China scores 39.2% YoY jump in YTD power battery installation volume by Nov. 2024

Shanghai (Gasgoo)- In November 2024, China recorded 67.2GWh of electric vehicle (EV) battery installation volume, a month-over-month increase of 13.5% and a year-over-year surge of 49.7%, according to the China Automotive Power Battery Industry Innovation Alliance ("CAPBIIA").

In the month, lithium iron phosphate (LFP) batteries led the power battery market with 53.6GWh installed, accounting for 79.7% of the total—a 14% month-on-month increase and an impressive 84% year-on-year spike. Meanwhile, ternary lithium batteries recorded 13.6GWh, making up 20.2% of the total, reflecting an 11.6% growth over the previous month, but a 13.5% decline over the previous year.

A total of 38 battery manufacturers in China had their EV batteries installed onto vehicles in November, one more than in the same period last year. The top three companies provided 50GWh, capturing 74.5% of the market. The top five and top ten companies contributed 55.9GWh and 63.8GWh, respectively, accounting for 83.3% and 94.9% of the total. The top ten companies' market share fell by 1.3 percentage points compared to last year.

For the first eleven months of 2024, cumulative battery installations reached 473 GWh in China, up 39.2% year over year. LFP batteries dominated with 348GWh, representing 73.6% of the total, growing 51.5% from a year earlier. Ternary lithium batteries accounted for 124.7GWh, or 26.4% of the total, reflecting a 13.7% growth over the year-ago period.

During the Jan.-Nov. period, 54 battery companies supplied EV batteries to vehicles, six more than the previous year. The top three firms accounted for 361.5GWh, or 76.4% of the total. The top five and top ten companies provided 398.3GWh and 452.4GWh, representing 84.2% and 95.6% of the market, respectively.

In terms of production, China's combined output of power and other batteries in November was 117.8GWh, up 4.2% month on month and 33.3% year on year. Cumulative production from January to November was 965.3GWh, a year-on-year jump of 37.7%.

By the end of 2024, total output of power and other batteries is expected to exceed 1 TWh in the country, said the CAPBIIA.

BYD  Blade Battery; photo credit: BYD

Sales of power and other batteries in November reached 118.3GWh, increasing by 7.2% month on month and 40.1% year on year. Power batteries accounted for 87.8GWh or 74.2% of total sales, growing 10.9% and 29.7% from the previous month and previous year, respectively.

From January to November of the year, total sales of power and other batteries amounted to 914.3GWh, up 42.8% over a year ago. Of those, power battery sales reached 692.3GWh (75.7% of total sales), showing a 27.1% growth year-on-year.

China's power and other battery exports in November totaled 21.9GWh, a 10.3% rise from October and a 23.5% jump year-on-year. Exports made up 18.5% of the month's total sales. Power battery exports were 12.5GWh (57% of total exports), up 15.3% month on month, but down 2.2% year on year.

Cumulative exports from January to November reached 167.9GWh, a 26.1% year-on-year increase. Exports represented 18.4% of total sales for the period. Power battery exports were 115.8GWh (69% of total exports), growing by 2.1% year on year.