HOWO Trucks 2025 Market Share Analysis

In January 2025, China's heavy truck market sales of about 70,000 units, down 28% year-on-year, down 17% sequentially. The early Spring Festival holiday and the “trade-in” policy at the end of 2024 overdrafted demand were the main influencing factors.135 Despite the overall weakness of the market, HOWO trucks, a subsidiary of China National Heavy Duty Truck Corporation (CNHTC), led the industry with sales of 19,000 units, with a market share as high as 27.1%, representing a slight increase of 0.3 percentage points compared to the same period of last year, and occupying nearly 30% of the market share.12 This performance not only pushed up the market share, but also increased the market share of the trucks. This achievement not only consolidated its position as the No. 1 in the industry, but also laid a solid foundation for the annual target.

HOWO Truck's Core Advantages: Product Power and Market Layout

Steady progress in the traditional energy market: HOWO Trucks continues to lead in the tractor and dump truck segments with its mature fuel and gas models. 2024, its traditional energy heavy truck sales accounted for 20.2% of the domestic market, with a target of further growth of 3% to 505,000 units by 2025.910 Especially in the gas heavy truck segment, benefiting from the low price of LNG (with an average price of less than RMB5/kg in the north), HOWO Trucks is able to achieve its full-year goal of reaching the No. 1 position in the industry by 2025. RMB/kg), the penetration rate of HOWO gas models has increased, becoming the preferred choice in the northern logistics market13.

Accelerated leadership in the new energy track: In 2024, HOWO's new energy heavy truck sales grew 280% year-on-year, with its market share exceeding 10%. In January 2025, its new energy heavy truck sales continued to lead the way, and it expects its annual new energy sales to reach 125,000 units, an increase of 67% year-on-year.910 HOWO has launched a variety of models covering pure electric, hydrogen fuel and hybrid, and has launched customized solutions for ports, mines and other scenarios, such as the development of new energy models and the introduction of customized solutions for the port and mine. HOWO has launched a variety of models covering pure electricity, hydrogen fuel and hybrid, and launched customized solutions for scenarios such as ports, mines, etc., for example, seizing the high ground of the new energy market through the subsidy policy in Shanghai7 .

The export market continues to gain momentum: in 2024, HOWO exported 135,000 heavy trucks, a year-on-year increase of 4%. 2025, its export target was raised to 150,000 units, focusing on countries along the “Belt and Road”, and capturing overseas share by virtue of cost-effective performance and localized services.910 At present, HOWO has a market share of more than 20% in the markets of Africa, Southeast Asia, etc. The market share of HOWO in Africa and Southeast Asia has already exceeded 20%. At present, HOWO's market share in Africa, Southeast Asia and other markets has exceeded 20%, becoming the core driving force for export growth.

Challenges and Future Prospects

Short-term pressure: policy and competition intensification

The diesel heavy truck market continues to shrink, with the penetration rate dropping to 46.1% in January, down 21.7% year-on-year.4 Although HOWO has made up for some of the shortfalls through gas and new energy models, the industry price war and the uncertainty of the National IV replacement policy may still squeeze profit margins310.

Long-term opportunities: energy transition and globalization

HOWO plans to sell 450,000 units in 2025, up 20% year-on-year, with new energy accounting for 28% of the total.910 Its newly released five new energy products (including hydrogen-fueled tractors and intelligent driving models) will further consolidate its technological advantages. In addition, the overseas market is targeted to increase its share to 40%, reducing the impact of trade barriers by strengthening localized production and after-sales service networks9.

Conclusion

In 2025, HOWO Trucks will break out against the overall industry downturn with its three-dimensional strategy of “stabilizing traditional, attacking new energy and expanding overseas”. Its 27.1% market share is not only a reflection of its market position, but also the result of technology accumulation and strategic foresight. With the release of new energy policy dividend and deepening of globalization layout, HOWO is expected to further widen the gap with competitors and become a long-term leader in China's heavy truck industry.