Weichai Power(SZ:000338) 第一商用车网·2025-06-30 07:01Core Viewpoint - The domestic natural gas heavy truck market is experiencing a decline, with sales dropping significantly in May 2025, marking a continuous decrease over three months. The cumulative sales from January to May also show a notable year-on-year decline, indicating potential challenges for the industry moving forward [1][5][30]. Sales Performance - In May 2025, the sales of natural gas heavy trucks reached 14,000 units, a year-on-year decrease of 34%. Cumulatively, from January to May, sales totaled 78,000 units, reflecting a 16% decline compared to the same period last year [1][5][18]. - The sales of natural gas heavy truck engines in May 2025 were 14,000 units, also down 34% year-on-year, with a cumulative total of 78,000 units sold from January to May, marking a 16% decline [5][18]. Engine Market Characteristics - The main displacement ranges for natural gas heavy truck engines from January to May 2025 were 12-13L and 14-15L, accounting for 42.21% and 40.22% of the market, respectively. The share of engines over 15L has increased slightly compared to the previous year [7]. - In terms of horsepower, the dominant ranges were 400-500 horsepower and 500-600 horsepower, comprising 37.65% and 45.72% of the market. The share of super high horsepower models (≥600 horsepower) reached 14.17%, showing a significant increase compared to the previous year [10][11]. Market Share and Competitors - In May 2025, five companies sold over 1,000 units of natural gas heavy truck engines. Weichai led the market with 6,953 units sold, capturing a market share of 49.84%. Cummins ranked second with 2,875 units and a 20.61% share, followed by Jiefang with 1,580 units and an 11.33% share [14][16]. - From January to May 2025, Weichai maintained a market share of over 50%, reaching 52.32%. Cummins' total sales were 15,500 units, with a market share of 19.83%, while Jiefang surpassed 10,000 units, achieving a 13.44% share [21]. Top Engine Models - The top-selling natural gas heavy truck engines from January to May 2025 included: - WP13NG480E61 (Weichai) with 20,100 units sold, 25.69% market share, 12.51L displacement, and 480 horsepower - WP15NG630E61 (Weichai) with 4,562 units sold, 5.85% market share, 14.5L displacement, and 630 horsepower [24]. Future Outlook - The natural gas heavy truck engine market has seen a decline in sales for three consecutive months. The remaining months of 2025 will be critical to determine if the market can recover. Additionally, the limited number of participants in the natural gas heavy truck engine sector raises questions about potential new entrants [30].