The road transport industry faces the need to develop its fleet for lower energy consumption, pollutants and CO2 emissions. Waste heat recovery systems with Thermoelectric Generators (TEGs) can directly convert the exhaust heat into electric energy, aiding the electrical needs of the vehicle, thus reducing its dependency on fuel energy. The present work assesses the optimisation and evaluation of a temperature-controlled thermoelectric generator (TCTG) concept to be used in a commercial heavy-duty vehicle (HDV). The system consists of a heat exchanger with wavy fins (WFs) embedded in an aluminium matrix along with vapour chambers (VCs), machined directly into the matrix, that grant the thermal control based on the spreading of local excess heat by phase change, as proposed by the authors in previous publications and patents. The TCTG concept behaviour was analysed under realistic driving conditions. An HDV with a 16 L Diesel engine was simulated in AVL Cruise to obtain the exhaust gas temperature and mass flow rate for each point of two cycle runs. A model proposed in previous publications was adapted to the new fin geometry and vapour chamber configuration and used the AVL Cruise data as input. It was possible to predict the thermal and thermoelectric performance of the TCTG along the corresponding driving cycles. The developed system proved to have a good capacity for applications with highly variable thermal loads since it was able to uncouple the maximisation of heat absorption from the regulation of the thermal level at the hot face of the TEG modules, avoiding both thermal dilution and overheating. This was achieved by the controlled phase change temperature of the heat spreader, that would ensure the spreading of the excess heat from overheated to underheated areas of the generator instead of wasting excess heat. A maximum average electrical production of 2.4 kW was predicted, which resulted in fuel savings of about 2% and CO2 emissions reduction of around 37 g/km.