The pace of China’s economic growth saw an uptick in the third quarter, finishing the quarter with real GDP increasing 7.8% year-over-year, according to the most recent China Commercial Vehicle Outlook, jointly published quarterly by ACT and SIC, China’s State Information Center.
It includes an overview of the China economy and a review and forecast of China’s heavy and medium-duty truck and bus markets, as well as analysis of OEM market shares within China.
“Heavy truck and tractor growth was spurred by replacement demand and a steady macro economy,” said Frank Maly, Director – CV Transportation Analysis and Research at ACT. “Medium truck sales, while faring well, grew at a more moderate pace. Meanwhile, domestic sales of large and medium buses fell significantly, down 27.9% year over year, as a result of Q2 prebuys. The forecast is for heavy and medium truck markets to continue to grow in the near-term, although modestly.”
SIC is affiliated with the National Development and Reform Commission of China and is engaged in research on the macro-economy, key industries and information technology.