Market Size of China Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Battery Market Analysis
The Chinese battery market is expected to register a CAGR of greater than 7.5% during the forecast period of 2022 - 2027. The COVID-19 outbreak had not caused any major negative impact on the market studied, but it reduced the average income of families to afford electronic appliances. However, the country witnessed no negative impact on the energy storage systems (ESS) projects in 2020. ESS projects grew by 50% globally, and China was among the top countries to install the highest number of projects in 2020. The major factors driving the market include the rapid adoption of electric vehicles, the growing renewable sector, and increased sales of consumer electronics. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth.
- The automotive batteries segment is expected to witness significant growth during the forecast period, owing to the increasing demand for new vehicles produced in the country.
- Plans to integrate renewable energy with the national grids are expected to create a significant amount of opportunity for lithium-ion battery manufacturers and suppliers in the near future.
- Declining lithium-ion battery prices are likely to be one of the significant factors driving the battery market in China during the forecast period.
China Battery Industry Segmentation
The Chinese battery market report includes:
| Type | |
| Primary Battery | |
| Secondary Battery |
| Technology | |
| Lead-acid Battery | |
| Lithium-ion Battery | |
| Other Technologies |
| Application | |
| Automotive | |
| Industrial Batteries | |
| Portable Batteries | |
| Other Applications |
China Battery Market Size Summary
The Chinese battery market is poised for substantial growth, driven by the rapid adoption of electric vehicles, the expanding renewable energy sector, and the increasing sales of consumer electronics. Despite the challenges posed by a demand-supply mismatch of raw materials, the market has shown resilience, with energy storage systems continuing to thrive even during the COVID-19 pandemic. The automotive batteries segment is expected to experience significant expansion, fueled by the rising demand for new vehicles and the integration of renewable energy with national grids. The declining prices of lithium-ion batteries are anticipated to be a key factor propelling the market forward, making them the preferred choice for various applications, including electric vehicles and consumer electronics.
China's dominance in the lithium-ion battery manufacturing sector is rapidly increasing, with companies like CATL leading the charge in revenue and production growth. The country's competitive advantage, characterized by lower labor costs and economies of scale, has contributed to the continuous decline in battery prices. This trend is expected to solidify lithium-ion batteries as the chemistry of choice across all energy storage markets, including grid-scale and residential storage. The anticipated reduction in battery costs is likely to make electric vehicles more price-competitive, driving their widespread adoption. The Chinese battery market remains fragmented, with major players such as CATL, GS Yuasa International Ltd, and TianJin Lishen Battery Joint-Stock Co. Ltd. continuing to innovate and expand their offerings.
China Battery Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Primary Battery
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2.1.2 Secondary Battery
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2.2 Technology
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2.2.1 Lead-acid Battery
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2.2.2 Lithium-ion Battery
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2.2.3 Other Technologies
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2.3 Application
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2.3.1 Automotive
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2.3.2 Industrial Batteries
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2.3.3 Portable Batteries
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2.3.4 Other Applications
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China Battery Market Size FAQs
What is the current China Battery Market size?
The China Battery Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)
Who are the key players in China Battery Market?
Contemporary Amperex Technology Co. Limited , TianJin Lishen Battery Joint-Stock Co. Ltd, C&D Technologies, Inc. , GS Yuasa International Ltd. and East Penn Manufacturing Co. Inc. are the major companies operating in the China Battery Market.
