Starting Point Research Institute (SPIR) released the following report for the global market development of the lithium battery industry in 2023:
Lithium Battery Market
In terms of market size, data show that the global lithium battery shipments in 2022 were 948.1 GWh, up 66.7% year-on-year. It expects to reach 2344GWh for the whole year of 2025, an increase of 147.2% compared to 2022. Total power battery GWh, total energy storage battery 520GWh. In 2022, global lithium battery shipments of 948.1GWh, the top three are CATL, LG New Energy, and BYD.
Power Battery Industry
Global new energy vehicle sales in 2022 will be 10.793 million units, up 63.0% year-on-year. It is worth mentioning that China’s new energy vehicle sales account for 62.0% of global sales. In 2022 China’s new energy penetration rate reaches 25.6%, which has completed the target three years ahead of schedule. 2022 global power battery installed capacity is 515.9GWh, up 65.8% year-on-year. New energy vehicle sales are gradually increasing, and the installed capacity of power batteries will also increase. Global new energy vehicle sales are expected to reach 22.7 million units in 2025.
From the perspective of the geographical distribution of companies, among the top 10 companies in terms of sales volume, China holds 6, South Korea 3, and Japan 1. From the perspective of enterprise ranking, Ningde Times has maintained the global No. 1 for 6 consecutive years. BYD successfully overtook Panasonic to rank third in 2022 and is expected to overtake LG to become the second in the world in the future.
Energy storage lithium battery
Data show that the global energy storage lithium battery shipments reached 153.5GWh in 2022, an increase of 117.4% year-on-year.
Li-ion battery energy storage shipments reached 103.9GWh, an increase of 185.4% year-on-year. The core reasons for the growth of lithium battery power storage are the following two:
1> The growth of installed wind power and photovoltaic drives the growth of energy storage battery demand;
2> With the decline in raw materials and production costs of energy storage, the economics of energy storage significantly improved.
By application, power storage accounts for 70.2%, and household energy storage accounts for 19.1%. European energy costs have increased dramatically, the cost of electricity is high, and the household energy storage market grows fast. 25.5GWh of lithium batteries were shipped for household energy storage in China in 2022, an increase of 318% year-on-year. From the Chinese market, China’s lithium energy storage shipments were 133.7 GWh in 2022, accounting for 87.1% of the global share, with a 164.2% year-on-year increase. It expects that by 2025, China’s lithium energy storage shipments will reach 426.4 GWh. In the competitive landscape, the top three companies are CATL, BYD, and Great Energy.
SPIR data shows that the global consumer lithium battery shipments in 2022 will be 109.3 GWh, down 9.1% year-on-year. In the current market, the consumer lithium industry market is in a mature stage of development, relying mainly on the growth of market demand for new electronic products. 53.6 GWh of consumer lithium batteries will be shipped to China in 2022, a decline of 22.5% year-on-year.
Lithium iron phosphate will be the fastest-growing cathode material for five years, driven by the growth of electric vehicles and energy storage. According to research statistics, in 2022, China’s lithium cathode material shipments of 1.954 million tons, an 84.7% year-on-year increase, are expected to China’s lithium cathode material shipments will reach 5.805 million tons in China. 2022 Chinese lithium cathode material shipments of 1.406 million tons, an 82.1% year-on-year increase. Li-ion battery cathode materials are mainly artificial graphite, with shipments of 1.171 million tons, accounting for 83.3%. China’s lithium cathode material shipments expect to reach 3.058 million tons by 2025. global lithium battery electrolyte shipments were 998,000 tons in 2022, up 67.4% year-on-year, and expects to reach 2.037 million tons by 2025.