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In March 2024, the national pickup truck market sold 51,000 units, a year-on-year increase of 6.7% and a month-on-month increase of 53%, which is at the mid-to-high level in the past five years. Due to the low base of pickup trucks in March last year, the growth rate this year is good and the overall state is normal. From January to March this year, the sales volume of pickup trucks was 128,000 units, a year-on-year increase of 6%, compared with the overall year-on-year growth of 2% compared with light trucks, and the pickup truck industry performed well.
As the effect of pickup trucks entering the city is far less good than that of going to the countryside, the false proposition of pickup trucks entering the city is highlighted. Markets in the northwest and northeast continue to strengthen, and the demand for pickup trucks in cities with purchase restrictions and traffic restrictions is sluggish. Due to the lack of production of international car companies, the contradiction between supply and demand, the relationship between China and Europe and the United States has remained good, and the overseas market demand for Chinese automobiles has skyrocketed, promoting the continuous growth of China's pickup truck exports since 2022, and exports from January to March 2024 are still showing a good growth trend of 76% year-on-year, among which Great Wall Motor, Changan Automobile, SAIC Maxus, JAC Automobile and other export performance is super strong.
In March this year, the production of pickup trucks was 51,000 units, a year-on-year increase of 11.3%, sales increased by 6.7% year-on-year, and pickup truck exports increased by 122% in March. Under the environmental pressure of the real estate downturn, the production and sales of pickup trucks in China will be relatively stable in 2023 relying on the contribution of exports. The performance of the domestic pickup market is relatively stable, especially the proportion of pickup sales in the county and township markets has grown steadily year-on-year, effectively offsetting the shrinkage of the pickup market in large cities.
Compared with the popularity of exports, the year-on-year growth of domestic sales of pickup truck manufacturers in March was weak, mainly due to the impact of the high base in March after the Spring Festival last year. Great Wall Motors continued to maintain a strong pickup leader, and performed well at home and abroad. The performance of Great Wall Motor, Jiangling Motors, Zhengzhou Nissan, and Jiangxi Isuzu in the domestic pickup truck market continued to be strong. The export market fluctuates greatly, and some pickup truck companies seize the export opportunity to achieve strong increment, SAIC Maxus, Great Wall Motor, JAC, Changan Automobile export scale is huge, and exports account for more than three percent of the total number of some manufacturers. The trend of pickup trucks, which are the traditional main manufacturers in the domestic retail market, is still relatively stable. The pattern of the domestic pickup truck market is relatively stable, and the pattern of Great Wall Motors, Jiangling Motors, Zhengzhou Nissan, and Jiangxi Isuzu's pickup trucks continues to remain stable. The domestic electric pickup truck market has gradually started, and electric pickup trucks such as Geely Radar have gradually cultivated the market.
First, the overall analysis of the pickup truck market
1. Comparison of the trend of the national pickup truck market in March
In March 2024, the pickup truck market sold 51,000 units, an increase of 6.7% year-on-year and 53% month-on-month in February, which is at the mid-to-high level in the past five years. Due to the low base of pickup trucks in March last year, the growth rate this year is good and the overall state is normal.
From January to March this year, the sales volume of pickup trucks was 128,000 units, a year-on-year increase of 6%, and the overall performance was good.
In 2018, the sales of 450,000 pickup trucks increased by 10%, in 2019, the cumulative sales of pickup trucks were 440,000 units, a year-on-year decrease of 3%, in 2020, 480,000 units, a year-on-year increase of 9%, and in 2021, the sales of pickup trucks were 550,000, a year-on-year increase of 14%, reaching a recent peak.
Overall pickup trucks in 2022 were relatively stable, reaching 513,000 units, down 6% from 2021. In 2023, the overall sales volume of pickup trucks will be 513,000, a year-on-year decrease of 0.1%, and the trend of pickup trucks is relatively stable. Based on the trend of the past two years, the market status of pickup trucks is still relatively good compared with that of light trucks.
2. The pickup truck market has been trending month by month over the years
The pickup wholesale market in 2024 will be relatively stable, with a strong start in January and a relatively moderate high point in March. In 2023, the Spring Festival is earlier than in previous years, so it will rise from February to March, and the trend of pickup trucks in March this year will increase strongly due to the Spring Festival factor.
Pickup trucks belong to the means of production models, due to the general purchase of pickup trucks before the Spring Festival is relatively small, after the Spring Festival 3-12 months pickup sales into the peak season, which is also the demand growth point for real estate, engineering projects and unit purchases.
The sales of passenger cars represent the quality of life and pursuit of Chinese consumers, but the sales of commercial vehicles represent the development of China's small enterprises and small private owners.
The pickup truck market also directly reflects the development of small private owners, and the pickup truck market, represented by Great Wall Motors, has become the vanguard of the recovery of the automobile market after the epidemic. However, with the downturn in real estate, the operation pressure of the tertiary industry is greater, and the pickup market is also difficult to recover. Due to the rapid activity of the overseas pickup export market, the pickup truck market is becoming increasingly complex.
With the trendy toy culture of middle-aged groups, the space for self-driving and outings has increased, and everyone chooses pickup trucks to play.
3. Strong export performance of pickup trucks
Pickup truck exports in March 2024 reached 16,000 units, which was better than last year's March. Great Wall Motor, SAIC Maxus, JAC Motors and Beiqi Foton and other enterprises performed well in exports. However, the recent slowdown in the growth rate of commercial vehicle exports is a more obvious common feature.
In 2023, the national pickup truck market will export a total of 132,000 units, with a growth rate of 4%. This year, the overall export of pickup trucks represented by Great Wall Motors is super strong, with 14,000 pickup truck exports in February 2024, and the proportion of industry exports continues to remain high. Exports accounted for 26% of total pickup truck sales in 2023 and 42% in February 2024, an increase of 16 percentage points compared with the proportion of exports in 2023.
Second, the pickup market environment analysis
1. Zhengzhou officially announced the lifting of the ban on pickup trucks
Zhengzhou announced that starting from March 15, 2024, it will cancel all bans and restrictions on light utility trucks (pickup trucks), and pickup trucks will officially obtain the same right of way as passenger cars in Henan.
21,400 people have obtained a C6 driver's license
The "Regulations on the Application and Use of Motor Vehicle Driving Licenses", which will be implemented on April 1, 2022, has added a "light tractor-trailer" quasi-driving type (C6), and the number of C6 quasi-driving drivers has reached 1.4 million by the end of 2023, which can better meet the travel needs of the masses driving small caravan trailers, promote the development of new forms of RV tourism, better meet the needs of the masses to drive small caravan trailers, and facilitate driving RV tourism.
Third, the characteristics of the pickup truck market sales area
1. Regional changes in the pickup market
The main areas of the pickup truck market are mainly in the northwest and southwest, and the demand for pickup trucks in the western region is larger. Pickup demand in Northwest China was strong in March. At present, the demand for pickup trucks in the southwest and northwest regions accounts for about 44% of the total demand, becoming the two core markets, of which the southwest market has performed strongly this year.
The western market has maintained a relatively stable trend recently, and the eastern region has declined. Despite the buoyant economy, the pickup truck market in East and South China has not grown significantly.
Pickup trucks are still relatively strong in the northern and central and western markets, which is also because the market economy in the northern and central and western regions is relatively inactive, mainly relying on investment and engineering construction to drive demand.
The development of private passenger pickup trucks needs to be further strengthened, and the sales of pickup trucks in Beijing, Tianjin and Shanghai have recovered to a certain extent this year, and the recent Great Wall passenger pickup trucks are worth looking forward to.
2. Pickup sales area analysis
The main sales area of the pickup truck market is still dominated by small and medium-sized cities and county and township markets, but the performance of county and township markets before the Spring Festival is still relatively weak. In March 2024, medium-sized cities and Beijing and other restricted markets performed better. The county and township markets continue to be stable, and the big city markets have no obvious breakthrough characteristics at present.
The market in megacities is gradually in the characteristics of shrinking after the outbreak, while in the market of cities with purchase restrictions, the Beijing market has performed better due to the shortage of license plates. The performance of markets such as Shenzhen and Tianjin, which were relatively strong in the early stage, is in a weak state. Chongqing and Chengdu performed relatively strongly. As a large market with a geographical area larger than Beijing, Hangzhou has a good demand for pickup trucks in its tea farmer market.
Fourth, the competition analysis of China's pickup truck market
1. Performance analysis of pickup truck manufacturers
In 2023, the main manufacturers in the pickup truck market will perform well, Great Wall Motors will maintain a strong absolute dominant position, Changan Automobile will perform very strongly in foreign export markets in March, SAIC Maxus and JAC Automobile will have a stable trend in March, and Jiangling Motors and Zhengzhou Nissan will maintain a strong domestic main position.
With the rapid growth of the pickup export market, SAIC Maxus, JAC, and Changan pickup trucks have risen rapidly, forming the characteristics of the head enterprises squeezing the sales of tail enterprises.
Recently, the strong pickup truck manufacturers of traditional large groups are very strong, especially SAIC Maxus and other export performance is outstanding. Great Wall Motor's pickup trucks have performed well at home and abroad, and the vitality of new products on the market is strong. Jiangling Motors is picking up faster. Compared with SAIC Maxus and Changan Automobile, which belong to the new forces, they performed better.
2. The trend of domestic share of pickup truck manufacturers
In 2023, the domestic retail pickup truck market will still maintain the trend characteristics of 1 super and many strong, but it will gradually reflect the trend of differentiation. Great Wall Motor's pickup truck sales are outstanding.
In March this year, the share of Great Wall Motor's pickup trucks was leading, Jiangling Motors, Zhengzhou Nissan, Jiangxi Isuzu, etc. maintained a strong position, and the competition pattern in the domestic market was relatively stable.
3. Export trend of pickup truck manufacturers
Great Wall pickup truck exports are still the first in the past years, but SAIC Maxus, Changan Automobile and other pickup truck exports are super strong. Due to SAIC's good export foundation and strong export system, it has promoted Datong's export growth.
Recently, the growth rate of pickup trucks and other exports has slowed down, and export growth is greatly affected by the improvement of overseas supply and weakening demand.
4. Monthly trend of pickup truck market sales
The main cities of pickup trucks in the country are currently Urumqi, Chengdu, Chongqing, Harbin and other southwest, northeast and northwest regions. There is a certain scale of demand in large cities. The demand for pickup trucks in major mining areas such as Ordos, Urumqi and Shigatse is also strong.
5. Monthly regional trend of pickup trucks
Since 2020, with the upgrade of China VI, the update and iteration speed of pickup truck products has accelerated, and this year's pickup truck has entered a market adjustment period. According to the pickup truck market tracking, Great Wall Motors occupies an absolute dominant position of nearly 50% in China, and Great Wall Motors has a prominent share in the Yellow River region in central China and North China.
The total share of the top 1 and top 3 pickup trucks reached 85%, of which Jiangling Qiche performed strongly in the southwest and Yangtze River basins, Zhengzhou Nissan performed well in the northwest and southwest regions, and Jiangxi Isuzu performed strongly in the southwest and northwest regions.
In 2024, the increase will mainly come from the southwest and north China markets. The increase is mainly in the original fields of engineering construction, municipal electric power, agriculture, forestry, animal husbandry and fishery, wholesale and retail trade, as well as new customers such as high-end, passenger and off-road vehicles.
With the intensification of China's aging population, the aging trend of migrant workers is obvious, and the trend of migrant workers returning to their hometowns is obvious, driving the recovery of small cities and county and township markets. The main models of traditional mainstream car companies have performed very strongly, Great Wall's product innovation has been very good, and new products such as King Kong Cannon have performed outstandingly.
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