Power battery market in June: growth trend slows down

In June 2024, China's total production of power and other batteries reached 84.5GWh, up 2.2% from the previous month, and up 28.7% from the same period last year. The installed capacity was 42.8GWh, up 30% year-on-year, and the export volume was 18.4GWh, up 67.8% year-on-year.

01

●In June, sales of power and other batteries reached 92.2GWh, an increase of 18.4% month-on-month and 51.2% year-on-year. This figure exceeded the production.

◎ Sales of power batteries accounted for 75.2% of total sales, and the overall share was close to 3/4 for the first time. If we estimate based on the proportion, the growth of power batteries is very limited.

◎ Sales of other batteries surged 120.7% year-on-year, and demand for batteries in non-new energy vehicle fields and application areas such as energy storage also increased significantly.

● In terms of exports, China's total exports of power and other batteries in June were 18.4GWh, up 33.9% month-on-month and 67.8% year-on-year, accounting for 20% of the total sales volume that month. Among them, the export volume of other batteries soared 417.8% year-on-year, reflecting the substantial growth in international market demand for Chinese battery products.

● In June, China's installed capacity of power batteries was 42.8GWh, up 30.2% year-on-year and 7.3% month-on-month. Lithium iron phosphate batteries and ternary batteries accounted for 74.0% and 25.9% of the total installed capacity, respectively. The growth of lithium iron phosphate batteries in installed capacity was more significant, showing that its advantages in cost-effectiveness and safety have been recognized by the market.

If we look at June, the overall inventory level is very small.

02

● From January to June, China's cumulative production of power and other batteries was 430.0GWh, a year-on-year increase of 36.9%.

● The cumulative sales volume reached 402.6GWh, a year-on-year increase of 40.3%.

● In terms of cumulative exports, China's total exports of power and other batteries from January to June were 73.7GWh, an increase of 18.6% year-on-year, accounting for 18.3% of the cumulative sales in the first six months.

Although power battery exports only grew by 8.2% year-on-year, the surge in exports of other batteries (106.7%) highlights the competitiveness and diversified development of China's battery industry in the global market.

● In the first half of the year, China's cumulative installed capacity of power batteries was 203.3GWh, a year-on-year increase of 33.7%.

The cumulative installed capacity of lithium iron phosphate batteries and ternary batteries increased by 35.7% and 29.7% respectively. The high growth rate of lithium iron phosphate batteries once again demonstrated its competitive advantage in the market.

summary