China’s Mini Truck Market Drops Over 30% in 2024

China’s mini truck market saw a sharply divided performance in 2024. The first quarter recorded three consecutive months of growth, but sales fell steadily from the second quarter onward, resulting in a “three-month rise, nine-month decline” pattern. Overall annual sales fell 31% from 2023.

Data from the China Association of Automobile Manufacturers show that total truck sales (including chassis and tractors) in December 2024 reached 308,000 units, up 15% from November and roughly flat year-on-year. Mini trucks accounted for 36,100 units, up 48% from November but down 43% from December 2023, marking the ninth straight month of decline.

Looking at the past five Decembers, mini truck sales fluctuated significantly. December 2020 topped 70,000 units, 2021 and 2023 exceeded 61,000 units, 2022 fell below 50,000, and December 2024 hit just 36,100 units—the lowest in five years. This represents roughly 27,000 fewer units than December 2023 and more than 40,000 fewer than December 2020.

In December 2024, eight companies sold mini trucks. Two saw year-on-year growth, while six declined. Chery’s sales jumped 86%, and Qingling recorded net growth. Three companies fell by over 60%, with the worst down 74%, highlighting a market split where declining players dominated.

Four companies captured more than 10% of the market: Wuling 41.03%, Shandong Kama 16.91%, Chery 16.06%, and Changan 14.33%, together taking nearly 88.3% of December sales. Dongfeng sold over 3,000 units (8.84%), YuanCheng 786 units (2.18%), Qingling 192 units (0.53%), and all other companies sold fewer than 100 units.

For the full year, mini truck sales totaled 433,200 units, down 31%. Ten companies recorded sales, six of which grew compared with 2023. Chery, Changan, and YuanCheng increased 4%, 20%, and 24%, respectively, while JAC, Qingling, and Yuchai New Energy also posted gains.

Market share for 2024 shows Wuling at 48.89%, Changan 16.85%, Kama 14.14%, and Chery 10.12%. Dongfeng held 5.93%, and YuanCheng 3.79%, with all other players below 0.5%.

In summary, December 2024 saw mini truck sales fall 43% year-on-year, and the market ended 2024 with its weakest performance in nearly a decade. Whether 2025 will bring a recovery remains to be seen.