Core Consulting: Light Commercial Vehicle Market Forecast Research Report in June 2023

• The weakening trend of economic recovery continued in May. The real estate market weakened again, which continued to drag down economic growth. The decline in housing prices caused residents to have insufficient consumer confidence, which led to a reduction in consumption. Although the LPR fell by 10 basis points from the previous month, the interest rate cut had limited impact on reducing loan repayment pressure, and more reflected a signal of stabilizing growth.

2023 Light Commercial Vehicle Market Sales Forecast

• In the future, China's economy will gradually enter a stage of medium-speed and high-quality development. The demand structure will gradually shift from investment-oriented to consumption-oriented. Regional development will gradually tend to be balanced, freight elasticity will decrease, and the freight market structure will become more reasonable.
• The overall demand for light commercial vehicles has stabilized, market demand has gradually returned to the origin of the product, and demand has gradually become balanced.
• From the product dimension, after the sedimentation and recovery period of policies such as emission upgrades and new blue license plate regulations, products have gradually become more high-end and customized for different scenarios, entering a stage of innovation and intensive cultivation.
• Taking into account the influence of various factors, it is expected that the overall light commercial vehicle market will show a steady recovery in 2023, with cumulative sales for the whole year expected to reach 2.53 million vehicles, a year-on-year increase of 3.3%.