Heavy Truck Sales Decline 10% Year-on-Year in February to 73,600 Units, Ending Growth Streak

According to data from the China Association of Automobile Manufacturers (based on enterprise invoicing figures, not actual retail sales), China's truck market, including chassis and tractors, sold a total of 240,400 vehicles in February 2026. This represents a 26% decrease compared to January and a 14% decline year-on-year.

Within this segment, the heavy-duty truck market sold 73,600 units in February. Sales fell 30% month-on-month and dropped 10% compared to the same period last year. This turned the year-on-year growth rate negative, following a 46% increase in January, ultimately halting the market's consecutive growth streak at ten months.

How does the February figure of 73,600 units stack up historically, especially considering the Lunar New Year holiday? Over the past decade (excluding 2026), the average sales volume for February in the heavy truck market was approximately 70,800 units. Sales exceeded 80,000 units in three of those years (February 2017, 2021, and 2025), with only one year (February 2021) surpassing 100,000 units. It is important to note that only February 2023 was completely unaffected by the Spring Festival holiday in the past decade; all other years saw some impact, with the 9-day holiday in 2026 having the most significant effect. Therefore, while the February 2026 sales showed a year-on-year decline, the performance is not considered poor when viewed in a broader historical context.

A review of the sales trend over the last ten Februaries shows a mixed performance, with five years of growth and five years of decline. The 73,600 units sold in February 2026 rank as the fourth lowest in the past decade (only higher than February 2024, 2022, and 2020). Looking specifically at the most recent five years, it ranks third (lower than February 2025 and 2023). From this perspective, the February 2026 performance appears less favorable.

In terms of cumulative sales, the heavy truck market sold a total of 178,900 units from January to February 2026. This represents the highest sales volume for the first two months in the past five years and the third highest in the last decade. It marks a 17% increase, or a net gain of approximately 25,400 units, compared to the 153,500 units sold in the same period the previous year.

While February sales decreased by 10% year-on-year, the cumulative sales for 2026 after February still showed a 17% increase compared to the previous year. However, this cumulative growth rate narrowed by 29 percentage points from the level seen after January.

In the manufacturer rankings for February 2026, five companies exceeded 10,000 units in monthly sales, the same number as the previous month. SINOTRUK maintained its top position, selling 22,000 units and retaining the monthly sales championship. FAW Jiefang ranked second with sales of 12,100 units. Shaanxi Automobile, Dongfeng, and Baic Foton Motor Co.,Ltd. placed third to fifth, selling 11,100, 11,000, and 10,000 units respectively.

The top ten enterprises in the heavy truck market collectively held a 97.9% share of total sales in February. The top five companies alone accounted for 89.9% of the market. Each of the top five players held a market share exceeding 10%: 29.9%, 16.4%, 15.1%, 15.0%, and 13.5% respectively. XCMG sold 2,800 units, ranking sixth with a 3.8% market share. All other companies held shares below 2%.

Regarding year-on-year sales growth in February, five of the top ten companies saw increases while five experienced declines. Baic Foton Motor Co.,Ltd., XCMG, Yuan Cheng, and Beiqi Heavy Truck achieved growth rates of 13%, 21%, 17%, and 8% respectively, while Shandong Leichi saw net new sales. Notably, companies like Baic Foton Motor Co.,Ltd. and XCMG, which achieved twelve consecutive months of year-on-year growth throughout 2025, continued their growth streaks into 2026. Conversely, three of the declining companies saw double-digit percentage drops, with the most severe decline reaching 38%.

There were changes in the rankings within the top ten compared to January. Beiqi Heavy Truck re-entered the top ten, rising to 8th place in February from 11th in January. Shandong Leichi moved up one spot to 9th place. Meanwhile, some companies saw their rankings fall or were pushed out of the top ten entirely. The top seven companies – SINOTRUK, Jiefang, Shaanxi Auto, Dongfeng, Baic Foton Motor Co.,Ltd., XCMG, and Yuan Cheng – maintained their positions from the previous month.

For the January-February cumulative period, SINOTRUK led with sales of 51,100 units, capturing a 28.6% market share. Jiefang, Shaanxi Auto, Dongfeng, and Baic Foton Motor Co.,Ltd. followed with cumulative sales of 32,600, 27,300, 26,200, and 24,500 units, representing market shares of 18.2%, 15.3%, 14.7%, and 13.7% respectively. XCMG ranked sixth with 6,800 units and a 3.8% share.

In terms of cumulative sales growth, seven of the top ten companies saw increases, while three declined. Baic Foton Motor Co.,Ltd., XCMG, and Yuan Cheng were the leading gainers, with growth rates of 47%, 56%, and 36% respectively. SINOTRUK, Shaanxi Auto, and Dongfeng also achieved double-digit growth of 17%, 11%, and 24%, while Shandong Leichi recorded net new sales. The most significant decline among the top ten was a 23% drop in cumulative sales.

The top ten enterprises collectively held a 98.0% share of the market from January to February 2026. The top five companies accounted for 90.4% of sales, indicating an increase in market concentration compared to the full year 2025 (89.8%). The dominance of the top five is substantial, with companies ranked sixth and below each holding less than 4% of the market, and those after sixth place holding under 1.5%.

Compared to the same period in 2025, several companies, including SINOTRUK, Dongfeng, Baic Foton Motor Co.,Ltd., XCMG, Yuan Cheng, and Leichi, increased their market shares. Baic Foton Motor Co.,Ltd. recorded the most significant gain, adding 2.9 percentage points to its share. XCMG and Dongfeng followed with increases of 1.0 and 0.9 percentage points, respectively.

In conclusion, the heavy truck market experienced an expected decline in February, influenced by the Spring Festival holiday. Despite this, cumulative sales for 2026 remain up 17% year-on-year. The market is now poised to enter its traditional peak sales season.