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According to data from the Automobile Market Research Branch of the China Automobile Dealers Association (CPCA), the pickup truck market sold 47,000 vehicles in September 2020, a year-on-year increase of 39%, and the monthly trend continued to be strong. The total number of pickup trucks increased by 7% from January to September this year, which is also compared with the strong growth of the pickup truck market from January to September in 2019. This year, due to the epidemic factors and fluctuations in demand in Beijing, the year-on-year decline was large. In recent years, pickup trucks have become a new hot spot for passenger and commercial consumption, and their performance has continued to be strong. However, pickup truck companies have recently diverged, and the main car companies have strongly improved. Some traditional pickup truck companies are facing huge growth pressure. The pickup truck market is supported to continue to recover in the coming period. First, the steady economic recovery in recent period has laid a solid foundation for the continued recovery of the autumn market. Secondly, many new industries, new formats and new models have emerged during the epidemic, which will continue to provide strong support for the economic recovery. In addition, the pickup truck market will benefit from the effects of macroeconomic policies and will become more apparent. 1. Overall analysis of the pickup truck market 1. Comparison of national pickup truck market trends from January to September In September 2020, the pickup truck market sold 47,000 vehicles, a year-on-year increase of 39% and a month-on-month increase of 8%. Compared with the year-on-year growth rate, compared with September 2019, it fell by 12% year-on-year. Due to the recovery factors after the epidemic, the performance in September this year was relatively strong. Pickup truck sales increased by 10% in 2018. From January to December 2019, the cumulative sales of pickup trucks reached 440,000 units, a cumulative year-on-year decrease of 3%. However, from January to September 2019, the year-on-year decline was 3%. In the fourth quarter of last year, the pickup truck trend continued to weaken, with a year-on-year decline of 2%. In September this year, pickup trucks performed very well compared to traditional light trucks, but the growth of light trucks was mainly in the eastern market, while the growth of pickup trucks was in the Midwestern market, so the growth was differentiated. 2. Monthly trends of pickup truck market over the years The pickup truck wholesale market in 2020 started at a relatively low level, and performed unusually strongly compared to September 2018 and 2019, which was also affected by the epidemic in 2020. Pickup trucks are means of production vehicles. Since there are relatively few pickup trucks purchased before the Spring Festival, pickup truck sales enter the peak season after the Spring Festival. They are a growth point for demand for engineering projects and unit purchases. The sales volume of passenger cars represents the improvement and pursuit of quality of life of Chinese consumers, but the sales volume of commercial vehicles represents the development status of China's small enterprises and small private owners. Only when the demand for commercial vehicles increases and basic people's livelihood issues are resolved, can the passenger car market have the possibility of recovery. The pickup truck market also directly reflects the development of small private business owners. Overall, in the first half of this year, the pickup truck market represented by Great Wall has become the vanguard of the recovery of the automobile market after the epidemic has eased. It continued to rise month-on-month in May and June of 2020, and grew strongly again in September, mainly due to consumption that was suppressed after the epidemic and the promotion of environmental factors. 2. Analysis of pickup truck market environment 1. Yichang cancels restrictions on pickup trucks According to the official website of the Yichang Municipal People's Government, on August 6, 2020, Yichang City issued the "Yichang Municipal Public Security Bureau Issued 13 Measures to Optimize the Business Environment", of which Article 10 proposed to strengthen traffic safety service guarantees. Cancel the restrictions on pickup trucks in urban areas, relax restrictions on urban logistics and distribution vehicles according to local conditions, and cancel the restrictions on mini trucks and light enclosed vans in urban areas. Fifteen cities (prefectures) in Hubei Province lifted restrictions on all areas and all day long, while three cities, including Wuhan, Yichang and Huangshi, relaxed restrictions on entering the city. In mid-June 2020, the General Office of the People's Government of Hubei Province issued a notice on "Several Measures to Further Promote Commercial Consumption in Response to the Impact of the Epidemic", and in the third article "Boosting Auto Consumption", it proposed "lifting restrictions on pickup trucks entering the city", again proposing to lift the ban on pickup trucks across the province. In the future, the number of cities in Hubei that still have restrictions on pickup trucks will be further reduced, and 16 cities (prefectures) will not impose restrictions on pickup trucks, making the car use environment for the people more open. 2. Tesla pickup truck will start trial production in Texas in May next year Tesla's electric pickup Cybertruck will begin trial production at its Texas factory in May next year. Tesla recently released the "Travis County Colorado River Project Partner Prequalification Report," which includes a rough timeline for its upcoming electric pickup Cybertruck and Semi truck. 3. Competition Analysis of China’s Pickup Truck Market 1. Analysis of pickup truck manufacturers’ performance In 2020, the main manufacturers in the pickup truck market performed well. Great Wall Motors pickup trucks maintained an absolute dominant position steadily, and Jiangling Motors strengthened recently. In September, Jiangxi Isuzu, SAIC Maxus, and Beiqi Foton performed relatively steadily, and Zhengzhou Nissan saw a significant increase. 2. Pickup truck manufacturers’ annual market share trends In 2020, the pickup truck market still maintains the trend of 1+3+n, but gradually shows a trend of differentiation. Great Wall Motors' pickup truck sales are outstanding. In recent years, Great Wall's pickup truck sales share has continued to increase, maintaining 34% of the total pickup truck sales in 2019 and reaching 48% this year. This year, Great Wall Pickup has a 48% market share, while the other three companies, including Jiangling Motors, Zhengzhou Nissan, and Jiangxi Isuzu, have a 30% market share. The combined market share of the following companies is nearly 22%, which forms a pattern in which the leading companies squeeze the sales of the trailing companies. The manufacturers with a market share of about 10% in pickup trucks are Jiangling Motors, Zhengzhou Nissan and Jiangxi Isuzu. Jiangling Motors and Zhengzhou Nissan are relatively strong traditional manufacturers in history. Zhengzhou Nissan's share has slightly declined, while Jiangling Motors and Jiangxi Isuzu's shares have remained relatively stable. Affected by this year's epidemic, there was demand for delayed purchases in February-April, so pickup trucks performed strongly from May to September. 3. Monthly trends of pickup truck manufacturers Some pickup truck companies have performed relatively well recently. After strong growth in the first quarter, the performance of Great Wall and Jiangling pickup trucks fell slightly in September, while the performance of SAIC Maxus and Changan Automobile pickup trucks was relatively strong. From September to December 2019, Great Wall pickup trucks performed well and became a manufacturer that strengthened significantly. From April to June, traditional pickup truck manufacturers were very strong, especially Great Wall's pickup trucks performed very well. Jiangling pickup trucks recovered quickly. The pickup trucks of SAIC Maxus and Changan Automobile, which are relatively new forces, performed steadily. 4. Pickup Truck Market Model Trends 1. Monthly trends of pickup truck models According to the pickup truck market tracking by the China Passenger Car Association, Great Wall pickup trucks occupy an absolute dominant position in the pickup truck trend. In the early stage, the Fengjun 5 pickup truck performed well, and recently the Fengjun 7 performed outstandingly. Recently, Great Wall Cannon and Fengjun 7 have become the main players in the market. 2. Monthly trends of pickup truck models of major manufacturers A. Great Wall Motors The performance of the main manufacturer Great Wall is better than the industry trend. Great Wall pickup trucks have strong technical reserves and prepared for the National VI adjustment in advance, achieving better product correspondence. Great Wall's sales volume shrank in December 2019, and January was relatively stable compared with December, so it has accumulated a large incremental potential. The manufacturers made deep adjustments in February and March of 2020. Great Wall pickup trucks gradually recovered from April to June, and Great Wall pickup truck manufacturers' sales in June exploded, setting a historical high. Great Wall pickup trucks returned to a reasonable growth range from July to September, and will grow steadily in the future. B. Jiangling Motors In 2020, Jiangling pickup truck sales adjusted significantly as the auto market was turbulent. In the early stage, Jiangling pickup trucks were also in the process of adjusting to National VI. In the early stage of 2019, sales were actively adjusted, and gradually recovered in the later period from September to December. Jiangling pickup trucks temporarily fell into a sales trough due to the delay of National VI products and the delisting of Baodian. Since the gradual launch of National VI models in September last year, the market performance continued to strengthen in March and April this year, and the sales volume in September fell accordingly. However, the retail performance of Jiangling pickup trucks is very good, and there is still a chance for recovery in the future. C.Zhengzhou Nissan Zhengzhou Nissan's pickup trucks have remained relatively stable. Under the epidemic, the demand for car purchases by industry users is relatively high, and industry users are wealthy and have a relatively large demand for vehicles. Therefore, Zhengzhou Nissan's pickup trucks performed very steadily in September, which is also a good brand building effect. Jiangxi Isuzu's pickup trucks are relatively strong. The demand for vehicles is relatively large during this epidemic, especially for industry users and small private owners. Therefore, Jiangxi Isuzu's pickup trucks performed very well in June, which also boosted production and consumption. The adjustment depth of Jiangxi Isuzu's pickup trucks in July was not very serious. The launch of the new pickup truck Ruimai in August and September had a good effect on pickup trucks. |
