| Top 10 tractor sales from January to December 2024 | |||||||
| unit:Vehicle | |||||||
| Ranking | Tractor brand | 2024 Sales volume | 2023 Sales volume | Year-on-year cumulative growth | Current share | Share of the same period | Share Change |
| 1 | Sinotruk | 118,623 | 120,412 | -1.49% | 25.30% | 23.90% | 1.50% |
| 2 | FAW Jiefang | 111,601 | 123,341 | -9.52% | 23.80% | 24.50% | -0.60% |
| 3 | Shaanxi Auto (Shacman) |
74,415 | 82,860 | -10.19% | 15.90% | 16.40% | -0.50% |
| 4 | Dongfeng | 56,486 | 60,179 | -6.14% | 12.10% | 11.90% | 0.10% |
| 5 | Foton | 41,419 | 59,685 | -30.60% | 8.80% | 11.80% | -3.00% |
| 6 | Dayun | 20,767 | 23,934 | -13.23% | 4.40% | 4.70% | -0.30% |
| 7 | XCMG | 10,975 | 4,431 | 147.69% | 2.30% | 0.90% | 1.50% |
| 8 | BAIC | 6,834 | 2,762 | 147.43% | 1.50% | 0.50% | 0.90% |
| 9 | JAC | 6,195 | 5,028 | 23.21% | 1.30% | 1.00% | 0.30% |
| 10 | Beiben | 6,030 | 8,791 | -31.41% | 1.30% | 1.70% | -0.50% |
| 11 | Others | 15,046 | 13,034 | 0.60% | 3.20% | 2.60% | 0.60% |
| Market Total | 468,391 | 504,457 | -7.10% | 100.00% | 100.00% | ||
| Data source: China Association of Automobile Manufacturers | |||||||
Highlights of Sale Data of Jan-Dec 2024:
1. The overall market is declining, but some brands are growing against the trend
Overall performance: The total sales volume of the tractor market in 2024 is 468,391 units, down 7.1% from 2023, showing the impact of the slowdown in the macro economy and the reduction in logistics and transportation demand on the industry.
Brands that are growing against the trend: Brands such as XCMG (+147.69%), BAIC (+147.43%) and JAC (+23.21%) have achieved significant growth, indicating that these companies have been successful in product innovation and market strategy.
2. Market share redistribution, emerging brands rise
SINOTRUK consolidates its advantage: Despite a slight decline in sales, SINOTRUK's market share increased from 23.90% to 25.30%, further consolidating its market leadership.
Rapid rise of emerging brands: Emerging brands such as XCMG (from 0.90% to 2.30%) and BAIC (from 0.50% to 1.50%) have seen their market share expand rapidly, reflecting their breakthroughs in new energy and technological innovation.
3. Intensified industry competition and accelerated reshuffle
From the perspective of industry rankings, the championship competition between Sinotruk and Jiefang is particularly fierce, and Sinotruk won the annual sales champion with slightly higher sales.
In 2024, Sinotruk's cumulative sales of tractors reached 119,000 units, 7,022 units higher than the second in the industry, and its market share reached 25.3%, exceeding 1/4 of the overall market share, 1.5 percentage points higher than the same period last year, and won the first place in annual sales;
Jiefang has sold a total of 112,000 tractors, with a market share of 23.8%, ranking second in the industry.
The combined market share of tractors of these two companies reached 49.2%, almost accounting for half of the market share. This situation of two heroes competing for hegemony has made the overall market competition more and more fierce.
With the rise of emerging brands and the adjustment of traditional enterprises, market competition is becoming increasingly fierce. Traditional enterprises such as Foton (30.6%) and Shacman(3.5%) are facing great pressure and their market share has shrunk.
The rise of these emerging brands has not only changed the market structure, but also posed a challenge to traditional leading enterprises. In the next few years, as these emerging brands continue to exert their strength, there may be more market share redistribution, which will promote further reshuffle of the industry.
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