Zhixun Finance APP learned that the First Commercial Vehicle Network stated in a post that in August 2024, the domestic new energy heavy truck market sold a total of 6303 vehicles (Note: The data in this article is based on the actual sales caliber of compulsory insurance, excluding exports and military vehicles), with a decrease of 5% from July on a month-on-month basis, but a continued year-on-year increase, with a growth rate of 117%. In 2024, the electric heavy truck market exceeded the annual sales volume of the previous year in just 6 months, with 5 out of the first 7 months achieving year-on-year growth rates of over 200%. Both in terms of achievement and year-on-year growth rate, electric heavy trucks are the fastest-growing segment in the new energy heavy truck market.

Data shows that in August, pure electric heavy trucks (including battery-swapping heavy trucks and electric heavy trucks) sold 5688 units, accounting for 90.24%, a slight increase from the previous month (89.63%), and still the most important component of the new energy heavy truck market. Among them, 3476 electric heavy trucks were sold, showing a 7% decrease on a month-on-month basis, but continued to achieve growth on a year-on-year basis, with a growth rate of 183%, which is narrower than the year-on-year growth rate compared to the previous month (+231%). From January to August this year, the electric heavy truck market achieved 8 consecutive months of growth, with year-on-year growth rates exceeding 100% for all 8 months, and an average monthly growth rate of 222%. In August, the electric heavy trucks' 183% year-on-year growth rate continued to outperform the overall new energy heavy truck market, marking the 12th consecutive month of electric heavy trucks outperforming the overall new energy heavy truck market. In August, electric heavy trucks accounted for 61.11% of the sales of pure electric heavy trucks, a slight decrease from the previous month (63.08%).

As seen in the chart above, since 2023, the proportion of electric heavy trucks in the sales of pure electric heavy trucks has shown a significant upward trend. From January to August this year, electric heavy trucks accounted for 60.83% of the sales of pure electric heavy trucks, an increase of 9.27 percentage points compared to the proportion for the entire previous year (51.56%); compared to 2022, this proportion increased by more than 15 percentage points (in 2022, electric heavy trucks accounted for 45.16% of the sales of pure electric heavy trucks).

From the trend of monthly sales of electric heavy trucks from 2020 to 2024, it can be seen that before 2024, the electric heavy truck market had achieved monthly sales of over 2000 vehicles 3 times, while in the first 8 months of this year, there were 6 months with sales exceeding 2000 units. In the most recent months of June to August, electric heavy truck sales exceeded 3000 units each month, marking the highest monthly sales volume ever. It is worth mentioning that thanks to the high sales in the recent months, the cumulative sales of electric heavy trucks exceeded the total annual sales of last year after June, and after August, the cumulative sales reached 1.47 times the total annual sales of last year. At this pace and trend, the doubling of electric heavy truck sales this year is almost certain.

Looking at specific vehicle types, from January to August 2024, the newly registered charging heavy-duty trucks on the road are mainly tractor trucks, dump trucks, and concrete mixer trucks, reaching 0.0123 million, 4686, and 3714 vehicles respectively, accounting for 53.29%, 20.36%, and 16.14% each. In addition, sanitation vehicles such as washing and cleaning vehicles are also important sub-categories of charging heavy-duty trucks, totaling 9.89%.

From January to August 2024, new energy heavy-duty trucks were registered and put on the road in all 31 provinces (cities, districts) in China. In terms of cities, thanks to the nationwide promotion of pure electric sanitation vehicles (with charging models as the absolute block orders), from January to August 2024, there were charging heavy-duty trucks registered in 258 cities nationwide (208 cities had swap battery heavy-duty trucks), with over a hundred vehicles registered in 44 cities. Chengdu, Shijiazhuang, Changsha, Shenzhen, and 4 other cities had more than 1,000 vehicles registered.

Sany maintained the top spot with over 800 vehicles sold, while Jiefang's sales surged nine times.

In August 2024, actual sales of charging heavy-duty trucks reached 3476 vehicles, a year-on-year increase of 183%. Mainstream companies all experienced year-on-year sales growth in August. Sany topped the monthly sales chart with 816 vehicles sold; XCMG and Yutong ranked 2nd and 3rd with 563 and 503 vehicles respectively; Jiefang sold 426 units in August, ranking 4th; Dongfeng, FAW, Shaanqi, and Foton also sold over 200 units each, with 297, 226, 224, and 216 units respectively, ranking 5th to 8th on the monthly chart, with minimal differences between adjacent companies; ranked 9th and 10th on the monthly chart were FAW Jiefang and CNHTC, selling 69 and 29 units respectively.

As shown in the figure, compared to August last year, the top ten companies in August this year all achieved visibly significant growth in the sales of charging heavy-duty trucks. Most companies saw their sales double, including Sany, Yutong, Jiefang, Foton, and many other companies within the CNHTC group, with all achieving year-on-year growth rates higher than the 183% increase in the overall charging heavy-duty truck market in August. Among them, Jiefang, Foton, and CNHTC saw staggering year-on-year increases of 555%, 764%, and 1350%, reaching explosive levels.

From January to August 2024, the domestic sales volume of electric heavy trucks totaled 0.023 million units, a year-on-year increase of 224%. The cumulative sales growth rate has narrowed compared to post-July (+232%), but still significantly outperformed the overall market growth of new energy heavy trucks from January to August (+142%).

Sales table of electric heavy truck companies from January to August 2024 (unit: units)

As shown in the table above, from January to August 2024, most companies saw year-on-year growth in sales of electric heavy trucks. Among the top 12 companies in cumulative sales, 8 have achieved a doubling of sales growth. XCMG, Yutong, FAW, Jiefang, Shaanxi Auto, Foton, and Yutong Long Range increased by 225%, 210%, 555%, 875%, 394%, 369%, and 468% respectively, outperforming the overall market growth of electric heavy trucks by 224% and outperforming the market "large cap" of electric heavy trucks.

In terms of market share, in the period of January to August this year, four companies in the electric heavy truck market have a market share of over 10%, with Sany ranked first with cumulative sales of 5421 units, holding a market share of 23.56%. Sany is currently the only company in the electric heavy truck market with cumulative sales of over 5000 units and a market share of over 20%; XCMG's sales of electric heavy trucks from January to August this year reached 3665 units, with a market share of 15.93%; Yutong and FAW both sold over 2000 electric heavy trucks from January to August, reaching 2830 and 2435 units respectively, with market shares of 12.30% and 10.58%; Jiefang, Dongfeng, Shaanxi Auto, and Foton, ranked 5th to 8th, also sold over 1000 units each from January to August, with market shares of 8.52%, 7.30%, 7.19%, and 5.85% respectively; Remote and Beiben, ranked 9th and 10th, sold 886 and 344 units respectively, with market shares of 3.85% and 1.49%; the market shares of other companies are all less than 1%.

Traction truck increased by 339%, dump truck by 277%, outperforming various types of "large cap"

According to data obtained by the First Commercial Vehicle Network, the electric heavy truck market sold a total of 0.023 million units from January to August this year, of which traction trucks and dump trucks accounted for 53.29% and 20.36% of the market share respectively. The proportion has increased compared to the year-end 2023 (for the full year of 2023, electric traction trucks and electric dump trucks accounted for 43.75% and 16.27% of total sales of electric heavy trucks). As the most important sub-segment vehicle in electric heavy trucks, electric traction trucks sold a total of 0.0123 million units from January to August this year, a significant year-on-year increase of 339%, far exceeding the overall market growth of electric heavy trucks (+224%), as well as the 190% growth rate of the new energy traction truck market and significantly higher than the 142% growth rate of the overall new energy heavy truck market.

From January to August this year, Sany Heavy Truck sold 2,917 electric tractor units, ranking first with a market share of 23.79%; Xugong Auto followed closely with 2,168 units sold and a market share of 17.68%; Yutong and Jiefang, ranked 3rd and 4th respectively, sold 1,392 and 1,348 units, with market shares of 11.35% and 10.99% respectively; Ranked 5th to 7th in cumulative sales for electric tractor units are FAW, Foton, and Shaanxi Auto, with cumulative sales from January to August of 1,075 units, 902 units, and 780 units, and market shares of 8.77%, 7.36%, and 6.36% respectively; Dongfeng, Yuancheng, and Beiben ranked 8th to 10th with 543 units, 429 units, and 318 units respectively, and market shares of 4.43%, 3.50%, and 2.59%.

Similar to electric tractor units, another important sub-category of electric heavy trucks – electric dump trucks, also outperformed various 'large cap' categories: From January to August this year, electric dump trucks sold a total of 4,686 units, a 277% year-on-year increase, outperforming the overall market growth of electric heavy trucks (+224%), surpassing the growth rate of new energy dump trucks (+137%), and significantly higher than the overall market growth rate of 142% for new energy heavy trucks.

From January to August this year, only 18 companies achieved sales in the electric dump truck market, with only 10 companies selling over 60 units. Sany and FAW, ranking first and second, both sold over 1,000 units, reaching 1,188 and 1,049 units respectively, with market shares of 25.35% and 22.39%; Yutong and Xugong ranked 3rd and 4th with 721 and 676 units respectively, with market shares of 15.39% and 14.43%; Jiefang, Yuancheng, Shaanxi Auto, and Foton also sold over a hundred units, ranking 5th to 8th, with market shares of 6.02%, 3.69%, 3.20%, and 2.71% respectively; Dongfeng and BYD temporarily ranked 9th and 10th, with cumulative sales of 72 units and 68 units respectively, and market shares of 1.54% and 1.45%, being among other companies with over 60 units sold in electric dump trucks.