Electrical Equipment / Components & Telecoms

A few days ago, customs data showed that the output and loading of power batteries in China are growing significantly. Among them, lithium iron phosphate battery outperformed the industry market, with a three-digit growth in both production and loading, and has surpassed the ternary battery in terms of volume, and the growth rate is relatively faster.

According to customs data, in terms of production, China's cumulative production of power batteries in 2022 was 545.9GWh, up 148.5% year on year. The cumulative output of ternary battery is 212.5GWh, accounting for 38.9% of the total output, with a cumulative year-on-year increase of 126.4%; The cumulative output of lithium iron phosphate battery was 332.4GWh, accounting for 60.9% of the total output, with a cumulative increase of 165.1% year on year.

According to customs data, in terms of loading capacity, China's power battery will accumulate 294.6GWh in 2022, up 90.7% year on year. Among them, the cumulative load of ternary battery is 110.4 GWh, accounting for 37.5% of the total load, with a cumulative year-on-year increase of 48.6%; The cumulative load of lithium iron phosphate battery was 183.8GWh, accounting for 62.4% of the total load, with a cumulative year-on-year increase of 130.2%.

According to customs data, in terms of export, China's power battery enterprises have exported 68.1 GWh of batteries. The total export of ternary batteries was 46.9GWh, accounting for 68.9% of the total export; The cumulative export of lithium iron phosphate battery was 20.9GWh, accounting for 30.7% of the total export.

In terms of industry concentration, a total of 57 power battery enterprises in China's new energy vehicle market achieved vehicle loading and matching last year, a decrease of 1 compared with the same period last year. The power battery loading capacity of the top 3, top 5 and top 10 power battery enterprises was 230.4 GWh, 251.4 GWh and 279.8 GWh respectively, accounting for 78.2%, 85.3% and 95.0% of the total vehicle loading. According to the ranking, the top 10 enterprises are Ningde Times, BYD, China Innovation Airlines, Guoxuan Hi-Tech, Xinwangda, Yiwei Lithium, Honeycomb Energy, Funeng Technology, LG New Energy, and Ruipu Lanjun. According to customs data, the top 10 enterprises have split up 95% of the market share, leaving only 5% to other 47 battery enterprises, which have further narrowed their living space.

Industry insiders believe that the rapid development of the power battery industry in 2022 is due to the continuous increase in the sales of new energy vehicles in China under the dual promotion of policy and market. But at the same time, we should also see the risk of overcapacity. In 2022, the difference between the output of power batteries and the load of vehicles in China is 251.3GWh. After deducting the export volume of 68.1GWh, there is still a difference of 183.2GWh. If all of these batteries are inventory battery products, then the inventory battery will reach 62% of the annual battery load.