Core Viewpoint - The natural gas heavy truck market in China has experienced a significant decline in sales, with a year-on-year decrease of 34% in May 2025, marking the third consecutive month of decline, indicating a challenging market environment for the industry [2][6][10]. Sales Performance - In March and April 2025, the natural gas heavy truck market saw year-on-year declines of 26% and 35%, respectively, leading to a total sales volume of 14,000 units in May, which is a 34% decrease compared to the same month last year [2][6][10]. - The overall heavy truck market sold 63,100 units in May, showing an 18% year-on-year increase, while the natural gas heavy truck segment lagged behind, capturing only 22.10% of the market share in May, down from 24.86% in April [10][24]. Market Trends - The first five months of 2025 saw a cumulative sales volume of 78,000 units for natural gas heavy trucks, reflecting a 16% year-on-year decline, with a notable decrease of 14,600 units compared to the same period last year [29][33]. - The market share of natural gas heavy trucks has decreased from 36.47% in the same period last year to 27.33% in 2025 [10][33]. Regional Analysis - Sales distribution across regions remains uneven, with Hebei, Shanxi, Henan, Shandong, and Xinjiang accounting for a significant portion of the sales, with Hebei alone contributing nearly 15% [16][18]. - Some regions, such as Xinjiang, Sichuan, Inner Mongolia, Gansu, Chongqing, Jilin, and Beijing, have shown growth in sales during the first five months of 2025, while major provinces like Hebei and Shanxi have experienced declines [18]. Company Performance - In May 2025, the top-selling companies in the natural gas heavy truck market included FAW Jiefang, Dongfeng, and China National Heavy Duty Truck, with sales of 3,382, 2,966, and 2,963 units, respectively [20][22]. - Among the top ten companies, five experienced sales growth, while eight saw declines, with the most significant drop being 86% for one company [24][27]. Price Influence - Natural gas prices have remained relatively stable, averaging around 4,400 yuan/ton in January and February, rising to nearly 4,600 yuan/ton in March and April, before decreasing to approximately 4,500 yuan/ton in May [13][14]. - The narrowing price gap between natural gas and diesel, with diesel prices dropping below 6.5 yuan/L in many northern regions, has diminished the competitive advantage of natural gas heavy trucks [14].