Summary：Amid the accelerating global energy shift, the lithium battery sector is at a pivotal stage. This article centers on it, deeply dissecting the 2024 market layout, such as scale shifts and competition. By probing upstream and downstream data and enterprise trends, it uncovers industry challenges and opportunities. Importantly, it discerns the key driving roles of new energy vehicles and energy storage in future growth and forecasts their impact on the industry's trajectory, presenting a comprehensive view of the lithium battery industry's present and future for practitioners, investors and observers.
Market situation in 2024:
According to the CCM industry research
report , in 2023, the total output of lithium batteries in China exceeded 940
GWh, with a year-on-year growth of 25%, and the total industrial output value
exceeded 1.4 trillion yuan.
From January to April 2024, the total
output of lithium batteries nationwide exceeded 282 GWh, with a year-on-year
growth of 17.5%. From January to September, the global installed capacity of
power batteries was 599.0 GWh, with a year-on-year growth of 23.40%. From January
to October, the output of power and other batteries in China was 847.50 GWh,
with a year-on-year growth of 38.30%.
The competition echelon in China's power
lithium battery industry is obvious. The first-tier enterprises are CATL and
BYD, whose installed capacity of power lithium batteries accounts for more than
20%. The second-tier enterprises include CALB, Gotion High-Tech, Sunwoda, and
Eve Energy, etc., whose market share is between 1% - 10%. The third-tier
enterprises include Do-Fluoride and Ravon, etc., whose market share is below
1%. The industry concentration continues to increase. From January to November
2023, the CR3 of China's power lithium battery industry exceeded 79%, the CR5
exceeded 88%, and the CR10 exceeded 97%.
In the field of new energy vehicles: From
January to September 2024, the global sales of new energy passenger vehicles
were 11,726,600, with a year-on-year growth of 24.05%, among which BYD ranked
first in the world. From January to October 2024, the sales of new energy vehicles
in China were 9,751,000, with a year-on-year growth of 34.85%.
In the field of energy storage: In the
first three quarters of 2024, the shipment of energy storage batteries in China
increased by 42% year-on-year. The booming demand in overseas markets led to a
continuous increase in the export proportion.
Upstream and downstream situation:
Upstream:
The supply of raw materials such as lithium
ore is still in a period of concentrated capacity release from 2024 to 2025.
New projects of lithium ore in Australia, salt lakes in South America, and
lithium ore in Africa are successively put into production and ramping up,
which will bring relatively large increments. However, there are also constraining
factors such as infrastructure support and fresh water supply for salt lakes in
South America. Overall, the global lithium resources are still in a surplus
state in 2024.
According to the market observation of CCM
market intelligence platform , after the sharp drop in the price of lithium
carbonate in 2023, the downward trend slowed down in 2024, but it is still at a
relatively low level. The prices of upstream raw materials are generally under
pressure.
Midstream:
Leading enterprises such as CATL and BYD
occupy a large market share and continuously consolidate their dominant
positions with the expansion of production capacity and technological progress.
Meanwhile, second- and third-tier enterprises are also striving to increase
their market shares, and the industry competition is relatively fierce.
Enterprises are continuously increasing
their investment in battery technology research and development to improve the
performance of batteries such as energy density, safety, and cycle life. Some
progress has been made in the research and development of new technologies such
as solid-state batteries.
Downstream:
New energy vehicle industry: The market of
new energy vehicles continues to grow, and the demand for lithium-ion batteries
is strong. It also prompts battery enterprises to continuously improve product
performance to meet the requirements of automobile manufacturers. Moreover, as
the driving force for the development of the new energy vehicle industry
gradually shifts to product-driven, the requirements for the quality and
performance of battery products are higher.
Energy storage industry: Against the
background of global energy transformation, the market demand for energy
storage batteries is growing rapidly. Especially in overseas markets such as
the United States and the Middle East, it provides new growth impetus for
lithium-ion battery enterprises.
CCM industry tracking :
The report by Grand View Research indicates
that the global lithium-ion battery market size was estimated at $544 billion
in 2023 and is projected to have a compound annual growth rate of 20.3% from
2024 to 2030. Among them, the automotive sector is expected to experience
significant growth due to the low cost of lithium-ion batteries; in the
consumer electronics field, the demand for lithium-ion batteries due to
extended product lifespan and improved efficiency will also drive market
growth.
According to the Strategic Planning
Analysis and Feasibility Evaluation and Forecast Report on the Market
Development and Investment Scale Prospect of Lithium-ion Batteries from 2024 to
2030 by Golden Credit Rating International Consulting, the lithium-ion battery
markets in regions such as Europe, North America, Japan, and South Korea are
expected to show varying degrees of growth during the period from 2023 to 2030.
Among them, the Asia-Pacific region may become the fastest-growing market for
lithium-ion batteries.
About CCM:
CCM is the leading market intelligence provider for China's agriculture, chemicals, food & feed and life science markets. Founded in 2001, CCM offers a range of content solutions, from price and trade analysis to industry newsletters and customized market research reports. CCM is a brand of Kcomber Inc.
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