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Electrification in China's Heavy-Duty Truck Sector to Increase Competition, S&P Says

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Electrification among China's heavy-duty trucks could pick up, which would heighten competition in the sector, S&P Global Ratings said in a recent release.

Anchoring government policies, technological innovation, and reduced ownership costs will help accelerate electrification in the industry, S&P said.

Increased competition could test traditional producers' capacity to shield their market share, the rating agency said.

S&P also expects local heavy-duty truck sales volume to weaken in 2026, after strong demand in 2025 due to policy incentives.

As a result, the rating agency projects the market to be mainly replacement-driven within the next few years.

Manufacturers will increase their overseas expansion amid strong demand in emerging markets, offsetting the domestic slowdown, S&P said.

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