China's annual power battery installation volume shoots up 41.5% in 2024

Shanghai (Gasgoo)- In December 2024, China's power battery installations reached 75.4GWh, marking a month-on-month increase of 12.2% and a year-on-year surge of 57.3%, according to the China Automotive Power Battery Industry Innovation Alliance ("CAPBIIA").  

Of this total, ternary battery installation volume accounted for 14.3GWh, comprising 19% of total installations, reflecting a 5.5% month-on-month increase but a 13.4% year-on-year decline. Lithium iron phosphate (LFP) batteries dominated with 61GWh, representing 80.9% of total installations, up 14% month-on-month and 95.1% year-on-year.

In December last year, a total of 41 battery manufacturers in China got their EV batteries installed onto vehicles, two fewer than the same period last year. The top three, five, and ten companies achieved installation volumes of 56GWh, 63.3GWh, and 71.8GWh, accounting for 74.2%, 84%, and 95.2% of the total, respectively. The top ten's market share rose by 0.3 percentage points over the previous year.

For the full year, China's power battery installations totaled 548.4 GWh, soaring 41.5% from a year earlier. Ternary batteries contributed 139GWh, 25.3% of the total, showing a 10.2% year-on-year increase. LFP batteries recorded annual installation volume of 409GWh, accounting for 74.6% of the total, reflecting a 56.7% spike year-on-year.

The number of power battery suppliers who had batteries installed onto vehicles increased to 55 in 2023, four more than the previous year. The top three, five, and ten companies contributed 417.5GWh, 461.2GWh, and 524.1GWh, representing 76.1%, 84.1%, and 95.6% of total installations, respectively.

In last December, the combined production of power and other batteries in China reached 124.5GWh, up 5.7% month-on-month and 60.2% year-on-year. For the entire year, cumulative production stood at 1,096.8GWh, a 41% year-on-year hike.

In December, China recorded a combined sales volume of power and other batteries at 126.6GWh, reflecting a month-on-month increase of 7% and a year-on-year surge of 40.4%. Among these, power battery sales reached 96.4GWh, making up 76.1% of total sales, up 9.8% month-on-month and 33.7% year-on-year.

For the entire year, China's cumulative battery sales reached 1,039.5GWh, representing a 42.4% year-on-year leap. Power batteries contributed 791.3GWh, or 76.1% of total sales, with a year-on-year growth of 28.4%.

China's exported a total of 21.9GWh power and other batteries last month, slightly down 0.3% month-on-month but up 12.4% year-on-year, representing 17.3% of the month's total sales. Power battery exports reached 12.9GWh, making up 59.2% of total exports and indicating a month-on-month increase of 3.6% but a year-on-year decline of 7%.

As for the whole-year performance, the country exported 197.1GWh of batteries, a 29.2% year-on-year jump, accounting for 19% of total annual sales. Of those, power battery exports amounted to 133.7GWh, representing 67.8% of total exports and a 5% year-on-year rise.