Chinese truck market, economy on the rise
The pace of China’s economic growth saw an uptick in Q3 2013, finishing the quarter with real GDP increasing 7.8% year over year, according to the most recent China Commercial Vehicle Outlook.
The report is jointly published quarterly by Americas Commercial Trucking (ACT) Research 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,” says 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.
For more information on ACT visit http://www.actresearch.net.