Power battery market space 80 billion

In 2017, the global power battery for electric vehicles was 69.0 GWh, which is the largest increment among the three sectors of consumer electronics, power and energy storage. It is estimated that by 2022, the global demand for lithium batteries for electric vehicles will exceed 325GWh, which is 3.7 times higher than that of 2017.

Global Power Battery Demand Analysis (GWh) 2012-2022

China Power Battery Market

China's new energy auto market

In 2017, China's new energy vehicle sales reached 777,000 units, a year-on-year increase of 53.25%, ranking the world's largest new energy vehicle production and sales market for three consecutive years.

2011-2017 China's new energy vehicle sales (vehicle)

In recent years, with the vigorous promotion and application of new energy vehicles, the power battery market has also developed rapidly. According to the "Power Battery PACK Industry Development Forecast and Investment Strategy Planning Analysis Report" released by Prospective Industry Research Institute, the demand for power battery in China reached 28GWh in 2016, the effective capacity of the whole industry is about 56Gwh, and the capacity utilization rate is about 50%. The demand for power batteries in China has reached around 31.3GWh. By 2018, China's power battery demand will exceed 50GWh. It is estimated that by 2020, China's power battery demand will exceed 90GWh.

China's power battery demand situation from 2016 to 2020

Power battery is the fastest growing field for lithium battery applications

In 2015-2025, electric vehicles replaced electronic products and became the main force in the growth of lithium batteries worldwide. In recent years, under the encouragement and subsidies of industrial policies, the new energy vehicle market continued to expand rapidly, driving the demand for power lithium batteries soaring. It is estimated that the global lithium-ion battery demand will reach 124GWh in 2020, of which the demand for automotive lithium battery is 39GWh, accounting for 31%. The market size of automotive lithium-ion battery Pack is expected to increase from US$2.5 billion in 2011 to US$14 billion in 2020, a compound growth rate of 22%. Avicenne Energy expects the fastest growth of lithium battery shipments in 2015-2025: China's electric vehicle market (CAGR24%), China's electric vehicle market (CAGR16%), and industry (CAGR16%).

In 2017, the output of China's automotive power lithium battery was 44.5GWh, a year-on-year increase of 44.5%. With the gradual landing of national policies and the future improvement of lithium battery production technology, cost reduction, and increasing popularity of new energy vehicles and supporting facilities, the demand for power batteries for new energy vehicles will continue to grow in the next three years. By 2022, China's automotive power lithium battery production will reach 215GWh, an increase of 3.8 times compared with 2017.

Production of power batteries for new energy vehicles in China in 2012-2022 (GWh)

Power battery Pack+BMS market space 80 billion

The industrialization of electric vehicles is constrained by the performance and cost of the power components of the core components. The HEV's battery power system costs about 3,500 euros, while the P-HEV and EV powertrain costs about 10,000 euros. From the perspective of cost splitting, about 50% of the cost of PHEV and EV power is in the battery core, power electronics and Pack manufacturing account for about 20% each, and BMS and thermal management systems account for 10%.

The power battery manufacturer has both Pack+BMS business, and professional third-party BMS companies are still the mainstream.

China's power battery PACK and BMS manufacturers are mainly divided into three categories: battery companies, vehicle manufacturers and third-party professional PACK, BMS companies; business models are also divided into three categories: both PACK and BMS, only PACK, only production BMS.

Among the major suppliers of power batteries in 2016, BYD Auto Enterprises has set up complete vehicle power battery modules, and battery companies such as Ningde Times, Guoxuan Hi-Tech and Waterma are also Pack and BMS. China Battery Network (micro-number: mybattery) said that the professional third-party BMS companies in the field of power batteries have technical accumulation advantages, and currently the professional third-party BMS enterprises are still the mainstream of the market, accounting for about 42%.

In recent years, thanks to the promotion of national industrial policies, the power battery industry has developed rapidly. With the implementation of the new point policy, the impact of factors such as the improvement of lithium battery production technology, the decline in manufacturing costs, and the popularity of charging facilities will further deepen. The lithium-ion power battery industry will continue to develop rapidly and the degree of marketization will gradually increase.

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