China's Commercial Vehicle Market Remains Soft
The pace of China’s economy slowed in the third quarter of 2014, with growth of 7.3 percent on a year-over-year basis, according to the most recent China Commercial Vehicle Outlook, jointly published quarterly by ACT and SIC, China’s State Information Center. The Outlook 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.
“Investments, which drive truck demand, were relatively strong, but experienced some cooling in Q3,” said Frank Maly, director – CV Transportation Analysis and Research at ACT. “Heavy and medium truck markets will remain subdued in the near-term. The renewal of government subsidies supporting alternative energy buses will bolster the alternative fuel share of that market in the future.”
For perspective, full-year 2013 real GDP growth was 7.7 percent, down slightly from 7.8 percent in 2012, 9.3 percent in 2011 and 10.4 percent in 2010, according to ACT.