China's refrigerated truck sales down by 41.7% YOY in first half 2022

Date:2022-07-28 Author:Mark Source:www.chinaspv.com

Refrigerated truck is closed van for transporting frozen or fresh-keeping goods, and it is a segment in the field of special-purpose vehicles in the commercial vehicle industry. According to the data of the auto thinker platform, in the first half of 2022, a total of 24,861 units refrigerated trucks were sold in the terminal market, down by 41.7% year-on-year.
 

According to the data of the auto thinker, from 2018 to 2021, refrigerated trucks have maintained a "continuous increase" trend, but the sales declined for the first time in the first six months of this year.
 

	2019	2020	2021	Jan to Jun 2022
Sales (unit)	49600	72982	77783	24861
YOY growth %	21.5	47.1	6.6	-41.7

Reasons for the decline in sales can be summed up as follows:

In the first half of this year, China's economic growth rate was only 2.5%, a decrease of 5.6 percentage points from 8.1% in the same period last year.

In the first half of this year, the epidemic broke out in many places, and the transportation of refrigerated trucks was hindered. In addition, the production and operation of supply-side vehicle companies were affected by the epidemic, and some orders in progress could not be delivered in time.

In the first half of this year, the freight market was very sluggish, and the oil price continued to rise, so the demand for refrigerated trucks in the end market decreased.
 

According to auto thinker platform and terminal licensing information, the monthly sales of refrigerated trucks in the first half of 2022 and the year-on-year ratio:
 

 

 

To sum up, the sales volume of refrigerated trucks in the first half of the year showed consecutive increase year-on-year in the first quarter, but consecutive decline year-on-year in the second quarter. This is mainly because that the first quarter was not affected by the epidemic, and the national economic growth rate reached 4.8%, which was only 0.4% in the second quarter.
 

According to the data of the auto thinker, the sales, year-on-year and proportion statistics of various power refrigerated trucks in the first half of 2022 are as follows:
 

	Diesel	Gasoline	Electric	Hybrid power	Others	Total
Sales from Jan to Jun 2022 (unit)	20794	3110	763	185	9	24861
Sales from Jan to Jun 2021 (unit)	36803	5139	541	198	2	42643
YOY growth %	-43.5	-39.5	41.0	-6.6	350.0	-41.7
Sales proportion from Jan to Jun 2022 %	83.6	12.5	3.1	0.74	0.036	100.0
Sales proportion from Jan to Jun 2021 %	86.3	12.1	1.26	0.46	0.0047	100.0
YOY in-/decrease in proportion %	-2.7	0.4	1.84	0.28	0.0313	0.00

Overall, diesel refrigerated trucks account for more than 80%, maintaining the absolute main body of the current market, but the proportion is shrinking year-on-year. Although the proportion of pure electric vehicles is not large, but it has the largest year-on-year growth, indicating that pure electric vehicles have a better development prospect.

According to the terminal licensing data, the sales ranking of the top 10 refrigerated truck companies in the first half of 2022:
 

Rank	Company	Sales from Jan to Jun (unit)	YOY growth %	Market share %	YOY in-/decrease in market share%
1	Foton Motor	9759	-50.5	39.3	-6.9
2	FAW Jiefang	3170	-23.9	12.8	3.0
3	JAC	2774	-41.4	11.2	0.1
4	Sinotruk	2242	-16.4	9.0	2.7
5	Qingling Motors	930	-42.5	3.7	-0.1
6	JMC	882	-51.7	3.5	-0.7
7	Dongfeng Trucks	841	-67.5	3.4	-2.7
8	Dongfeng Motor	821	-1.20	3.3	1.4
9	Shandong Auto	741	65.4	3.0	1.90
10	Chang’an Auto	443	-26.9	1.78	0.40
	Total	24861	-41.7	100.0	0.00

Overall, in the first half of this year, Foton dominated the list, with FAW Jiefang and JAC ranking second and third respectively; Shandong Automobile was the only company with positive year-on-year growth and FAW Jiefang increased its share the most and performed well.

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