Top 15 Domestic Power Batteries in 2024: CATL/BYD LFP Installations Exceed 100 GWh

On January 13, the latest data released by the China Automotive Power Battery Industry Innovation Alliance showed that in December 2024, China's power battery installations reached 75.4 GWh, up 12.2% MoM and 57.3% YoY. Among them, ternary battery installations were 14.3 GWh, accounting for 19.0% of the total, up 5.5% MoM but down 13.4% YoY; LFP battery installations were 61.0 GWh, accounting for 80.9% of the total, up 14.0% MoM and 95.1% YoY.

In 2024, China's cumulative power battery installations reached 548.4 GWh, up 41.5% YoY. Among them, cumulative ternary battery installations were 139.0 GWh, accounting for 25.3% of the total, up 10.2% YoY; cumulative LFP battery installations were 409.0 GWh, accounting for 74.6% of the total, up 56.7% YoY.

In terms of market concentration, in December 2024, a total of 41 power battery enterprises in China's NEV market achieved battery installations, 2 fewer than the same period last year. The top 3, top 5, and top 10 power battery enterprises accounted for 56.0 GWh, 63.3 GWh, and 71.8 GWh of installations, respectively, representing 74.2%, 84.0%, and 95.2% of the total, with the top 10's share increasing by 0.3 percentage points YoY.

In 2024, a total of 55 power battery enterprises in China's NEV market achieved battery installations, 4 more than the previous year. The top 3, top 5, and top 10 power battery enterprises accounted for 417.5 GWh, 461.2 GWh, and 524.1 GWh of installations, respectively, representing 76.1%, 84.1%, and 95.6% of the total.

At the enterprise level, in December 2024, the top 15 domestic power battery enterprises by installations were: CATL, BYD, CALB, Gotion High-tech, SVOLT Energy, EVE, REPT, Sunwoda, Zenergy, Jidian New Energy, LG Energy Solution, Inpai Battery, DFD, Yaoning New Energy, and Farasis Energy.

In 2024, the top 15 domestic power battery enterprises by installations were: CATL, BYD, CALB, Gotion High-tech, EVE, SVOLT Energy, Sunwoda, REPT, Zenergy, LG Energy Solution, Jidian New Energy, Farasis Energy, DFD, Inpai Battery, and Yaoning New Energy.

In terms of battery materials, in December 2024, China's consumption of ternary materials for power and other batteries was 46,000 mt, LFP materials 232,000 mt; anode materials 144,000 mt; separators 1.86 billion m²; electrolyte for ternary batteries 21,000 mt, and electrolyte for LFP batteries 128,000 mt.

In 2024, China's consumption of ternary materials for power and other batteries was 490,000 mt, LFP materials 1.934 million mt; anode materials 1.27 million mt; separators 16.42 billion m²; electrolyte for ternary batteries 225,000 mt, and electrolyte for LFP batteries 1.061 million mt.

Notably, in 2024, the structure of battery material types in China changed, with the share of LFP batteries increasing rapidly. Cumulative installations reached 409.0 GWh, with a market share approaching 75%.

In April 2024, China's LFP battery installations reached 25.5 GWh, accounting for 71.9% of total power battery installations. This marked the first time in 8 years, since 2016, that the share of LFP battery installations in China returned to over 70%.

From May-December 2024, China's LFP battery installation shares were 74%, 74%, 72.5%, 74.2%, 75.8%, 79.4%, 79.7%, and 80.9%, respectively. In December 2024, the market share of LFP batteries further exceeded 80%.

In 2024, CATL and BYD both achieved LFP battery installations exceeding 100 GWh, reaching 151.63 GWh and 134.84 GWh, respectively.

In 2023, CATL and BYD's LFP battery installations were 88.77 GWh and 105.41 GWh, respectively; CATL's ternary battery installations were 78.33 GWh, while BYD did not rank in the top 15 for ternary battery installations.

According to Battery Network, in the ternary battery sector, BYD entered the top 15 domestic ternary power battery enterprises by installations for the first time in May 2024, ranking 14th, rising to 10th in June, maintaining 10th place from July to September, ranking 12th in October, and 11th in both November and December.

Cui Dongshu, Secretary General of the China Passenger Car Association, previously analyzed that the high prices of nickel and cobalt have led to differentiated growth between ternary lithium batteries and LFP batteries. With the growth of long-range products, ternary batteries still have a market, while price reductions have driven the share of LFP batteries to continue increasing.

Recently, research institutions EVTank and Yiwei Economic Research Institute, together with the China Battery Industry Research Institute, jointly released the "White Paper on the Development of the Iron Phosphate and LFP Materials Industry in China (2025)." According to the white paper, in 2024, China's LFP material shipments reached 2.427 million mt, up 48.2% YoY, with an overall market size of 97.08 billion yuan, down 30.3% YoY.

From an enterprise perspective, in 2024, the top four enterprises in China's LFP material shipments remained unchanged from 2023. Hunan Yuneng ranked first with nearly 700,000 mt of shipments, accounting for 28.8% of the total market share, followed by Defang Nano, Wanrun New Energy, and Lopal, with the combined market share of the top four enterprises decreasing by 6.1 percentage points compared to 2023.

Additionally, in 2024, the top 10 enterprises in China's LFP material shipments also included Youshan Technology, Jiangxi Shenghua, Gotion High-tech, Jintang Times, Pulead Technology Industry, and Rongtong High-tech. The threshold for the top 10 LFP material enterprises increased from 50,000 mt in 2023 to 60,000 mt in 2024.

From the competitive landscape of China's LFP cathode material enterprises, in 2024, Pulead Technology Industry replaced Anda Technology to enter the top 10, while Rongtong High-tech fell to 10th place. The CR10 of the entire industry was 79.5%, down 10.1 percentage points from 2023. Additionally, other enterprises with significant LFP material shipments in 2024 included Anda Technology, Fengyuan Lithium Energy, Easpring Technology, Sichuan Langsheng, GCL, and Wanhua Chemical.

According to forecasts from various institutions, not only in the Chinese market but also globally, the market share of LFP is expected to increase in 2025.

A report from Goldman Sachs indicates that the market share of LFP batteries in 2025 is expected to rise from the previous forecast of 41% to 45%, while high-nickel batteries will continue to dominate the competition for high energy density.