Commercial Vehicle Demand Softens in China, ACT Reports
The pace of China’s economy tapered in the third quarter, leading to a slower rate of growth in truck demand, according to the most recent quarterly China Commercial Vehicle Outlook, published jointly by ACT Research Co. and China’s State Information Center.
“Investments, which drive truck demand, were relatively strong but experienced some cooling” in the quarter, Frank Maly, ACT’s director of commercial vehicle transportation analysis and research, said in a Dec. 22 statement.
“Heavy- and medium truck markets will remain subdued in the near-term,” he said, adding that “renewal of [Chinese] government subsidies supporting alternative energy buses will buttress the alternative-fuel share of that market in the future.”
China’s third-quarter gross domestic product growth was 7.3% — down from 2013 full-year GDP growth of 7.7%. The country’s GDP rose 7.8% in 2012, 9.3% in 2011 and 10.4% in 2010.
SIC, which is affiliated with China’s National Development and Reform Commission, does research on the country’s economy, information technology and key industries.
