According to data from the China Automotive Technology and Research Center (CATARC) compulsory insurance registration figures cited by GGII (Gaogong Industry Research Institute), new energy commercial vehicle sales have continued to rise in recent years, with early growth primarily driven by urban distribution light trucks and buses. Subsequently, with the implementation of old vehicle trade-in policies, accelerated replacement of heavy trucks in closed scenarios such as ports and mining areas, and sustained growth in overseas export orders, the market's growth momentum has continued to strengthen. Cumulative sales for January-September 2026 reached 709,000 units, approaching the full-year level of 2025, with the growth center gradually shifting from light urban distribution vehicles to heavy-duty operation and long-range models.
Competitive Landscape
GGII data shows that the new energy commercial vehicle market during January-September 2026 presented a multi-player competitive landscape, with Geely Auto (00175) commercial vehicles ranking first, followed by XCMG Automobile, China FAW, SAIC-GM-Wuling, and Dongfeng Motor (00489), with relatively moderate gaps between tiers. Since the sales volume of special vehicles such as light trucks and heavy trucks significantly exceeds that of buses, the overall new energy commercial vehicle landscape is primarily shaped by competition in cargo and operation vehicle segments. Different automakers rely on differentiated scenario layouts including urban distribution, mining areas, construction, and ports, resulting in high track dispersion.
Battery Capacity Per Vehicle
From the perspective of average battery capacity per new energy commercial vehicle, the overall trend showed an initial decline followed by a sustained rise. This was mainly because the rising proportion of low-capacity light urban distribution models pulled down the overall average. Starting from 2024, per-vehicle battery capacity began to recover, further rising to 192.3 kWh in January-September 2026. Currently, the increasing penetration rate of long-range models such as heavy trucks and large-tonnage special vehicles, combined with growing orders for battery-swapping and long-range versions in closed scenarios, has pushed up the overall per-vehicle battery capacity, driving growth in the value of batteries per unit.
Installation Volume
Battery installation for new energy commercial vehicles has shown an overall high-speed growth trend. According to GGII data, installation volume was relatively limited from 2021 to 2023, then surged significantly starting from 2024, continued to grow to 136.7 GWh in 2025, and reached 136.3 GWh in January-September 2026, already approaching the full-year level of the previous year. The volume ramp-up of heavy-duty special vehicles driving up per-vehicle battery capacity has become the core driver of rapid growth in battery installation volume for new energy commercial vehicles.
Battery Supplier Landscape
From the perspective of the competitive landscape among battery companies for new energy commercial vehicles, CATL (03750) leads with a share exceeding 50%, while EVE Energy (300014.SZ), CALB (03931), BYD (01211), and Gotion High-Tech (002074.SZ) form the second tier. Battery companies engage in differentiated competition across application scenarios such as buses, light trucks, and heavy trucks, while automakers' self-developed battery brands can also secure stable supporting space.
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