China’s commercial vehicle market declined in February 2026, with total sales down 14% year-on-year, ending a recent growth streak. The truck segment also fell 14% year-on-year.

Light trucks, the largest segment of the truck market, also saw a notable decline.

Light truck sales slump in February

According to data from the China Association of Automobile Manufacturers (CAAM), based on wholesale invoicing, China’s truck market recorded sales of 240,400 units in February, down 26% month-on-month and 14% year-on-year.

Light trucks — including light-duty trucks, mini trucks and pickups — totaled 117,200 units. This represents a 27% decline from January and a 23% drop compared with the same period last year, after growing 8% in January.

Across truck segments, performance was mixed:

Heavy-duty trucks fell 10% year-on-year

Medium-duty trucks declined 5%

Mini trucks rose 15%, the only segment to post growth

Light trucks dropped 23%, a steeper decline than the overall market

In the first two months of 2026, total truck sales rose 6% year-on-year, though growth slowed significantly. By contrast, light truck sales fell 8% over the same period.

Performance remains within historical range

Despite the decline, February volumes remained within the typical range seen over the past decade.

Excluding the disruption in 2020, February light truck sales have generally ranged between 100,000 and 130,000 units. The 117,200 units recorded in February 2026 fall within this band, ranking sixth over the past 10 years.

Cumulative sales for January–February reached 276,600 units, placing fourth over the same period historically and within the usual range of 250,000 to 300,000 units.

However, the sharp decline in February pushed cumulative growth into negative territory, with total sales down by approximately 23,700 units compared with a year earlier. The outlook for 2026 remains challenging.

Foton leads as BYD enters top 10; most manufacturers report declines

Market performance diverged significantly among manufacturers in February.

Four companies reported monthly sales exceeding 10,000 units:

Foton Motor: 27,500 units (23.5% market share)

Dongfeng Company: 12,500 units (10.7%)

JAC Motors: 12,300 units (10.5%)

Great Wall Motors: 12,000 units (10.3%)

JMC ranked fifth with nearly 10,000 units and an 8.0% share.

Changan Automobile, SAIC Yuejin and Sinotruk followed, each posting sales above 7,000 units.

The top 10 manufacturers accounted for 88.4% of total market share, with the top five alone representing 63.0%.

Only one of the top 10 manufacturers recorded year-on-year growth. Expanding to the top 12, two companies JMC and Qingling posted gains, rising 7% and 24%, respectively.

Among the declining players, seven companies saw double-digit drops, with the steepest fall reaching 84%.

In terms of ranking changes:

Foton retained the top position

Great Wall and JMC held steady

BYD entered the top 10, ranking 10th

Dongfeng rose to second place

Changan climbed to sixth

January–February sales down 8%; some manufacturers post growth

For the first two months of 2026, light truck sales totaled 276,600 units, down 8% year-on-year.

Despite the overall decline, several manufacturers posted growth, including JAC, Dongfeng, JMC, SAIC Yuejin, Sinotruk, Farizon and Qingling.

Among them:

Dongfeng increased 29%

Farizon rose 30%

JMC grew 19%

SAIC Yuejin gained 17%

JAC and Sinotruk recorded modest increases.

Meanwhile, several companies experienced double-digit declines, with the largest drop reaching 55%.

In terms of market share, Dongfeng, JAC, JMC, Farizon and SAIC Yuejin all expanded their positions, while others saw declines of more than three percentage points.

Outlook uncertain as peak season approaches

With February sales down 23% year-on-year, the light truck market has entered negative growth territory in 2026.

March and April are traditionally peak months for China’s commercial vehicle sector. It remains unclear whether demand will recover in the coming months.

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