China’s commercial vehicle market began 2026 on a solid footing, with total sales increasing 23% year on year in January. The truck segment outperformed the broader market, expanding 28% compared with the same period last year.

As the largest and most competitive segment within the truck industry, the light truck market drew particular attention in the first month of the year.

Light Truck Sales Reach 159,500 Units

According to data released by the China Association of Automobile Manufacturers (CAAM), based on wholesale invoicing, total truck sales reached 323,500 units in January 2026, down 10% month on month but up 28% year on year.

Performance across truck segments varied significantly:

Heavy trucks rose 46% year on year

Medium-duty trucks increased 33%

Mini trucks surged 93%

Light trucks grew 8%

While heavy, medium, and mini trucks all outpaced the overall truck market growth rate, light trucks were the only segment to expand below the 28% industry average.

Light truck sales, including light-duty trucks, mini trucks and pickups, totaled 159,500 units in January. Volumes declined 20% from December but increased 8% compared with a year earlier. Growth moderated from December 2025, when the segment posted a 14% year-on-year gain.

From a historical perspective, January sales of around 150,000 units are broadly in line with the ten-year average. The January 2026 result ranks as the fourth highest January performance in the past decade. Notable exceptions were January 2021, when sales reached 193,000 units, and January 2023, when volumes fell to 89,300 units.

However, comparisons should take into account that January 2025 was affected by the Spring Festival holiday, whereas January 2026 represented a full business month. Against that backdrop, the 8% increase — equivalent to roughly 12,000 additional units — reflects steady but not exceptional growth. The segment is expected to face continued pressure in 2026 amid intensifying competition.

Market Concentration Remains High

Five manufacturers recorded monthly sales exceeding 10,000 units in January, two fewer than in the previous month.

Foton retained its leading position with 36,300 units sold, representing a 22.8% market share. JAC followed with 22,400 units (14.0%), while Dongfeng ranked third with 16,000 units (10.0%). Great Wall sold 15,400 units (9.6%), and JMC reported 10,000 units (6.3%).

Sales Overview of Major Light Trucks (Including Small Trucks and Pickups)in January 2026

SAIC Yuejin and Sinotruk posted 9,552 and 9,340 units respectively, each holding around 6% of the market.

The top ten manufacturers accounted for 88.4% of total light truck sales, with the top five alone representing 62.7%, underscoring the segment’s high level of concentration.

Dongfeng and Farizon Lead Growth

Among the top ten manufacturers, eight achieved year-on-year growth in January.

Dongfeng and Farizon recorded the strongest gains, with sales rising 61% and 91% respectively. Several other brands — including JAC, Great Wall, JMC, Yuejin, Sinotruk and Qingling — also expanded at rates above the overall 8% segment growth.

These gains translated into measurable shifts in market share. Compared with January 2025:

Dongfeng increased its share by 3.3 percentage points

Farizon gained 2.2 percentage points

Great Wall and JMC each rose 1.2 percentage points

Yuejin added 1.3 percentage points

JAC and Sinotruk each improved by 0.5 percentage points

At the same time, several competitors experienced share declines, with the largest drop reaching five percentage points.

Ranking Changes Signal Intensifying Competition

January’s results also reshaped the competitive landscape compared with full-year 2025 rankings.

Foton maintained its No.1 position. Only SHINERAY (10th) and BYD (11th) retained the same rankings as at year-end.

JAC climbed to second place from fourth, Dongfeng moved to third from fifth, JMC advanced to fifth from sixth, and Sinotruk rose to seventh from eighth.

While one month of data does not determine the full-year trajectory, the shifts indicate heightened competition and increasing volatility in market positioning.

The light truck segment opened 2026 with 159,500 units sold and 8% year-on-year growth. Although expansion lagged the broader truck market, competitive dynamics are intensifying, particularly among leading manufacturers seeking to consolidate or expand market share.

With structural adjustments underway and competitive pressure mounting, performance in the coming quarters will be critical in shaping the 2026 industry landscape.