BEIJING, October 20, 2024 – China’s battery industry saw remarkable growth in September 2024, as indicated by the latest monthly report on the power and other battery sectors. The total sales of power and other batteries in September reached 103.9 GWh, reflecting an 11.9% increase month-over-month and a 44.8% rise compared to the same period last year. Export activities also experienced robust growth, with combined exports totaling 20.2 GWh, up 20.7% from August and 37.8% year-over-year. Additionally, the installation of power batteries reached 54.5 GWh, marking a 15.5% increase from the previous month and a 49.6% year-over-year growth.
Cumulatively, for the first nine months of 2024, China’s total installed capacity of power batteries reached 346.6 GWh, representing a 35.6% year-on-year increase.
Production Growth Driven by New Energy Vehicles
In September, driven by the continued expansion of the new energy vehicle (NEV) market, China’s production of power and other batteries totaled 111.3 GWh, marking a 9.9% increase compared to August and a significant 43.3% rise compared to September 2023. From January to September 2024, cumulative production reached 734.4 GWh, showing a strong 37.3% increase compared to the same period last year.
Sales Surge: Power and Other Batteries
In terms of sales, China’s combined power and other battery sales reached 103.9 GWh in September 2024, reflecting a solid month-over-month increase of 11.9% and a year-over-year growth of 44.8%. Of this total, power battery sales accounted for 76.6 GWh, representing 73.7% of total sales. This marks an 11.9% increase from August and a 29.8% year-on-year rise. Sales of other batteries amounted to 27.3 GWh, representing 26.3% of total sales, and experienced a significant 114.1% year-on-year growth and a 12.1% rise month-over-month.
From January to September 2024, China’s cumulative sales of power and other batteries amounted to 685.7 GWh, a 42.5% increase compared to the same period in 2023. Power batteries contributed 525.3 GWh of the total, accounting for 76.6% of sales, and experienced a 26.1% year-over-year increase. Meanwhile, other batteries totaled 160.3 GWh in cumulative sales, with a remarkable year-over-year growth of 148.7%, representing 23.4% of the total.
Strong Export Performance in September
China’s battery exports also saw significant growth in September 2024. The combined export volume of power and other batteries reached 20.2 GWh, an impressive month-over-month increase of 20.7% and a year-over-year growth of 37.8%. These exports accounted for 19.4% of total sales in September. Power battery exports stood at 11.8 GWh, representing 58.2% of total exports, with a 5.6% increase from August, although this figure represents a slight year-over-year decline of 5.0%. On the other hand, exports of other batteries totaled 8.4 GWh, representing 41.8% of total exports, with an impressive 51.0% month-over-month increase and a 270.9% year-over-year rise.
From January to September 2024, cumulative battery exports from China amounted to 126.1 GWh, reflecting a 37.8% increase compared to the same period last year. Power battery exports totaled 92.5 GWh, accounting for 73.3% of total exports and showing a modest 3.9% year-on-year increase. Exports of other batteries reached 33.6 GWh, representing 26.7% of total exports and an exceptional 186.0% year-over-year growth.
Power Battery Installation: LFP Batteries Lead the Way
In September 2024, China’s power battery installation capacity reached 54.5 GWh, representing a 15.5% month-over-month increase and a substantial 49.6% rise compared to September 2023. Lithium iron phosphate (LFP) batteries dominated the market with an installation volume of 41.3 GWh, accounting for 75.8% of the total installed capacity. This marks an 18.0% increase from August and a significant 70.9% year-over-year rise. In comparison, ternary batteries, known for their higher energy density, had an installation volume of 13.1 GWh in September, representing 24.1% of the total installation. Ternary battery installations grew by 8.2% month-over-month and 7.4% year-over-year.
For the first nine months of 2024, China’s cumulative power battery installations amounted to 346.6 GWh, representing a 35.6% increase compared to the same period in 2023. Cumulative installations of ternary batteries totaled 98.9 GWh, accounting for 28.5% of the total, with a year-over-year growth of 21.2%. Meanwhile, cumulative installations of LFP batteries reached 247.5 GWh, representing 71.4% of the total and showing a 42.4% year-on-year increase.
Conclusion
September 2024 marks another month of significant progress for China’s battery industry, with substantial growth in production, sales, and exports. The power and other battery sectors continue to benefit from the rapidly expanding NEV market and increasing demand for energy storage solutions. With robust growth in both LFP and ternary battery installations, China remains a key player in the global battery supply chain, poised for further expansion in the coming years.
原标题：月度数据丨2024年9月动力电池月度信息
