The domestic heavy-duty truck market remained hot in the first half of the year. Following strong sales in March and April, May, the traditional peak season, saw the industry withstand pressure and achieve a third consecutive month of sales growth. Affected by factors such as drastic fluctuations in oil and gas prices and the implementation of new policies for replacing old trucks, the heavy-duty truck market segmentation has become significantly differentiated: the once-booming gas-powered heavy-duty trucks have seen a sharp decline in popularity, while electric heavy-duty trucks have surged, becoming the biggest highlight of the industry, thanks to market and policy support.
Monthly Sales Trend of my country's Heavy-Duty Truck Market, 2020-2026 (Unit: Vehicles)
◆Overall sales have increased for three consecutive months, with cumulative sales exceeding 530,000 vehicles
In May 2026, domestic wholesale sales of heavy-duty trucks reached approximately 103,000 vehicles, including exported vehicles and various new energy vehicle models. Compared to April, sales this month decreased by 12% month-on-month, but increased by 16% year-on-year compared to 89,000 vehicles in the same period last year, setting a new high for May sales in the past five years. From cumulative data, total sales of heavy-duty trucks nationwide reached 538,000 units from January to May, a year-on-year increase of 22%, solidifying the overall growth trend of the industry in the first half of the year.
[Chart showing annual sales trend of my country's heavy-duty truck industry from 2015 to 2026 (unit: 10,000 units)]
The slight month-on-month decline in sales was mainly due to two reasons: firstly, many major heavy-duty truck manufacturers entered a phase of destocking, actively adjusting their production and delivery schedules; secondly, the demand for natural gas-powered heavy-duty trucks shrank significantly, directly dragging down the overall market performance. The market's ability to maintain double-digit year-on-year growth continues the core logic since the second quarter. March to mid-May is the traditional peak season for heavy-duty truck sales, with busy logistics and transportation activities. Industry professionals tend to replace their vehicles with newer models that offer higher uptime and better performance, resulting in strong demand for vehicle replacements. At the same time, the replacement pace of National V diesel heavy-duty trucks is accelerating under the dual competition of natural gas-powered and electric vehicles, further releasing the potential for new vehicle purchases. Major automakers are also continuously conducting product promotions and regional sales exhibitions to safeguard the market's fundamentals.
Price changes are key to reshaping the market structure: Domestic diesel prices remained high throughout May, while LNG prices have been rising steadily since late April, currently reaching 6.3-6.6 yuan/kg at the terminal refueling point. The previously significant oil-gas price difference has been rapidly compressed, with some regions even experiencing price inversions. It's common for LNG prices to be higher than diesel prices at private gas stations, essentially eliminating the cost advantage that gas-powered heavy-duty trucks relied on.
The export market is also under pressure: Affected by the Middle East geopolitical situation, overseas orders for heavy-duty trucks have declined for two consecutive months. However, the rigid demand from overseas infrastructure and mining sectors remains, and exports still achieved a 28% year-on-year increase in May, continuing to contribute to the industry's growth.
◆ Dual Market Empowerment: Electric Heavy-Duty Trucks Surge
In stark contrast to the sluggish performance of gas-powered heavy-duty trucks, electric heavy-duty trucks experienced explosive growth in May. In a market environment where both oil and gas prices are high, the cost advantage of electric vehicles is becoming increasingly prominent. Coupled with the concentrated release of vehicle replacement demand, sales of electric heavy-duty trucks have been climbing steadily. Data shows that in May, sales of electric heavy-duty trucks increased by over 90% year-on-year and maintained a slight increase month-on-month. Market penetration jumped to 40%, with both growth rate and market share far exceeding those of March and April, demonstrating rapid growth momentum.
The implementation of policy incentives has further fueled the electric heavy-duty truck market. On May 13th, multiple departments jointly issued detailed rules for the scrapping and replacement of old commercial trucks, with this round of subsidies supported by special central government bonds. The document clarifies that while promoting the elimination and replacement of old trucks meeting National III and National IV emission standards, priority will be given to encouraging the replacement with electric trucks. It also requires local governments to reserve special subsidy funds, focusing on electric models. Previously hesitant truck owners and logistics companies have entered the market, further driving up sales of electric heavy-duty trucks.
From the current market performance, new energy has gradually transformed from an industry trend into a market consensus. In the future, with continuous technological breakthroughs, expanding operational scenarios, and the continued release of policy incentives, new energy heavy-duty trucks are expected to maintain rapid growth and become an important force driving the high-quality development of the heavy-duty truck industry.
Looking back from the 2026 juncture, the growth of the heavy-duty truck market is not only reflected in increased sales figures, but also in the optimization of the industrial structure and the transformation of development methods. A green, low-carbon, intelligent, and efficient development path is rapidly taking shape, and a new stage supported by new energy sources has arrived.
