2025 Commercial Vehicle Market Report

Over the past three years, the commercial vehicle market has seen both volume acceleration and structural shifts: Registrations grew 0.7% YoY in 2023–2024, then surged 9.0% in 2025 to exceed 3 million units. Meanwhile, the energy mix shifted dramatically: ICE share fell from 89.2% (2023) to 70.8% (2025), while BEV share jumped from 10.3% to 28.0%, highlighting rapid electrification

Over the past 3 years, the CV market has seen truck-driven growth and stable bus volumes—2025 truck registrations topped 2.55 million while buses stayed at ~500k—and electrification advanced, with BEV buses reaching 63.7% share (up from 55.8%) and BEV truck share doubling to 20.7%

Over the past 3 years, light bus registrations climbed 28.5% in 2024 and 6.1% in 2025, topping 460k units; medium & large bus registrations surged 33.6% in 2024, then fell 10.6% YoY in 2025, stabilizing at ~60k units. BEB penetration rose sharply for both: light buses hit 64.3% (from 40.6%), medium & large buses 59.6% (from 42.1%), with light buses leading electrification

In 2025, Wuling led the light bus market with 60.3K registrations, followed by Maxus (60.2K) and Farizon (60.1K); Changan recorded the strongest YoY growth of over 50%, while Transit, Iveco and Dongfeng saw declines, and Ruichi achieved near-100% BEB penetration, with Wuling, Farizon and Changan also showing high electrification levels

In 2025, Yutong dominated the medium & large bus market with 25.0K registrations, followed by Kinglong (6.0K) and Zhongtong (5.2K); Zhongtong recorded the only positive YoY growth of over 25%, while most other brands declined, and SUNWIN and Farizon achieved near-100% BEB penetration, with Yutong and Kinglong also showing high electrification levels

In 2023–2025, light duty truck registrations fell 4.7% YoY in 2024 then rose 2.2% YoY in 2025, while medium & heavy duty trucks declined 1.8% YoY in 2024 before surging 30.5% YoY in 2025; battery electric penetration increased sharply for both classes, reaching 17.8% (from 5.5%) for light duty trucks and 26.6% (from 4.8%) for medium & heavy duty trucks by 2025

In 2025, Foton led the light duty truck market with 291.9K registrations, followed by Wuling (252.2K) and Changan (173.4K); Farizon achieved the strongest YoY growth of nearly 40%, while Wuling and Great Wall saw declines, and Farizon also posted the highest BET penetration among the top brands

In 2025, Jiefang led the medium & heavy duty truck market with 161.5K registrations, followed by Dongfeng (90.9K) and Howo (86.4K); XCMG and Sany achieved the strongest YoY growth of nearly 100%, and also posted the highest battery electric truck (BET) penetration rates, approaching 100%

Battery swapping adoption in trucks was heavily concentrated in the medium & heavy duty segment: registrations surged with 104.2% YoY growth in 2024 and 126.8% YoY growth in 2025, reaching 70K units by 2025, while light duty battery swapping truck registrations declined 13.8% YoY in 2025; penetration for medium & heavy duty trucks also rose steadily from 2.2% in 2023 to 8.0% in 2025

In 2025, Auman led the battery swapping medium & heavy duty truck market with 14.2K registrations and 388.5% YoY growth, followed by XCMG (11.1K) and Farizon (9.3K); notably, Auman and Farizon saw battery swapping models account for over 83% of their own battery electric heavy duty trucks, while most top brands posted strong YoY growth, with only JAC and Sany experiencing declines