Sales of New Energy Dump Trucks Jump 476% YoY in First Five Months

In 2021, the share of new energy dump trucks represented only 0.87 % of overall dump truck market. However, this figure has risen to 7.34% in the first five months this year, well above the 4% share of new energy trucks in the heavy-duty truck market.

In terms of power type, the majority of new energy dump truck are remain all-electric, and this is also the case in the overall new energy heavy truck market. And among the 1,716 new energy dump trucks registered on the road across China in the first five months, 1,683 were all electric, 29 fuel cell and 4 hybrid trucks, representing 98.08%, 1.69% and 0.23% respectively.

The competition in the new energy dump market is as intense as that of new energy tractor head market. In the first five months this year, there have been four monthly champions emerging to compete for the fist place. In May, the first place was took by SANY with sales of 67 units, which is also the his second win after being crowned champion in February.

Golden Dragon, XCMG, Beiben and Hanma Technology are the only four players that have achieved sales in the new energy dump market last year. As of May this year, the number of players with new energy dump trucks available for sale has increased from 4 last year to 16 this year.

From January to May this year, the new energy dump truck market shows a good momentum of growth, with most companies such as Yutong, Sany,iBLUE and FAW Jiefang showing net growth, while XCMG, Beiben and Hanma Technology grew by 396%, 117% and 1586% respectively year-on-year. However, Golden Dragon, which was at the top of the new energy dump truck sales during the same period last year, saw a 92% decline. (Note: 150 new energy dump trucks sold by Golden Dragon from January to May last year were fuel cell dump trucks).

In terms of market share, the top three players, Yutong, XCMG and Sany, achieved a year-to-date sales volume of 481 units, 377 units and 221 units, representing a market share of 28.03%, 21.97% and 12.88% respectively. Beiben and CAMC come to the fourth and fifth place with sales of 141 units and 118 units and a market share of 8.22% and 6.88% respectively, which are followed by FAW Jiefang and iBlue with a market share of 5.36% and 5.3%.