According to the latest data from China Association of Automobile Manufacturers (based on enterprise invoicing figures, not terminal retail sales), China's heavy truck market sold a total of 91,600 units in August 2025, representing an 8% month-over-month increase and a 47% year-over-year surge.
Within this performance, the tractor segment - the most closely watched subsegment of the heavy truck market - also achieved growth in August, delivering results of 48,900 units sold, up 14% month-over-month and 42% year-over-year, securing a fourth consecutive month of year-over-year growth.
In August, the tractor market's 42% year-over-year growth rate expanded considerably compared to the previous month, though it remained below the overall heavy truck market's 47% growth rate, continuing to underperform the broader market.
Looking at the sales volume and growth trends for August tractor market over the past five years, the market has shown a decline-decline-increase-decline-increase pattern over the recent five Augusts (identical to the overall heavy truck market trend). Among these five years, only August 2025 saw sales exceed 45,000 units, with the 48,900-unit figure representing the highest August sales volume in the past five years, a net increase of approximately 14,500 units compared to August of the previous year.
Extending the timeline to the past decade, this August's sales volume ranks third highest. From a cumulative perspective, January-August 2025 tractor market cumulative sales reached 361,900 units, ranking second among the past five years. However, this figure doesn't significantly exceed the previous two years' performance, representing a 9% increase compared to last year's January-August figure of 333,400 units, a net increase of approximately 28,500 units. The cumulative sales growth rate expanded by 4 percentage points compared to the period after July.
**Sinotruk and FAW Jiefang Both Break 10,000 Units Monthly, Competing for Top Position; Foton and XCMG Double Their Growth**
In August 2025, the tractor market grew 42% year-over-year, with the growth rate expanding by 13 percentage points compared to the previous month (July tractor market grew 29% year-over-year).
In August, two companies in the tractor market achieved sales exceeding 10,000 units, one more than the previous month. Sinotruk and FAW Jiefang sold 14,100 and 10,500 units respectively, with Sinotruk maintaining its position as monthly sales leader.
From a year-over-year growth perspective, eight of the top ten tractor sales companies in August showed increases while two declined. Foton and XCMG led with significant growth of 141% and 100% respectively. Sinotruk, Shaanxi Auto, and Geely Commercial Vehicle achieved growth rates of 88%, 46%, and 64% respectively, outpacing the overall market growth rate. FAW Jiefang, BAIC Heavy Truck, and JAC achieved growth but at rates below the overall market pace. Meanwhile, the two declining companies both experienced double-digit decreases, with the most severely affected company seeing a 19% year-over-year decline in August sales.
From a year-over-year growth perspective, August's tractor market showed mixed results, though the majority of companies experienced positive growth.
Regarding market share, the top ten companies in August's tractor market held a combined 98.77% share, with the top five companies alone accounting for over 90% at 90.17%. All top five companies maintained market shares exceeding 10%, with leading Sinotruk Jinan Truck Co.,Ltd. (000951.SZ) achieving nearly 30% monthly market share at 28.92%. FAW Jiefang, Shaanxi Auto, Beiqi Foton Motor Co.,Ltd. (600166.SH), and Dongfeng held August market shares of 21.48%, 15.65%, 12.84%, and 11.28% respectively. Companies ranked 6-10 (XCMG, BAIC Heavy Truck, Geely Commercial Vehicle, Yutong, and JAC) held monthly market shares ranging from 0.5% to 4.5%.
From an industry structure perspective, the top ten members of August 2025's tractor market remained consistent with July, though rankings showed some changes: Yutong and JAC switched positions, with Yutong rising one spot to 9th place monthly. The top eight companies - Sinotruk, FAW Jiefang, Shaanxi Auto, Foton, Dongfeng, XCMG, BAIC Heavy Truck, and Geely Commercial Vehicle - maintained their July rankings unchanged.
**January-August Cumulative Sales Exceed 360,000 Units; XCMG/Geely Commercial Vehicle Double Growth, Foton Market Share Significantly Increases**
From cumulative sales perspective, the tractor market sold 361,900 units cumulatively in January-August this year, up 9% year-over-year. The cumulative sales growth rate expanded by 4 percentage points compared to the post-July period (+5%), representing approximately 28,500 more units sold compared to the same period last year.
Looking specifically at the top ten companies by cumulative sales, most achieved growth (eight increases, two decreases). XCMG and Geely Commercial Vehicle led with cumulative sales increases of 165% and 101% respectively, achieving double-digit growth. Foton and BAIC Heavy Truck saw cumulative sales increases of 59% and 58% respectively, also qualifying as significant growth. Sinotruk, Shaanxi Auto, Dongfeng, and JAC achieved cumulative sales increases of 14%, 15%, 3%, and 28% respectively.
Simultaneously, two companies among the top ten cumulative sales experienced declines, with the most severely affected company showing a double-digit cumulative sales decrease.
From cumulative market share perspective, the top ten companies held a combined 99.00% share. The top two companies, Sinotruk and FAW Jiefang, both exceeded 20% cumulative market share at 27.01% and 21.57% respectively. Shaanxi Auto ranked third with 16.68% cumulative share. Fourth and fifth-ranked Foton and Dongfeng also exceeded 10% with 12.56% and 12.32% respectively. The top five companies combined held 90.15% market share, maintaining a substantial lead. Companies ranked 6-10 (XCMG, Geely Commercial Vehicle, BAIC Heavy Truck, JAC, and Yutong) held cumulative shares ranging from 0.5% to 4%.
Compared to the same period last year, Sinotruk, Shaanxi Auto, Foton, XCMG, Geely Commercial Vehicle, BAIC Heavy Truck, and JAC all improved their January-August market shares this year. Foton, XCMG, and Sinotruk showed the most significant improvements, gaining 3.98, 2.24, and 1.38 percentage points respectively.
Compared to the 2024 year-end standings, both membership and rankings of the top ten tractor companies changed in January-August 2025: Yutong, which ranked 12th in last year's final standings, currently holds 10th place; Geely Commercial Vehicle, which finished 10th last year, currently ranks 7th after August; Foton, which finished 5th last year, currently ranks 4th after August; XCMG, which finished 7th last year, rose one position to currently rank 6th.
In this competitive reshuffling, some companies experienced ranking declines or were pushed out of the top ten. With only four months remaining in 2025, time is running short for lagging companies.
**Conclusion**
In August 2025, the overall heavy truck market achieved 47% year-over-year sales growth, while the tractor market grew 42% year-over-year, underperforming the broader heavy truck market for the sixth consecutive month. For January-August, heavy truck cumulative sales increased 14% year-over-year, while the tractor market's 9% cumulative growth also lagged behind the overall market performance.
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