第一商用车网·2025-12-04 05:45Core Viewpoint - The heavy truck industry in China has shown significant growth, with November 2025 sales exceeding 100,000 units, marking a nearly 50% year-on-year increase, driven largely by policy incentives and a strong demand for both traditional and electric heavy trucks [1][4][16]. Sales Performance - In November 2025, approximately 101,000 heavy trucks were sold, a 47% increase from 68,500 units in the same month last year, despite a 5% month-on-month decline due to inventory adjustments [1][4]. - Cumulatively, from January to November 2025, total heavy truck sales reached 1.03 million units, reflecting a 26% year-on-year growth, with the target of 1.1 million units within reach [1][4]. Market Dynamics - The continuous growth in the heavy truck market since April 2025 is attributed to the "old-for-new" vehicle replacement policy, which has significantly boosted sales [4][16]. - Despite some regions suspending subsidies in the fourth quarter due to funding issues, the overall market remains robust as the policy deadline approaches [4]. Export Trends - Heavy truck exports from China are also on the rise, with November 2025 exports expected to increase by nearly 20% year-on-year, leading to an anticipated total of over 320,000 units exported for the year [4]. End-user Demand - The end-user demand for heavy trucks has been strong, with November 2025 domestic sales projected to grow nearly 40% year-on-year and 13% month-on-month, particularly for natural gas trucks, which are expected to see a 75% increase in sales [6]. - New energy heavy trucks are also experiencing record sales, with November 2025 sales estimated at 26,000 units, a 160% increase year-on-year, and a market penetration rate exceeding 30% [6]. Company Performance - Major players in the heavy truck market include: - China National Heavy Duty Truck Group (Sinotruk) sold over 25,000 units in November, a 23% increase year-on-year, maintaining a market share of approximately 27% [10]. - FAW Jiefang's sales reached nearly 23,000 units, up 77% year-on-year, with a market share of about 19.3% [10]. - Dongfeng Motor Corporation sold around 16,000 units, a 65% increase year-on-year, holding a market share of approximately 15.8% [12]. - North Benz (Beiqi Foton) saw a 150% increase in sales, with a total of 132,000 units sold from January to November, marking a 104% year-on-year growth [14]. Market Outlook - The heavy truck market is projected to return to over 1 million units in 2025, reminiscent of the market conditions from 2017 to 2019, but heavily influenced by policy-driven demand [16].