Power battery accounts for a major part of the development of Lithium ion battery market

November 28, 2022

Latest company news about Power battery accounts for a major part of the development of Lithium ion battery market

Power battery accounts for a major part of the development of Lithium ion battery market

 

Power battery accounts for a large proportion in the application of lithium ion battery at present, with its market share in lithium battery sector reaching 56.10% in 2020 alone. Power battery is widely used on electric vehicles for different scenario, electric boats and ships, two wheel autos like electric bicycles, scooters, and electric tools, etc. Among them, EV sector is the fastest growing one and it’s the biggest in its scale, concerning downstream applications of power batteries. Power battery is considered to be the key component to promote the development of new energy vehicle industry.

 

In recent years, countries in Europe, North America, East Asia and other regions are making efforts to develop clean energy by adjusting their energy mix to achieve the goal of peak carbon emissions and carbon neutrality.In the

meantime, there has been continuous progress in EV related technology and infrastructure. The new energy vehicle industry is developing rapidly.

 

According to the statistics provided by EV Sale, the global sales volume of new energy vehicles in 2020 was 3.24 million, 43.36% more than that of last year. In 2021, the sales volume of new energy vehicles worldwide increased rapidly, reaching 6.75 million, 108% more than that of last year. This figure continues rocketing in 2022. In recent years, under the policy of vigorously promoting "carbon neutrality" and "electrification, intelligence and interconnection" of the automobile industry, major economies in the world have increased the market share of new energy vehicles. It is expected that the global new energy vehicle market will continuously and significantly develop in the next few years.

latest company news about Power battery accounts for a major part of the development of Lithium ion battery market  0

 

China boasts one of the largest market for new energy vehicle in the world. Propelled by policies and market force, this market has experiencing rapid development in recent years. According to the data of China Association of Automobile Manufacturers, the annual sales of new energy vehicles have rapidly increased from 18000 in 2013 to 1.206 million in 2019, with a compound annual growth rate of 101.53%, since central and local preferential policies coming into force in 2013. In 2020, the sales volume of new energy vehicles is 1.367 million. In the face of COVID-19, the sales volume of new energy vehicles grows by 10.9% than previous year.

In 2021, the overall volume of production and sales of new energy vehicles is 3.545 million and 3.521 million respectively, with a record high growth of 159.5% and 157.5% than previous year. And the market share will also rise to 13.4%. In the first half of 2022, new energy vehicles will still maintain a high growth trend. The production and sales of new energy vehicles will be 2.661 million and 2.6 million, respectively, with a year-on-year growth of 118.2% and 115.0%.

In recent years, with the gradual decline of the subsidy policy to its abolition, the marketization of new energy vehicles has taken a solid step forward. More and more new energy vehicle enterprises, without relying on financial subsidies, have achieved substantial growth in sales by improving product performance and technical level. The new energy vehicle market has gradually shifted from policy driven to market driven.

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The rapid development of new energy vehicles has driven a strong demand for power batteries. According to the data of GGII, in the face of COVID-19 in 2020, the sales volume of power battery in China was 80.0GWh, maintaining a yearly growth of 12.67%. In 2021, China's power battery shipments will be about 226.0 GWh, driven by the rapid development of the upstream new energy vehicle market, with a yearly growth of 182.5%. In the first half of 2022, China's power battery sales volume exceeded 200GWh, with a yearly growth rate of more than 150%.

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With the implementation of long-term policies such as the new energy vehicle credit system, the technology of the new energy vehicle industry is constantly improving, and the supporting infrastructure is also increasingly improved. More new energy vehicles and brands that meet the market demand will be launched in succession. The demand of China's power battery market will also maintain a trend of rapid growth, while driving further growth of the upstream market of anode material.