Core Viewpoint - The domestic natural gas heavy truck market has experienced significant growth, with November sales reaching 19,400 units, a year-on-year increase of 71%, marking a fourth consecutive month of growth [1][3][12]. Group 1: Market Performance - In the first eleven months of 2025, cumulative sales of natural gas heavy trucks reached 186,100 units, reflecting a 10% year-on-year growth, with a net increase of approximately 17,500 units compared to the same period last year [1][16]. - The sales growth rate has accelerated by 4 percentage points since October, indicating a strong market recovery after a decline earlier in the year [16]. - The market saw a notable increase in sales in November compared to the previous months, although there was a slight cooling in market heat compared to September and October [16][23]. Group 2: Engine Specifications - The dominant engine displacement categories for natural gas heavy trucks in 2025 are 12-13L and 14-15L, accounting for 43.38% and 39.49% of sales, respectively [5]. - The share of engines over 15L has increased to 5.10% in November, while the proportion of 14-15L engines has decreased compared to the previous year [5]. - In terms of horsepower, engines in the 500-600 HP and 400-500 HP ranges dominate the market, comprising 43.81% and 37.44% of sales, respectively, with super high horsepower models (≥600 HP) increasing their market share by nearly 14 percentage points year-on-year [8]. Group 3: Company Performance - Weichai has maintained its leading position in the market, selling 10,100 units in November, capturing a market share of 52.13%, marking its 11th consecutive month at the top of the sales rankings [11][14]. - Cummins (including Fokang and Dongkang) ranked second with 3,606 units sold, holding an 18.61% market share, while Jiefang ranked third with 2,390 units and a 12.33% share [14]. - Other companies such as Yuchai and Dongfeng Longqing also performed well, with both surpassing 13,000 units in cumulative sales by November [19]. Group 4: Market Trends - The market has seen a total of eight companies achieving sales in the natural gas heavy truck engine sector, with five companies reporting year-on-year growth [17]. - Notably, Yuchai and Dongfeng Longqing experienced significant growth, with increases of 102% and 198%, respectively, while one company faced a substantial decline of 54% [17]. - The overall market dynamics indicate a competitive landscape with a few dominant players maintaining their positions while others are experiencing varied growth rates [19].

Core Insights - In September 2025, domestic natural gas heavy truck sales reached 23,400 units, a year-on-year increase of nearly 150%, marking the second consecutive month of growth [1][4] - Cumulatively, from January to September 2025, natural gas heavy truck sales totaled 145,700 units, a year-on-year decline of 2%, with a net decrease of approximately 3,000 units compared to the same period last year [1][18] Engine Market Characteristics - In the first three quarters of 2025, the natural gas heavy truck engine market saw significant changes, with a total of 23,400 engines sold in September, representing a 149% year-on-year increase [4][13] - The cumulative sales of natural gas heavy truck engines from January to September 2025 reached 145,700 units, reflecting a 2% year-on-year decline, although the decline rate narrowed by 10 percentage points compared to August [4][18] Engine Displacement and Power Distribution - The main displacement ranges for natural gas heavy truck engines in the first three quarters of 2025 were 12-13L and 14-15L, accounting for 42.97% and 39.92% respectively, while engines over 15L accounted for 3.98% [6] - In terms of power, the primary ranges were 500-600 horsepower and 400-500 horsepower, making up 44.27% and 37.48% respectively, with super high horsepower (≥600 horsepower) models increasing their share by over 13 percentage points compared to the previous year [9][10] Market Share and Rankings - In September 2025, five companies sold over 1,000 engines, with Weichai leading at 12,200 units, holding a market share of 52.17% [15] - Cumulatively, from January to September 2025, Weichai sold 75,600 units, capturing 51.92% of the market, while Cummins and FAW Jiefang followed with 28,700 and 18,300 units respectively [19][22] Sales Trends and Future Outlook - The natural gas heavy truck engine market saw a total of eight companies achieving sales by September 2025, with some companies experiencing significant growth, such as Dongfeng Longqing and Hualing, which saw increases of 177% and 400% respectively [20][22] - The market's strong performance in September raises hopes for a positive year-end conclusion for the natural gas heavy truck and engine markets [27]