GGII data shows that China shipped 655GWh of lithium batteries in 2022, up 100% year-on-year

GGII data shows that China shipped 655GWh of lithium batteries in 2022, up 100% year-on-year.

GGII data shows that China shipped 655GWh of lithium batteries in 2022, up 100% year-on-year.

GGII Lithium Research Institute (GGII) data show that in 2022 China's lithium battery shipments 655GWh, an increase of 100% year-on-year. Among them, the power battery market shipments of 480GWh, year-on-year growth of more than 1 times; energy storage battery shipments of 130GWh, year-on-year growth of 1.7 times.

From the new energy vehicle market, China has been the world's largest new energy vehicle market for eight consecutive years. 2022 China's new energy vehicle continued explosive growth, annual production and sales were completed 7.058 million units and 6.887 million units, up 96.9% and 93.4% year-on-year. Among them, the sales of pure electric vehicles amounted to 5.365 million units, up 81.6% year-on-year; the sales of plug-in hybrid vehicles amounted to 1.518 million units, up 1.5 times year-on-year. In terms of electrification penetration rate, China's new energy vehicle market penetration rate reached 25.6% in 2022, 12.1 percentage points higher than the previous year.GGII expects that China's new energy vehicle electrification penetration rate is expected to be close to 45% by 2025.

The factors pulling the rapid growth of China's lithium battery 2022 from the perspective of market growth drivers are:

(1) China Association of Automobile Manufacturers (CAAM) data show that China's new energy vehicle sales of 6.887 million vehicles in 2022, an increase of 93.4% year-on-year, driving the growth of power battery shipments by more than a factor of one.

(2) 2022 overseas market demand continues to grow at a high rate, driven by the domestic first and second tier battery enterprises to improve the scale of exports, customs data show that in 2022 China's lithium-ion battery exports amounted to nearly 342.66 billion yuan, an increase of 86.7% over 2021, hitting a new record high.