigerated trucks (mainly 4.5-ton models) were 633 and 1973 respectively, with a market share of 78.1% and 85.9% respectively, both occupying an absolute dominant position;
---Small truck refrigerated trucks (including 3.5--4-ton models) sold 160 and 300 respectively, with a market share of 19.7% and 13.1% respectively, both ranking second;
---Medium truck refrigerated trucks sold 18 and 25 respectively, with a market share of 2.2% and 1.0% respectively;
---None of the other types of models were sold.
Feature 4: Shandong, Hubei and Guangdong ranked the top three
Table 4, based on terminal registration information, the market share statistics of the top 10 provinces in the region of new energy refrigerated trucks from January to April 2024 are as follows:

The above chart shows that in the regional flow of new energy refrigerated trucks from January to April 2024:
---Shandong, Hubei and Guangdong ranked the top three, with market shares of 12.7%, 9.0% and 7.9% respectively;
---The cumulative sales share of the remaining provinces was less than 7%.
---The TOP10 provinces accounted for 66.6% in total.
It can be seen that the regional flow of new energy refrigerated trucks from January to April 2024 was very uneven.
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China Special Vehicle Adivsor