Light Truck Market: Cumulative wholesale sales for January-February reached 276,600 units, down 7.89% year-over-year.

(Source: Commercial Vehicle Industry)

Data from the Commercial Vehicle Big Data Platform shows that from January to February, the domestic light truck (including incomplete vehicles) wholesale sales totaled 276,600 units, a year-on-year decrease of 7.89%, showing relatively weak performance among major segments of commercial vehicles.

Affected by overlapping factors such as the offset of the Spring Festival holiday, a significant reduction in effective working days, and last year’s high base, the light truck market in January–February 2026 did not continue last year’s recovery trend, instead showing a downward pressure. Data from the Commercial Vehicle Big Data Platform indicates that from January to February, the wholesale sales of domestic light trucks (including incomplete vehicles) reached 276,600 units, down 7.89% year-on-year.

Looking at the cumulative performance from January to February, the sales of 276,600 units represent a decrease of about 24,000 units compared to the same period last year, a decline of 7.89%. This trend contrasts sharply with the heavy truck market, which grew by 16.5%, reflecting that light trucks, as the main vehicle type for urban distribution logistics, are more sensitive to the concentrated demand release before the holiday and the slower resumption of work after the holiday. Notably, although the cumulative sales declined year-on-year, based on the past five years of historical data, the January–February 2026 sales still rank fifth in the past decade, representing a relatively low volume for February post-pandemic, but not extremely sluggish. As the resumption of work and production after the holiday is fully underway, market demand is in a preparatory stage.

Complete Vehicle Market: Down 6.08% Year-on-Year, Leading Companies Maintain High Concentration

From January to February, the cumulative sales of complete light trucks reached 272,600 units, down 6.08% year-on-year, slightly better than the overall industry level. The top five companies are Foton Motor, JAC Motors, Dongfeng Motor, Great Wall Motors, and JMC, accounting for a combined market share of 63.44%, maintaining high market concentration.

In terms of company performance, Foton Motor led the industry with a cumulative sales of 63,800 units and a market share of 23.04%. JAC Motors sold 34,700 units, holding a 12.54% share and ranking second. Dongfeng Motor performed particularly well, with a cumulative sales of 29,300 units from January to February, a significant increase of 29.00% year-on-year, the highest growth rate among the top five companies.

Incomplete Vehicles (Chassis) Market: Plummeting, Industry Reshuffle Accelerates

Compared to the slight pressure in the complete vehicle market, the incomplete light truck chassis market experienced a sharp decline. From January to February, cumulative sales were only 4,100 units, a plunge of 58.84% year-on-year. The top five companies are Shaanxi Auto, FAW Jiefang, Qingling Motors, Dongfeng Motor, and Foton Motor, with a combined share of 97.49%, almost monopolized by leading enterprises.

The drastic decline in incomplete vehicles reflects a phased contraction in the demand for special vehicle conversions. On one hand, the construction projects before and after the Spring Festival have been insufficient, leading to delayed demand for chassis for dump trucks, sanitation vehicles, and other special vehicles. On the other hand, the substitution effect of new energy chassis is gradually becoming apparent, squeezing the market share of traditional fuel-powered chassis.

New Energy Vehicles: Strong Growth

From the cumulative perspective, January–February new energy light trucks sold 14,900 units, a year-on-year increase of 27.9%, maintaining a high growth rate. The market landscape is showing clear reshuffling: in February, the monthly sales champion changed hands, with SAIC Maxus reaching 1,098 units and a year-on-year increase of 1,615.6%, marking its first monthly top spot; remote new energy commercial vehicles ranked second with 1,067 units; Qingling Motors entered the top three with 656 units and a growth rate of 281.4%.

Exports: Light trucks benefit from overseas demand, showing strong growth

Despite domestic sales pressure, the export market performed strongly, becoming a key factor in balancing internal demand fluctuations. From January to February, cumulative commercial vehicle exports reached 178,000 units, up 22.4% year-on-year, with overseas markets outperforming domestic growth. As one of the main export models, light trucks continue to make breakthroughs in Southeast Asia, the Middle East, Africa, and other Belt and Road markets. Leading companies such as Foton, JAC, and Sinotruk are accelerating their overseas channel deployment, making exports a crucial path to offset domestic demand fluctuations and seek new growth drivers.