In 2024, China’s cumulative put in capability of energy batteries was 548.4 GWh, a year-on-year enhance of 41.5%. Particularly, ternary batteries accounted for 25.3% of the overall with 139 GWh put in, a year-on-year enhance of 10.2%. Lithium iron phosphate batteries accounted for 74.6% of the overall with 409 GWh put in, a year-on-year enhance of 56.7%.
Moreover, for December, China’s energy battery put in capability was 75.4 GWh, a year-on-year enhance of 57% and a month-on-month enhance of 12.2%. Particularly, the put in capability of ternary batteries was 14.3 GWh, accounting for 19% of the overall put in capability, a year-on-year lower of 13.4%; and the put in capability of lithium iron phosphate batteries was 61 GWh, accounting for 80.9% of the overall, a year-on-year enhance of 95.1%.
Energy battery market share by firms
BYD’s share has elevated from 15% in 2020 to 25% in 2024, and to 26% within the fourth quarter; whereas CATL’s share within the fourth quarter has dropped to 43%. CATL’s whole put in capability in 2024 was 256.01 GWh whereas BYD’s was 135.02 GWh. It’s value noting that the put in capability of lithium iron phosphate batteries for CATL and BYD every exceeded 100 GWh, reaching 151.63 GWh and 134.84 GWh, respectively.
The facility battery market share in China in 2024 is as follows:
- CATL 45.2%
- BYD 25.1%
- CALB-Tech 6.9%
- Gotion 4.5%
- EVE Battery 3.4%
- SVOLT 3.0%
- Sunwoda 3.0%
- REPT Battero 2.2%
- Zenergy 1.9%
- LG New Vitality 1.5%
Uncooked materials utilization
In 2024, China used 490,000 tons of ternary supplies, 1.934 million tons of lithium iron phosphate supplies, 1.27 million tons of destructive electrode supplies, 16.42 billion sq. meters of separators, 225,000 tons of electrolyte for ternary batteries, and 1.061 million tons of electrolyte for lithium iron phosphate batteries.
The rise in lithium iron phosphate battery’s market share is correlated with a drop within the uncooked materials in 2024.
Supply: Cui Dongshu
