“China Vehicle Diesel Engine Industry Research Report, 2014-2017” estimates that China vehicle diesel engine market will keep an AAGR of 6% from 2014 to 2017 and the total sales volume will be close to 4.5 million sets.
With growth of commercial vehicle output in 2013, vehicle diesel engine market has warmed up with the annual output reaching 3.563 million sets, increasing 7.3% YoY but still below 3.936 million sets in 2010 and 3.59 million sets in 2011. in January-February, 2014, China vehicle diesel engine output was 648,467 sets, representing an increase of 8.2% over the same period in 2013.
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In 2013, there were 21 vehicle diesel engine manufacturers in China, and the TOP five were Guangxi Yuchai, Weichai Power, Anhui Quanchai Engine, FAW Group and Jiangling Motors. Among them, Weichai Power sold 516,000 sets of vehicle diesel engines in 2013, surging 98.7% YoY, standing at 14.5% of sales volume of the whole industry. It enjoyed the highest growth rate of sales volume among all vehicle diesel engine manufacturers. Weichai Power’s rapid rise in sales volume benefited from the substantial increase of truck sales of its major client – Foton Daimler.
In 2013, Weichai Power achieved revenue of RMB 58.31 billion, a year-on-year increase of 21% YoY and net income of RMB 3.82 billion, up 18% YoY.
In 2014, the National IV Diesel Engine Emission Standards are being widely implemented, the installation rate of China’s high-pressure common rail engine will increase from 30% in 2013 to 60%-70%. As it enjoys greater superiority in high pressure common rail engine technology, in 2014 Weichai’s sales volume of diesel engine are expected to be further improved.
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China’s economy is in a tran’sition phase and economic growth is slowing down. These factors will result in fluctuations in market demand for diesel engine. Furthermore, China’s passenger vehicle diesel engine market penetration is still very low, thus in the future, the growth stimulus for Chinese vehicle diesel engine market will still come to commercial vehicles.
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