Domestic battery maintain a leading position in installation, with the gap widening
Global EV Battery Installations: Domestic top battery manufacturers lead significantly in both installation volume and growth rate. In of growth rate, according to SNE Research, domestic battery manufacturers Ningde Times/BYD's EV battery installations have grown rapidly, with a CAGR of 7.7%/103.2% from 2021-2024, higher than that of overseas manufacturers LG/Panasonic/SK/S SDI's 32.8%/8.9%/53.6%/38.7%. In terms of absolute value, in 024, Ningde Times/BYD's EV battery installation volume increased to 339.3/153.7GWh, while the installation of overseas manufacturers LG/Panasonic/SK/Samsung SDI was 96.3/35.1/39.0/29.6G, and the domestic top battery manufacturers pulled away from overseas manufacturers significantly.
Global EV Battery Market Share: The market share of overseas battery manufacturers has declined, while domestic battery manufacturers steadily increased. According to SNE Research, Ningde Times' market share in the global EV battery market increased from 33.0% in 21 to 7.9% in 24, and BYD's market share also increased from 8.8% in 21 to 17.2% in24 with the growth of its vehicle sales. In contrast, due to the challenges from domestic battery and electric vehicles going overseas, the global market share of major overseas battery manufacturers has to varying degrees, with LGES dropping from 19.7% in 2021 to 10.8% in 2024, andasonic declining from 12.0% to 3.9%.
Domestic EV Battery Market Share: The domestic market is dominated by domestic battery manufacturers, and battery manufacturers have not achieved large-scale shipments in China. In the domestic EV market, Ningde Times' leading position is solid, and in recent years, domestic EV manufacturers by Zhongchuangxinbattery and EVE have grown rapidly, slightly impacting Ningde's market share, but overall, its market share has maintained a leading level 2021 to 2024. In 2024, Ningde's domestic EV battery market share reached 45.4% rebounding from 44.5% in 2023, and its market position was further consolidated. However, overseas major battery manufacturers have not formed a large- installation in China, and their market share remains low.
Overseas EV Battery Market Share: Domestic battery manufacturers are actively going overseas, seizing the market share of overseas manufacturers. Ningde Times' market share has rapidly increased from 14.0% in 2021 to 27.0% in 202, overtaking LG to achieve the first position in the overseas EV battery market share. Currently, Tesla Model 3/Y, BMW iX, Volkswagen ID series and other overseas manufacturers' models all use Ningde Times batteries. BYD has accelerated its overseas strategy since 23, and its overseas market share has already increased to 4.1 in 24. However, overseas battery manufacturers are facing competition from domestic battery manufacturers, and their market share has generally declined.
Global Energy Storage Battery Installations:verseas battery manufacturers mainly follow the ternary lithium route, which has been significantly pulled away by domestic battery manufacturers. According to SNE Research data, Ningde Times/D's energy storage battery installations in 24 reached 110.0/27.0GWh, with a 21-24 CAGR 132.0%/72.8%, while LG/Samsung SDI's energy storage installations in 24 were only 8.010.0GWh, with a 21-24 CAGR of 13.6%/12.7%, SK had no energy battery shipments, and Panasonic only had 2GWh of shipments in 24.
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