In the newly released 2024 TOP10 list of domestic power battery installed capacity, in addition to passenger car brands, core supporting vehicle companies of battery enterprises, as well as engineering vehicle companies such as Sany Automobile and XCMG, also contribute key installed capacity shares to the TOP10 companies.

Sany Automobile is the third largest customer of NO.5 billion Weiwei Lithium Energy, with an installed capacity of 2.56 GWh, accounting for 14.88% of the total installed capacity of Weiwei Lithium Energy; XCMG Motors also ranks third among NO.8 Ruipu Lanjun's customers, with an installed capacity of 0.91GWh, accounting for 8.44% of Ruipu Lanjun's total installed capacity. Among them, heavy-duty trucks are the core models contributing to the installed capacity of two construction vehicle companies. (List details: GGII： Top 10 domestic companies in terms of installed power battery capacity by 2024）

According to the sales data of new energy commercial vehicles in 2024, the sales of new energy commercial vehicles in China reached 596000 units, a year-on-year increase of 92.9%, with a market penetration rate of 15.4%. Among them, the sales of new energy heavy-duty trucks exceeded 80000 units, a year-on-year increase of 140%, making it the highest growth segment. Over 94% of them are electric heavy-duty trucks, corresponding to a power battery installed capacity of over 26GWh.

By 2024, there will be over 120 new energy heavy-duty truck companies. In terms of sales, XCMG, Sany Motor, FAW Jiefang, China National Heavy Duty Truck Group, Dongfeng Motor Corporation, Shaanxi Automobile Group, Yutong Automobile, Foton Motor, Remote New Energy, and Jianghuai Automobile are currently leading in sales.

There must be power battery companies taking the lead in seizing this segmented market opportunity.

Apart from the mentioned EVE Energy and Ruipu Lanjun, CATL is still the "leader" in heavy truck installation. Among a total of 120 electric heavy-duty truck enterprises, CATL has achieved extensive coverage in the field of electric heavy-duty trucks with nearly a hundred supporting customers. Its core installed customers include XCMG, FAW Jiefang, Shaanxi Automobile Group, Sany Automobile, Yutong Group, Foton Daimler, etc., and its market share in the electric heavy-duty truck installation market exceeds 75%.

Ningde Times, Yiwei Lithium Energy, and Ruipu Lanjun are ranked among the top 3 in terms of heavy truck installed capacity, with a total market share of over 90% for electric heavy trucks. Yiwei Lithium Energy will remain the second largest installed capacity of electric heavy-duty trucks in 2024, while Ruipu Lanjun will rapidly rise from fifth to third place in the second half of 2024.

From the perspective of battery types, lithium iron phosphate batteries are the main installed type of new energy heavy-duty trucks, accounting for over 95% of the installed capacity. Long life and fast charging will become the two core directions of power batteries for heavy-duty trucks.

Long lifespan corresponds to longer range. At present, the range of mainstream heavy-duty truck models has been increased to over 600 kilometers, with some models exceeding 700 kilometers. Specifically in terms of charging capacity, 30% of heavy-duty trucks are equipped with power batteries with a capacity between 422-423 kWh, and heavy-duty trucks are equipped with power batteries exceeding 500 kWh.

Fast charging improves the operational efficiency of electric heavy-duty trucks. With the upgrade of fast charging technology for power batteries, the charging time for electric heavy-duty trucks will be shortened to 45 minutes, and the adaptation of ultra fast charging will be further shortened to 30 minutes.

Under this trend, power battery companies will launch independent categories for the heavy-duty truck market in 2024.

Ningde Times Tianxing heavy-duty truck commercial vehicle battery, the long-life version supports a battery life of 15 years or 2.8 million kilometers, and both versions can achieve a range of 500km; The fast charging version supports 70% charging within 15 minutes.

EVE Energy's open-source commercial vehicle battery, the high-capacity Z-series 636KWh battery, has been applied to Sany Heavy Truck's "Long Range 636" product, supporting a battery capacity of over 70% after 4500 cycles; The fast charging version supports 3C overcharging (15 minutes SOC 20% -80%) and a lifespan of 7000 cycles.

Ruipu Lanjun has released the "BIGBANK" battery system, with an energy density of over 210Wh/kg. The 500kWh system can support heavy-duty truck models with a range exceeding 500km and supports 2C fast charging performance, achieving 10% -80% fast charging in 18 minutes.