纵观近五年11月份轻型客车销量及增幅走势图可见，近五年11月份的轻客市场走出一个 降-降-增-降-增的趋势，2025年11月份轻客市场4.05万辆的销量在近五年里是最高，比 五年最低的2022年11月份高出1.42万辆，比去年11月份则多销售约5000辆。从累计销量 看，今年1-11月累计40.37万辆的销量同样是五年最高，比去年1-11月累计多销售超4.14 万辆。 2025年4-11月份，轻客市场收获"8连增"，11月过后，2025年轻客累计销量同比增长 11%，累计增幅与10月过后持平（如上图）。 2025年11月份，我国客车市场同比增长16%，整体销售5.32万辆。作为客车市场中占比 最大的细分市场，此前已收获同比"7连增"的轻客市场表现如何？跑赢还是跑输？2025年 11月过后，轻客行业格局有没有新的变化？ 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2025年11月份，我国客车市场（含底盘）销售5.32万辆，环比增长7%，同比增长16%。 其中，轻型客车市场销售4.05万辆，环比增长5%，同比增长14%，同比增幅较上月 （+19%）缩窄5个百分点，收获"8连增" ...

Core Viewpoint - The light commercial vehicle (LCV) market in China has shown significant growth, achieving a 37% year-on-year increase in September 2025, marking a continuous upward trend for six consecutive months [3][10][22]. Market Performance - In September 2025, the overall bus market sold 55,800 units, with a month-on-month increase of 25% and a year-on-year increase of 34%. The light bus segment accounted for 43,600 units sold, reflecting a month-on-month growth of 26% and a year-on-year growth of 37% [3][4]. - The light bus market's share in the overall bus market reached 78.17% in September, slightly up from 77.59% in August. For the first nine months of 2025, the light bus segment's market share was 79.67%, an increase from 77.18% in the entire year of 2024 [4][9]. Historical Trends - An analysis of the light bus sales over the past five years reveals a fluctuating trend, with September 2025 recording the highest sales of 43,600 units, surpassing the previous five-year high and the lowest sales in September 2022 by 12,700 units [6][22]. - Cumulatively, from January to September 2025, the light bus market achieved sales of 324,500 units, the highest in five years, with an increase of over 30,000 units compared to the same period last year [6][15]. Market Share and Competition - The top three companies—Changan, Dongfeng, and Jiangling—held a combined market share of 75.38% in September 2025, with individual shares of 31.36%, 22.06%, and 21.96% respectively [14][20]. - Among the top ten companies, eight experienced sales growth compared to the previous year, with Changan, Dongfeng, and Yutong showing significant increases of 75%, 77%, and 90% respectively [11][18]. Future Outlook - The light bus market has maintained a growth trajectory since April 2025, with cumulative sales growth of 10% year-on-year by the end of September. The industry is keen to see if this upward trend can continue [9][22].

Core Viewpoint - The light commercial vehicle (LCV) market in China has shown a consistent growth trend, achieving a year-on-year increase of 12% in August 2025, with total sales reaching 44,700 units, marking the fifth consecutive month of growth for the LCV segment [3][22]. Market Performance - In August 2025, the LCV market sold 34,700 units, reflecting a month-on-month increase of 5% and a year-on-year increase of 12%, although the growth rate compared to the previous month has narrowed from 16% [3][5]. - The LCV segment accounted for 77.59% of the total bus market in August, a slight decrease from 79.23% in the previous month. The cumulative market share for LCVs from January to August 2025 reached 79.91%, up from 77.18% in the entire year of 2024 [3][5]. Historical Trends - An analysis of the LCV sales trends over the past five years indicates a fluctuating pattern of increase and decrease, with August 2025 achieving the highest sales volume in five years, although the increase compared to previous years is modest [5][22]. - The cumulative sales from January to August 2025 reached 280,800 units, the highest in five years, representing an increase of over 18,000 units compared to the same period last year [5][16]. Company Performance - In August 2025, the top three companies in the LCV market were Changan, SAIC Maxus, and Jiangling, each capturing over 20% of the market share, with respective shares of 28.04%, 21.50%, and 21.31% [12][14]. - Among the top ten companies, five experienced sales growth while five saw declines. Notably, Changan, SAIC Maxus, Jiangling, Xiamen Golden Dragon, and Yutong reported year-on-year sales increases of 52%, 26%, 9%, 217%, and 23%, respectively [12][14]. Cumulative Sales and Market Share - From January to August 2025, the cumulative sales of the top ten LCV manufacturers showed six companies with sales exceeding 10,000 units, with Changan, Jiangling, and SAIC Maxus leading the market shares at 28.66%, 21.64%, and 20.63%, respectively [20][18]. - The market share of Changan, Jiangling, and SAIC Maxus has increased significantly compared to the previous year, with Changan's share rising by 4.12 percentage points [20][22]. Future Outlook - The LCV market has experienced a consistent growth trend since April 2025, with a cumulative year-on-year increase of 7% as of August, raising questions about the sustainability of this growth momentum moving forward [22].