EVTank: In 2024, the sales of electric heavy-duty trucks increased by 139.4% year-on-year, reaching 82,700 units, driving the installed capacity of lithium batteries for heavy-duty trucks to 33.5 GWh.

Recently, research institution EVTank and the Ivie Economic Research Institute jointly released the "White Paper on the Development of China's Electric Heavy Truck Industry (2025)." Data from the white paper shows that in 2024, sales of electric heavy trucks in China reached 82,700 units, a year-on-year increase of 139.4%. The electrification of the entire heavy truck industry has significantly risen to 9.2%, an increase of 5.4 percentage points from 2023. In 2024, the electric heavy truck industry achieved rapid growth, with monthly sales reaching new highs. The trend towards electrification of heavy trucks is inevitable. In terms of market competition, in 2024, Xugong Group continued to lead with a market share of 17.3%, an increase of 2 percentage points from 2023. Sany Group, FAW Jiefang Group, and Sinotruk Jinan Truck followed closely behind, with the top four companies together holding a market share of 54.1%, an increase of 1.6 percentage points from 2023, further increasing market concentration. EVTank statistics show that lithium-ion batteries remain the main battery type for electric heavy trucks. The white paper data shows that in 2024, the installation volume of lithium-ion batteries in electric heavy trucks in China reached 33.5GWh. Additionally, in 2024, sales of fuel cell heavy trucks reached 4,460 units, driving an increase in fuel cell installation volume. The main companies include Shanghai Huide, SINOSYNERGY, SINOHYTEC, and Yuntao Hydrogen. Among them, Shanghai Huide ranked first in the fuel cell market with a market share of 18%, supplying primarily FAW Jiefang Group, Yutong Group, Dongfeng Motor, among others. Looking at the main lithium battery companies for electric heavy trucks, Contemporary Amperex Technology continues to dominate the market, but with more second-tier battery companies entering the market, competition has intensified, leading to a decrease in market shares. In 2024, Contemporary Amperex Technology maintained its first position with a market share of 72.8%, a decrease of 9.7 percentage points from 2023. Eve Energy Co., Ltd. ranked second with a market share of 13.4%, unchanged from 2023. REPT BATTERO jumped to third place due to its continuous technological innovation, increasing battery capacity and functionality to meet the demands of the electric heavy truck market, achieving a market share of 4.1%. In 2024, each battery company launched specialized products for the heavy truck market, including Contemporary Amperex Technology's "Tianxing Battery," Eve Energy Co., Ltd.'s "Open Source Battery," REPT BATTERO's "BIGBANK" battery system, Gotion High-tech's "Mota MTB Battery" in partnership with Sany Heavy Truck, and CALB's "Zhiyuan" series of heavy truck batteries. In terms of supply relationships, Contemporary Amperex Technology supplies almost all electric heavy truck companies, while Eve Energy Co., Ltd. mainly supplies long-distance commercial vehicles, Sany Automotive, and Shaanxi Automobile Group. REPT BATTERO primarily supplies Xugong Group, Sany Group, FAW Jiefang Group, Sinotruk Jinan Truck Group, Shaanxi Automobile Group, Dongfeng Liuqi, among others. Looking at motor companies, the white paper data shows that in 2024, the main motor companies for electric heavy trucks include Suzhou Green Control, TBJ Power, FAW Group, Sany Automotive, and Xugong New Energy. Suzhou Green Control continued to lead the electric heavy truck motor market with a market share of 14.9%, but with more new entrants, market share has declined significantly. The top five companies together held a market share of 57.1%, a decrease of 10 percentage points from 2023, further decreasing market concentration.