China Leads in EV Battery Innovation: Steady Growth and Global Market Expansion Projected Through 2030

Published: Feb 06, 2024 19:01 (GMT+8)

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The 2024 White Paper on China's EV power battery industry highlights a 35.4% surge in global new energy vehicle sales in 2023, with China accounting for nearly two-thirds of the market. Global power battery shipments are expected to nearly triple by 2030, showcasing China's leading role in the global EV battery market.

Industry Research Institute jointly released the "China New Energy Vehicle Power Battery Industry Development White Paper (2024)". According to the white paper, global new energy vehicle sales in 2023 reached 14.653 million units, a 35.4% increase year-on-year, with China's sales hitting 9.495 million units, accounting for 64.8% of global sales. The United States and Europe saw annual new energy vehicle sales of 2.948 million units and 1.468 million units respectively, with year-on-year growth rates of 18.3% and 48.0%.

EVTank notes that the rapid growth in new energy vehicle sales has driven a significant increase in global power battery shipments. In 2023, global power battery shipments reached 865.2GWh, a 26.5% increase year-on-year, with EVTank projecting global power battery shipments to reach 3368.8GWh by 2030, nearly triple the amount in 2023.

In terms of the competitive landscape among major global power battery companies, CATL leads with over 300GWh of shipments, claiming a 35.7% global market share. BYD ranks second with a 14.2% global market share, followed by South Korea's LGES with 12.1%.

EVTank's data shows that among the top ten companies in power battery shipments, six are Chinese, three are South Korean, and one is Japanese.

EVTank highlighted that while Svolt Energy Technology, ranked tenth globally in shipments, has a lower installation volume in China, its high shipment volumes to overseas clients like Mercedes and TOGG have significantly driven its overall power battery shipment growth.

If you have any questions regarding the industry data, or the news (e.g. how this can affect your business). Please feel free to reach out to me:

Robin He

SMM Li-ion Battery Materials Department

E: robinhe@smm.cn | T: +86-21-51595884

Market forecast Market review Output EV New Energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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