China’s commercial vehicle market posted both month-on-month and year-on-year declines during the month. Total sales fell 14% year-on-year, according to data from the China Association of Automobile Manufacturers (CAAM).

Truck sales, including chassis and tractor units, totaled 240,400 units in February, down 26% from January and 14% from a year earlier. Heavy truck sales reached 73,600 units, decreasing 30% month-on-month and 10% year-on-year, compared with a 46% year-on-year increase in January.

The February slowdown was largely attributed to the extended Chinese New Year holiday, which lasted nine days in 2026. Historically, February sales are typically affected by the Chinese New Year holiday.. Over the past decade, average February heavy truck sales stood at around 70,800 units, with only a few years exceeding 80,000 units and only one year exceeding 100,000 units.

Despite the year-on-year decline, February’s performance was broadly in line with historical trends, although it ranked toward the lower end in recent years, reflecting continued market pressure.

In the first two months of 2026, heavy truck sales totaled 178,900 units, up 17% year-on-year. This marked the highest level in five years and the third highest in the past decade. However, the growth rate slowed significantly from January, narrowing by 29 percentage points.

Sinotruk Leads; Market Concentration Remains High

Industry leader Sinotruk retained its top position in February with sales of 22,000 units. FAW TRUCKS ranked second with 12,100 units, followed by SHACMAN (11,100 units), Dongfeng (11,000 units) and Foton (10,000 units).

Five manufacturers recorded monthly sales exceeding 10,000 units, unchanged from January.

Market concentration remained high, with the top 10 manufacturers accounting for 97.9% of total sales in February. The top five alone held a combined share of 89.9%, with each exceeding 10% individually.

XCMG ranked sixth with 2,800 units and a 3.8% market share. Farizon, BAIC Heavy Truck, Shandong REACH, and JAC Motors completed the top 10, each with a share below 2%.

Foton, XCMG Extend Growth Momentum

Among the top 10 manufacturers, five posted year-on-year growth in February, while five recorded declines.

Foton, XCMG, Farizon, and BAIC Heavy Truck reported growth of 13%, 21%, 17%, and 8%, respectively, while Shandong REACH also also posted year-on-year growth. Both Foton and XCMG continued their growth momentum after posting consistent gains throughout 2025.

Meanwhile, some manufacturers saw sharp declines, with the steepest drop reaching 38% year-on-year.

In terms of rankings, BAIC Heavy Truck re-entered the top 10 in eighth place, while Shandong REACH rose to ninth. The top seven manufacturers maintained their positions from the previous month.

January–February Sales Rise; Concentration Increases Further

Cumulative heavy truck sales for January–February reached 178,900 units, up 17% year-on-year.

Sinotruk led with 51,100 units and a 28.6% market share. FAW Jiefang, SHACMAN, Dongfeng, and Foton followed, each holding shares between 13.7% and 18.2%. XCMG ranked sixth, while Farizon, Chery, Shandong REACH, and JAC Motors placed seventh to tenth.

Seven of the top 10 manufacturers recorded cumulative growth, led by Foton, XCMG, and Farizon, which posted increases of 47%, 56%, and 36%, respectively. Sinotruk, SHACMAN, and Dongfeng also achieved double-digit growth.

Industry concentration continued to rise. The top 10 manufacturers accounted for 98.0% of total sales, while the top five held 90.4%, exceeding the full-year level seen in 2025.

Several manufacturers expanded their market share compared with a year earlier, with Foton posting the largest gain, up 2.9 percentage points. XCMG and Dongfeng also reported increases.

The February decline was largely driven by seasonal factors. Despite this, the market maintained solid growth in the first two months of the year.

As the industry enters its traditional peak season, market participants will closely watch whether heavy truck sales rebound in March.

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