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LFP Batteries Dominate as NEV Growth Accelerates
China’s battery production and installed volumes surged in 2024, fueled by the rapid expansion of the new energy vehicle (NEV) market. According to the China Automotive Battery Innovation Alliance (CABIR), lithium iron phosphate (LFP) batteries continued their dominance, making up 74.4% of total battery production and 74.6% of installed volumes.
Leading Battery Producers and Market Share
The three leading manufacturers—Contemporary Amperex Technology Co., Ltd. (CATL), BYD, and CALB—installed a combined 417.5 GWh of battery capacity in 2024, reinforcing China’s position as a global battery powerhouse.
- CATL led with 246 GWh, holding a 45% market share.
- BYD followed with 135 GWh, securing 25% of the market.
- CALB contributed 36.5 GWh, representing 7% of total installations.
These companies continue to expand their production capacities to meet the growing demand from automakers and energy storage industries worldwide.
NEV Market Expansion Drives Battery Demand
The spike in battery installations aligns with China’s booming NEV sector. Data from the China Association of Automobile Manufacturers (CAAM) shows that NEV production reached 12.888 million units in 2024, a 34% year-over-year increase, while NEV sales grew 36% to 12.866 million units.
China’s strong policy support, technological advancements, and global demand for electric vehicles (EVs) are expected to sustain this momentum, further solidifying its leadership in battery technology and production.
