According to a report published by global consulting firm Interact Analysis, the Chinese domestic market is dominating the global electric truck market. The report reveals that out of the top ten e-truck brands in 2022, nine manufacturers are Chinese, with Volvo Trucks representing the only exception.
The medium and heavy-duty Battery electric truck market is beginning to accelerate in various parts of the world, including North America and Europe. However, in 2022, China dominated sales rankings with 24,075 battery electric trucks registered, compared to only 7,965 for the rest of the world combined, for a total of 32,040.
Sany, a Chinese company, leads the market with a 13% market share, driven by strong sales of battery electric semi-trailers and concrete mixer trucks. In 2022, total BEV medium and heavy-truck sales in China were more than double those of 2021. The promotion of battery-swapping models favored the sales of BEV heavy-duty trucks, which accounted for 51% of total BEV heavy and medium-duty trucks. Major suppliers of battery-swapping battery electric heavy-duty trucks included Geely, XCMG, SAIC Motor, and Sany.
Surprisingly, BYD falls outside of the list of top ten e-truck brands. While it has more truck sales than other Chinese companies internationally, its home sales fall below that of other competitors, according to official statistics and the research conducted by Interact Analysis.
Currently, Chinese companies are mainly selling domestically, with about 98% of their BEV medium and heavy-duty truck sales within China and only 2% internationally. However, the report suggests that Chinese manufacturers are likely to make more efforts to sell abroad over time, especially in markets that are open to Chinese electric vehicles at competitive prices, such as Europe and Latin America.
While Western, Korean, and Japanese manufacturers are expected to offer many more BEV models in the next few years and could catch up with Chinese companies in the top 10 rankings, China will likely continue to be the strongest country in the market share rankings in the near future. The report forecasts that the global market for medium and heavy-duty battery electric trucks could increase 5x to over 150,000 in 2024, with China’s market share reducing from 74% in 2022 to 45% in 2024. The emergence of new entrants such as Hyundai, Mitsubishi, Navistar, and Tesla could also impact the market share ranki