November 11, 2024 – The China Automotive Battery Innovation Alliance (CABIA) released data on China’s power battery installation volume from January to October
01 – Overview
From January to October 2024, China’s total installation volume of power batteries reached 405.8 GWh, marking a year-on-year increase of 37.6%. Compared to a growth rate of 31.5% in the same period last year, it accelerated by 6.1%.
Enterprise Ranking
The top 3 companies remain unchanged, with CATL, BYD, and CALB occupying the top spots respectively. Among these top 3 companies, CATL continues to maintain a growth rate above the industry average level, while BYD and CALB both experiences slower growth compared to the industry. And notably, CALB’s growth rate is just around 5%.
Gotion High-Tech surpasses EVE Energy to rank 4th, with its growth rate exceeding the industry average level. EVE Energy’s growth rate slows to just 6%, and its installation volume in October even drops to 9th place.
Sunwoda, SVOLT, Rept Battero, and Zenergy occupies the 6-9thplace, and they all maintains high growth. Especially Rept Battero, it notably rises from 11th place last year to 8th place this year. LG Energy Solutions drops to 10th place with a growth rate of 5.8%. Farasis Energy is the only company in last year’s top 10 to experience a decline in growth, and its ranking has already dropped out of the top10, with shipments falling to 15th place in October.
Three new companies entered the ranking list this year, all of which are battery manufacturers affiliated OEMs—Jidian and Yoening from Geely, as well as Inpow Battery from GAC. These three companies replaced JEVE, ANC, and Lishen. (Table 1)
02 – LFP Battery: The Main Factor of Market Growth
From January to October, the installation volume of LFP power batteries in China reached 294.5 GWh, a year-on-year increase of 46.7%, nearly the same as last year’s growth rate of 47.6%. The market share of LFP batteries increased to 72.6%, up by 4.4%.
Enterprise Situation
CATL surpassed BYD to reclaim the top1 spot, and the battery manufacturers affiliated with OEMs see a significant increase in shipment volume.
Among the top5 companies, only CATL exceeds the industry’s average growth rate. Gotion High-Tech sees a growth rate of 40.9%, distancing itself from EVE Energy.
From Top 6 to 9, Sunwoda and Rept Battero both see growth rates exceeding 200%, while Zenergy and SVOLT have growth rates above 100%, with installation volumes exceeding 6 GWh.
Do-Fluoride, having occupied 10th place last year, is replaced by Jidian. The last four companies are all affiliated with OEMs: Geely’s Yoening and ANC, as well as GAC’s Inpow Battery, and SANY Heavy Industry’s Hongxiang. These five OEM-affiliated battery companies together install 7.2 GWh, accounting for 2.4% of the market share.
03 – Ternary Battery
From January to October 2024, the installation volume of ternary power batteries in China reaches 111.1 GWh. The year-on-year increase reaches 18.3%, which is higher than that of 6.7% in the same period last year. Although the growth rate of January to October exceeds last year’s, a negative growth is observed in October compared to the same period last year. Additionally, the market share of ternary batteries dropped to 27.3%.
Enterprise Situation
CATL remains the dominant player in the ternary market.
CATL’s growth rate exceeds the industry average, and its market share rises to 67.9%.
CALB sees a significant decline in installation volume, with its market share dropping to 8.7%. This is attributed to the shift of medium -to-low grade EV models to LFP batteries. And at the eanwhile, the company cannot grab the market share from CATL in high-grade EV markets. These factors above are also the main reason for the decline in ternary shipments from second-tier battery companies like Sunwoda, Farasis Energy, and EVE Energy.
LG Energy Solutions sees slight growth, but it is likely to be surpassed by SVOLT in the near future.
Gotion High-Tech and Zenergy maintain high growth, with shipments exceeding 1 GWh. The shipments of other companies are all less than 0.5 GWh.
04 – Model Distribution
CATL holds a large share in the commercial vehicle market, with a share of 61.3%. EVE Energy has a relatively low installation volume in the PHEV segment.
Due to Sunwoda’s supply of EV batteries for Li Auto’s L series, the installation volume of its batteries for PHEVs has seen a significant increase.
Summary
Installation volume is closely related to the sales volume of downstream OEM vehicle models. When sales are high, installation volume increases. Earlier this year, OEMs focuses on pure electric vehicle models, such as Xpeng and Aion, observes a decline in sales, which affected the installation volume of downstream suppliers like CALB and EVE Energy.
When it comes to this year’s battery supply companies, the rankings of these battery manufacturers generally align with that of the shipment volumes. CATL remains the largest supplier, but Gotion High-Tech has moved up to second place. It is expected that the top 4 companies in the market next year will still be CATL, FinDreams Battery, CALB, and Gotion High-Tech. The ranking of EVE Energy, Sunwoda, SVOLT, Rept Battero, and Zenergy will likely experience changes.
Source: WeChat Official Account—锂电产业链投资分析
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