China’s power battery installed capacity surges 51% YoY in Oct. 2024

Shanghai (Gasgoo)- In October, China's power battery installation capacity reached 59.2GWh, marking an 8.6% month-on-month increase and a substantial 51% year-on-year surge, according to the China Automotive Power Battery Industry Innovation Alliance ("CAPBIIA").

The composition of battery types reveals a strong preference for lithium iron phosphate (LFP) batteries, which accounted for 79.4% of total installations in October at 47GWh—a 13.7% increase from the previous month and a significant 75.1% spike year-on-year. Conversely, ternary lithium batteries saw a decline, with their installation volume at 12.2GWh, representing 20.6% of the total—a 7.2% drop from September and a slight 1.1% decrease year-on-year.

A total of 39 companies had their power batteries installed onto vehicles in October, an increase of four companies compared to the same period last year. The top three, top five, and top ten battery companies collectively contributed 45.1GWh, 50GWh, and 56.6GWh, respectively, capturing 76.1%, 84.5%, and 95.6% of the market share. The dominance of the top ten companies declined slightly, with their combined share down by 2.2 percentage points from the previous year.

For the Jan.-Oct. period of this year, cumulative power battery installation capacity in China reached 405.8GWh, reflecting a year-on-year jump of 37.6%. Ternary lithium battery installation volume totaled 111.1GWh, making up 27.3% of the total and representing an 18.3% year-on-year increase. LFP battery installation volume were more dominant, at 294.5GWh, accounting for 72.6% of the total and registering a 46.7% surge year-on-year.

Throughout the first ten months of the year, 53 companies got power batteries installed onto vehicles, five more than the year-ago period. The top three, top five, and top ten companies delivered 311.5GWh, 342.6GWh, and 388.6GWh, respectively, representing 76.8%, 84.4%, and 95.8% of China's total installation capacity.

In terms of production, China's combined output of power and other batteries in October was 113.1GWh, up 1.6% month-on-month and 45.5% year-on-year. Cumulative production from January to October was 847.5GWh, a year-on-year growth of 38.3%.

Sales of power and other batteries in October reached 110.3GWh, increasing by 6.2% month-on-month and 47.4% year-on-year. Power batteries accounted for 79.1GWh or 71.7% of total sales, growing 3.3% month-on-month and 30.6% year-on-year.

BYD  Blade Battery; photo credit: BYD

From January to October, total sales of power and other batteries amounted to 796GWh, up 43.2% year-on-year. Of those, power battery sales reached 604.5GWh (75.9% of total sales), showing a 26.7% growth year-on-year.

China's power and other battery exports in October totaled 19.9GWh, a 1.6% decline from September but a 38.6% increase year-on-year. Exports made up 18% of the month's total sales. Power battery exports were 10.8GWh (54.6% of total exports), down 7.8% month-on-month and 3.8% year-on-year.

Cumulative exports from January to October reached 146GWh, a 26.5% year-on-year increase. Exports represented 18.3% of total sales for the period. Power battery exports were 103.3GWh (70.8% of total exports), growing by 2.7% year-on-year.