In 2024, domestic insurance for commercial vehicles reached 2.85 million units, the same as the previous year.

The Secretary-General of the China Federation of Logistics and Purchasing, Cui Dongshu, stated in an article that according to data from the National Financial Bureau on compulsory insurance, the data for compulsory insurance for domestic commercial vehicles had experienced strong growth before 2021, but entered a phase of slow growth in the past two years. Due to the complex interference of the Spring Festival factor, the domestic compulsory insurance for commercial vehicles in January and February 2024 temporarily performed poorly, but showed a significant increase in March to May due to post-holiday recovery. From June to October, compulsory insurance data continued to decline, and in December, the sales of commercial vehicles increased significantly due to new energy subsidies. In 2024, domestic insurance for commercial vehicles reached 2.85 million units from January to December, remaining flat compared to the previous year; the sales of commercial vehicles reached 280,000 units in December, a 28% year-on-year increase, and a 12% month-on-month increase compared to November. In recent years, the export market for fuel vehicles in commercial vehicles has experienced explosive growth, while domestic fuel vehicles have plummeted, leading to a significant discrepancy in domestic and foreign demand under policy distortions. From January to December 2024, sales of new energy commercial vehicles reached 579,000 units, an 84% year-on-year increase; in December 2024, sales reached 81,000 units, a 112% year-on-year increase, showing a relatively strong performance driven by policy subsidies. The penetration rate of new energy commercial vehicles in the commercial vehicle market reached 20% from January to December 2024, with a penetration rate of 29% in December, up 12 percentage points from December of the previous year. The performance of the new energy light commercial vehicle market under policy promotion was relatively strong. 1. Analysis of national commercial vehicle market compulsory insurance data The domestic commercial vehicle market has shown a rapid decline in demand in recent years. From the super high sales in 2020, to the policy entry period in 2021, and the trough period in 2022-2023, from January to December 2024, domestic insurance...The group has a strong push in December and there are many new energy sources.8. Regional Market Structure of Light Trucks The market for light trucks is mainly dominated by the eastern region, including North China and Southwest China, but the performance of light trucks in the Northwest region is gradually getting stronger. The main market for new energy light trucks is in the Eastern and Southern markets, with relatively strong performance in the East China market. The market in the key cities of Beijing, Tianjin, and Shanghai has shown signs of recovery this year. The main manufacturers of domestic light trucks are still Beiqi Foton, SAIC-GM Wuling, Sinotruk Jinan Truck, Anhui Jianghuai Automobile Group Corp., Ltd., and Dongfeng Motor, among others. Recently, brands like Wuling and Changan have shown relatively good performance in the market, gradually moving up to the light truck segment. The main companies in the new energy light truck market are companies like GEELY AUTO, with GEELY AUTO showing outstanding performance in the new energy light truck market in the past two years. 9. Regional Market Structure of Light Passenger Vehicles The sales of light passenger vehicles in the domestic market are mainly concentrated in the economically developed areas of East China and South China. North China and Southwest China also have a relatively high market share. Demand for new energy light passenger vehicles is higher in developed regions, with South China showing stronger performance in new energy vehicles. Due to restrictions on vehicle usage in certain areas, the sales of fuel-powered light passenger vehicles in Beijing, Tianjin, and Shanghai have declined. The main manufacturers of light passenger vehicles are companies like SAIC-GM Wuling, Jiangling Motors Corporation, SAIC Maxus, Chongqing Changan Automobile, Beiqi Foton, and Geely Commercial Vehicle, among others. Emerging forces like Geely Commercial Vehicle have shown strong performance in the new energy light passenger vehicle segment. Wuling recently launched its electric light passenger vehicle, which is competitive in the market. 10. Regional Market Structure of Large Passenger Vehicles The market for large and medium-sized passenger vehicles has shown strong performance recently, with significant fluctuations in market demand across regions. Policy subsidies and market promotion have led to differences in the market demand for new energy and fuel-powered vehicles in this segment. Towards the end of the year, there was a sudden increase in new energy buses. Recently, the market for large and medium-sized passenger vehicles in the Northeast region has been good, as well as in the Southwest and North China regions. Overall, the performance in the central and western regions is also good. The regions with high market penetration of new energy large and medium-sized passenger vehicles are East China, the Yangtze River region in Central China, South China, Beijing, Tianjin, and Shanghai, with other regions depending on policy subsidies. The main manufacturers of large and medium-sized passenger vehicles are Yutong, Golden Dragon, among others, showing relatively strong performance, especially in traditional fuel-powered vehicles. Companies like Beiqi Foton have also shown relatively good performance. The companies with high market penetration of new energy large and medium-sized passenger vehicles are mainly second-tier enterprises, with companies like Zhongtong Timess performance of passenger vehicles in December being very good. The main players are focusing on the comprehensive development of new energy vehicles, along with a strong presence in the fuel-powered vehicle market.