In 2024, Chinaโs cumulative installed capacity of power batteries was 548.4 GWh, a year-on-year increase of 41.5%. Specifically, ternary batteries accounted for 25.3% of the total with 139 GWh installed, a year-on-year increase of 10.2%. Lithium iron phosphate batteries accounted for 74.6% of the total with 409 GWh installed, a year-on-year increase of 56.7%.
Furthermore, for December, Chinaโs power battery installed capacity was 75.4 GWh, a year-on-year increase of 57% and a month-on-month increase of 12.2%. Specifically, the installed capacity of ternary batteries was 14.3 GWh, accounting for 19% of the total installed capacity, a year-on-year decrease of 13.4%; and the installed capacity of lithium iron phosphate batteries was 61 GWh, accounting for 80.9% of the total, a year-on-year increase of 95.1%.
Power battery market share by companies
BYDโs share has increased from 15% in 2020 to 25% in 2024, and to 26% in the fourth quarter; while CATLโs share in the fourth quarter has dropped to 43%. CATLโs total installed capacity in 2024 was 256.01 GWh while BYDโs was 135.02 GWh. It is worth noting that the installed capacity of lithium iron phosphate batteries for CATL and BYD each exceeded 100 GWh, reaching 151.63 GWh and 134.84 GWh, respectively.
The power 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 Energy 1.5%
Raw material usage
In 2024, China used 490,000 tons of ternary materials, 1.934 million tons of lithium iron phosphate materials, 1.27 million tons of negative electrode materials, 16.42 billion square meters of separators, 225,000 tons of electrolyte for ternary batteries, and 1.061 million tons of electrolyte for lithium iron phosphate batteries.
The increase in lithium iron phosphate batteryโs market share is correlated with a drop in the raw material in 2024.
Source: Cui Dongshu
