China’s heavy-duty FCEV leadership is a “long-term” play

China is the largest market in the world for heavy duty trucks, peaking in 2020 with 1.6 million annual sales according to IHS Markit data. Since then, sales volumes have declined considerably due to COVID restrictions, with 2022 recording around 700,000 sales. In a March 2023 report (“China’s heavy-duty truck industry: The road ahead”), McKinsey & Co predicts a strong recovery in the coming decade due to the size and resilience of the national economy.