Zhitong Financial APP learned that recently, the research institute EVTank and Ivy Economic Research Institute jointly released the White Paper on the Development of China's Electric heavy truck Industry (2023). According to the white paper, China's electric heavy truck production in 2022 was 25500, a sharp increase of 102.2% compared with the same period last year, and the electrification rate of the entire heavy truck industry rose to 3.79%. Looking to the future, in the White Paper on the Development of China's Electric heavy truck Industry (2023), EVTank predicts that by 2025 and 2030, the penetration rate of electric heavy trucks will increase to 12% and 30% respectively. The total sales of electric heavy trucks in China will reach about 440000 in 2030, and EVTank estimates that electric heavy trucks will account for more than 80% of electric heavy trucks.

EVTank analysis shows that the main reasons for the sharp increase in electric heavy trucks in 2022 are: (1) the promotion of a variety of national and local policies, especially in areas with developed steel and coal industries such as Hebei, Inner Mongolia and Henan, which have issued a large number of policies for heavy truck electrification and power exchange. (2) driven by new business models such as power exchange, the economic benefits of electric heavy trucks are gradually reflected, especially in specific application scenarios.

From the perspective of market competition, in 2022, Sany Automobile, Hanma Technology and Xugong Automobile accounted for the top three sales of electric heavy trucks in China, with a combined market share of 38.4%. From the point of view of the trend, the traditional heavy truck enterprises began to gradually develop the electric heavy truck market, and the trend of electric heavy truck manufacturers switching from refitted special purpose vehicle enterprises to traditional heavy truck manufacturers is becoming more and more obvious. And from the sales of power replacement heavy truck enterprises, Hanma Technology and Xugong Motor both sold more than 2000 heavy trucks, SAIC Hongyan and Dongfeng Motor sold more than 1000 heavy trucks, and the penetration rate of power replacement heavy trucks is increasing rapidly.

EVTank statistics show that lithium-ion batteries are still the main battery type of electric heavy trucks. According to the white paper, the installed capacity of lithium-ion batteries for electric heavy trucks in China was 8.79GWh in 2022, a sharp increase of 128.3% compared with 3.85GWh in 2021, which is higher than the growth rate of electric heavy trucks production. This is mainly due to the increase in the production of electric heavy trucks with large power, and the proportion of electric heavy trucks is gradually increasing. In addition, EVTank statistics show that fuel cell heavy truck sales of 1540 units in 2022 also led to the growth of fuel cell installed capacity, including Shanghai Renewal, Guangdong Hongli and Yihuatong fuel cell enterprises installed about 500 units.

From the point of view of the lithium battery enterprises mainly supporting electric heavy trucks, the whole industry is in a dominant market pattern. Ningde Times ranked first with 80.5 per cent market share in 2022, followed by Yiwei LiNeng and Menggu Li, with market shares of 9.4 per cent and 3.8 per cent, respectively, according to EVTank. From the perspective of supply relationship, Ningde era supplies almost all electric heavy truck enterprises, Yiwei LiNeng mainly supports Sany Automobile, Dongfeng Automobile and Hanma Technology, while BYD mainly supports itself and Zoomlion Heavy Industry Science and Technology. From the perspective of motor enterprises, data from the white paper show that the motor enterprises supporting electric heavy trucks in 2022 mainly include Tebaijia Power and Suzhou Green Control, with a combined market share of more than 60%.