Analysis of the top 10 global power batteries in the first half of 2024

By Helen August 31st, 2024 434 views

According to data from Gaogong Industry Research Institute (GGII), global sales of new energy vehicles in the first half of 2024 will be about 6.836 million, driving the global installed capacity of power batteries to about 346.5GWh.

The top 10 global power batteries in the first half of 2024 are CATL, BYD, LGES, Panasonic, Sinovation, SK on, Samsung SDI, Guoxuan High-tech, EVE Energy, and Farasis Energy, with a total installed capacity of about 317.8GWh, accounting for 92% of the total installed capacity.

Among them, Chinese companies occupy 6 seats in the top 10 global power batteries, with a total installed capacity of 214.1GWh, accounting for two-thirds of the total installed capacity, further eroding the share of Japanese and Korean companies.

Overall, the global TOP10 power battery market is becoming more stable, but it is no longer easy to maintain market share. Coupled with the wavering attitude towards electrification overseas and the start of competition in new technologies such as solid-state batteries, the uncertainty of competition in the global power market has intensified.

TOP10:

The pattern is gradually stabilizing, and the market share is declining

In the first half of 2024, the global TOP10 pattern is stable, and the ranking remains unchanged from the end of 2023, but the total installed capacity share of the TOP10 has declined significantly, down 2pct from the end of 2023, and the declining companies are mainly Japan and South Korea.

Taking the overall growth of global power installed capacity of 14% as an observation indicator, all 6 Chinese companies in the TOP10 outperformed the basic market, and the growth of Japanese and Korean companies remained difficult.

In stages:

TOP1 CATL's global leading position has become more and more stable, and its market share has further increased from one-third in the past, returning to the historical high of 40% in the world, leaving the second place 23pct behind, and continuing to lead the world.

Among TOP2-5, TOP2 BYD and TOP5 Sinotruk achieved year-on-year growth in installed capacity, while TOP3 LGES and TOP4 Panasonic's installed capacity fell sharply year-on-year. Sinotruk grew by 34% year-on-year, and Panasonic fell by more than 30%, and the gap between TOP4 and TOP5 was further narrowed.

Among TOP6-10, Guoxuan High-tech and Yiwei Lithium Energy grew by more than 30% year-on-year, and continued to expand their market share.

The installed capacity of "other" companies increased by 89% year-on-year, and the market share expanded by 2pct compared with the end of 2023, eroding the market share of the TOP10 companies, especially Japanese and Korean companies. The performance of Japanese and Korean companies in the TOP10 continued to decline in the first half of 2024.

Global electrification:

Adding more variables

The high growth rate of global new energy vehicle sales will only be maintained for one year in 2023. In 2024, the variables in the three major electrification main battlefields of China, the United States and Europe will increase sharply, and the uncertainty of Chinese lithium battery industry chain companies going overseas will increase.

China's unique position in the global new energy market has not changed. GGII data shows that domestic new energy vehicle sales in the first half of 2024 were about 4.279 million, a year-on-year increase of 41%, far exceeding the global growth of 16%.

After enduring the cold, the domestic auto market in the first half of the year maintained a 40% growth under the fierce "price-for-volume" strategy of auto brands. In July, the terminal sales penetration rate of domestic new energy vehicles reached 50%, a record high. Combined with a new round of domestic "old for new" subsidy policies, it is expected that the production and sales of domestic new energy vehicles in 2024 will reach 11.5 million.

The turning point of the power battery industry chain has arrived, especially in the peak season, the orders for batteries and main materials have picked up, the capacity utilization rate has increased, the pace of clearance has accelerated, the prices of batteries, diaphragms, and negative electrodes have stopped falling, and the prices of positive electrodes and electrolytes are still fluctuating due to the decline in lithium prices.

The direction of electrification in the United States is "in doubt". During the US election, the Democratic Party represented by Harris and the Republican Party represented by Trump have obvious differences in the development of new energy.

Specifically, the Democratic Party, holding high the banner of energy transformation, will strengthen the construction of new energy vehicle infrastructure in the United States; reduce taxes and fees on new energy vehicles in the United States to promote the penetration of new energy vehicles; but will tighten restrictions on non-local electric vehicles and lithium battery industry chains represented by China, and support the development of local electric vehicles and supply chains.

The Republican Party criticized the Democratic Party's green policies for damaging the interests of the US auto industry. If the Republican Party is elected, the US new energy vehicle policy is likely to be "subverted" or return to the fuel route.

Starting point of global new technology:

Solid-state battery, sodium battery

Undoubtedly, new technologies have become a new theme of global market competition. China has formed an absolute advantage in the field of liquid lithium batteries, and overseas countries are actively exploring new technologies such as solid-state batteries and sodium batteries, taking the initiative in the new track. Especially in the field of solid-state batteries, the world has its own advantages and is starting from the same point.

In terms of solid-state batteries, overseas countries, especially Japan, have patent advantages in the development of sulfides, and Japan and South Korea have invested a lot of talent and funds in material development and application development. China has basic advantages in the industrial chain. While tackling technical problems, it has rapid scale-up and great room for cost reduction.

In terms of sodium batteries, there are many sodium battery projects in the world. German battery developer Nacelle has launched a sodium-ion battery pilot production line. In addition, Peak Energy in the United States has also obtained a lot of financing to build a sodium power plant. And another sodium-ion battery startup Natron Energy will invest $1.4 billion (equivalent to about 10.03 billion yuan) to build its first large-scale factory in North Carolina, USA.

In the long run, sodium battery technology has broad application prospects in energy storage, electric vehicles and other fields. As the global demand for clean energy and sustainable development continues to increase, sodium battery technology may gain more attention worldwide. China's sodium battery industrialization has taken the lead in the world, and has achieved initial breakthroughs in three major routes in technology. It has currently been exploring applications in energy storage, two-wheeled vehicles, start-stop power supplies and other markets.

CATL

CATL’s global market share is approaching 40%.

In the adjustment cycle of the lithium battery industry chain, CATL’s manufacturing advantages and profitability have become increasingly prominent. CATL’s 2024 semi-annual report disclosed that its net profit in H1 was 22.87 billion yuan, a year-on-year increase of 10.4%; its overseas revenue was 50.5 billion yuan, a year-on-year decrease of 23%, accounting for 30% of its total revenue. The proportion of overseas revenue has slightly decreased compared with 2023, which is expected to be mainly due to the decline in the unit price of overseas battery cells and weak power demand.

As a global leader, CATL’s overseas business accounts for a much larger proportion than other battery companies, and the construction of overseas local production capacity is still accelerating. The US technology licensing method is expected to be put into production in 2026, and Europe will continue to expand its share on the basis of the previous 40% market share.

In terms of products, CATL has released the Shenxing battery globally last year, and overseas car companies began to prefer lithium iron phosphate batteries in 2024. With the increase in related production capacity, its global share is expected to continue to expand.

In terms of solid-state batteries, CATL chose the sulfide route, with the idea of connecting the dry/wet electrode preparation and battery cell integrated molding processes, and verified it on a 10Ah-class all-solid-state battery verification platform.

BYD

In the first half of 2024, BYD's new energy vehicles have spread to 88 countries and regions around the world, more than 400 cities. Its overseas sales are mainly concentrated in developing countries in South America and Southeast Asia, and it has also made significant progress in new markets such as Europe. Models such as Dolphin, Seal, and ATTO 3 (Yuan PLUS) have performed particularly well.

While relying on its own car sales to drive power battery installation, BYD's external supply has also increased, and Xiaomi Auto is its important customer.

LGES

LGES achieved revenue of 12.3 trillion won (equivalent to about 65 billion yuan) in the first half of 2024, a year-on-year decrease of 29.8%. In terms of net profit, it reached 352 billion won (equivalent to about 1.85 billion yuan), a year-on-year decrease of 67.8%.

In terms of solid-state batteries, LGES plans to launch polymer solid-state batteries and sulfide solid-state batteries in 2028, and higher-performance sulfide solid-state batteries in 2030.

In addition, LGES disclosed that the company's 4680 battery cell production line at the Aochang plant is ready.

Panasonic

Due to reduced demand from major customers Tesla and other US companies, Panasonic has lowered its electric vehicle battery production target for fiscal 2030 from 200GWh to 150GWh, a reduction of about 30%.

At the end of 2023, Panasonic first disclosed the progress of solid-state batteries, which can be charged in three minutes and obtain 70% of the power. Previously, Panasonic disclosed that it plans to mass-produce all-solid-state batteries for small drones by 2029.

In addition to solid-state batteries, Panasonic is constantly exploring other new battery technologies. For example, Panasonic plans to produce upgraded 2170 batteries at its manufacturing plant in Nevada, USA, aiming to further improve energy density, reduce overall costs and extend the range of electric vehicles.

Sino-Innovation Aviation

In 2024, Sino-Innovation Aviation's global year-on-year growth exceeded 30%, which was higher than that in China.

Overseas, Sino-Innovation Aviation supplies France's Forsee Power for the European electric bus market, and exclusively supplies Mahindra's last-mile electric platform products.

In terms of new technologies, Zhongxinhang conducts research and tackles key technologies around 5V high-voltage lithium nickel manganese oxide, 450wh/kg mixed solid-liquid and all-solid-state batteries.

As one of the core suppliers of Xiaopeng Motors, Zhongxinhang's "top-stream" cylindrical battery was installed on Xiaopeng Huitian Flying Car in July, and its power battery pack drop test has been successfully passed.

SK on

SK on, which has a relatively high proportion of European and American customers, continues to increase its investment in the European and American markets.

In terms of production capacity layout, SK on expects that the battery production capacity of the Nevada plant in the United States that meets the AMPC subsidy in 2024 will be 38-39GWh, and the 30GWh production capacity in Kansas is expected to be put into production within the year.

In Europe, SK on plans to invest 5.4 billion yuan in 2024 to expand the Hungarian plant to supply customers such as Hyundai Motor, and has planned the BlueOvalSK plant with a production capacity of 127GWh, mainly for Ford. In addition, SK on has also planned a 37GWh production capacity for the StarPlus Energy project in a joint venture with Stellantis in the United States, and is expected to start production within the year.

In terms of solid-state batteries, SK on is developing polymer oxide composite solid-state batteries and sulfide solid-state batteries, aiming to produce early prototypes in 2026 and commercialize them in 2028.

Samsung SDI

Samsung SDI continues to invest and expand its production capacity. At the beginning of 2024, the company has finalized its investment plan to build a third battery plant in Hungary and expand the existing second plant, with a total investment of more than 6 trillion won (about 32.4 billion yuan).

In the European market, Samsung SDI continues to cooperate with brands such as BMW and Audi; in the North American market, its customers include Ford and General Motors.

In terms of solid-state batteries, Samsung SDI has made significant progress. The company has delivered the first batch of solid-state battery products to customers and plans to conduct a six-month test. Samsung SDI's solid-state battery uses proprietary solid-state electrolytes and cathode-free technology with an energy density of up to 900Wh/L. In the initial stage, it will be mainly used in high-end luxury electric vehicles with a range of more than 600 miles (about 965.61 kilometers). Samsung SDI plans to achieve mass production of solid-state batteries in 2027, and has begun to build related production lines and commercialization teams.

Guoxuan High-tech

Domestically, Guoxuan has established strategic partnerships with many mainstream automakers, such as Chery Automobile, Changan Automobile, Geely Automobile, etc. In terms of overseas market development, Guoxuan has not only successfully entered the Renault-Nissan-Mitsubishi Alliance supplier system, but also continues to supply overseas customers such as Ebusco in the Netherlands, Tata in India, and Vinfast in Vietnam.

Overall, Guoxuan High-tech has formed eight global R&D centers, 20 battery production and manufacturing bases (six of which are overseas), and eight material bases (four of which are overseas).

In terms of solid-state batteries, Guoxuan High-tech has currently achieved automotive-grade all-solid-state battery preparation and basic performance verification. In addition, the L600 Qichen battery cell and battery pack of the new LMFP (lithium manganese iron phosphate) system independently developed by Guoxuan High-tech are planned to be mass-produced in 2024.

EVE Energy

In 2024, EVE Energy's global power installed capacity increased significantly year-on-year, among which the power market share in the commercial vehicle field increased significantly.

In 2023, EVE Energy has disclosed that the company's 46 series large cylindrical batteries have obtained customer intention orders totaling about 472.31GWh in the next five years, and will complete the construction of 20GWh production capacity within 2023, and plan to produce more than 50GWh in Shenyang, Chengdu, Hungary and other places. The 2024 semi-annual report shows that the cumulative installation of 46 series batteries exceeds 21,000 units, and the longest driving mileage of a single unit exceeds 83,000 kilometers.

The first project of EVE Energy's CLS global cooperative operation model has landed, and ACT (AMPLIFYCELLTECHNOLOGIES LLC) has successfully started construction and has carried out in-depth cooperation with DaimlerTruck, PACCAR, and Electrified Power.

EVE Energy has a clear plan and timetable for solid-state battery technology. The company has chosen the sulfide and halide composite solid electrolyte technology route, and is expected to achieve a breakthrough in production technology in 2026, launching high-power, high environmental tolerance and absolutely safe all-solid-state batteries, mainly for hybrid power. In 2028, it will further launch an all-solid-state battery with a high specific energy of 400Wh/Kg. EVE Energy hopes to accelerate the development of the Internet of Everything through this ultra-long-life, all-scenario-unrestricted all-solid-state battery.

Farasis Energy

In China, some production lines of Farasis' "Ganzhou 30GWh Annual New Energy Battery Project (Phase I)" based on SPS large soft-pack stacking module-free technology have been trial-produced in the first quarter of 2024, and Guangzhou's "Annual 30GWh Power Battery Production Base Project (Phase I 15GWh)" is expected to be trial-produced before the end of 2024.

Overseas, Farasis Energy's joint venture Siro in Turkey has put into production a 6GWh module and Pack production line in Gemlik, Turkey in March 2023. This capacity layout provides strong support for the company to expand into the European, Middle Eastern, African and South Asian markets.

Farasis Energy has made in-depth layouts in the field of solid-state batteries, and its solid-state battery research and development is divided into four generations. The first-generation soft-pack semi-solid-state battery has an energy density of 270-330Wh/kg, has successfully passed third-party testing and certification, and has been successfully installed in models such as Lantu Zhuiguang. The energy density of the second generation is expected to reach 300-350Wh/kg. It is currently in the sample delivery stage and is expected to be put into production in 2025. The third-generation product technology is relatively mature and is actively communicating with domestic and foreign customers. It is expected to be put into production in 2028. The final all-solid-state battery is scheduled to be put into production in 2032.

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Analysis of the top 10 global power batteries in the first half of 2024