China Passenger Car Association: Battery demand for pure electric passenger cars will increase by 15% in 2024, and battery demand for plug-in hybrid passenger cars will surge by 86%

Cui Dongshu, secretary general of the China Passenger Car Association, wrote an article to conduct an in-depth analysis of the recent new energy vehicle lithium battery market. According to Cui Dongshu, the battery demand for pure electric passenger cars increased by 15% in 2024, while the battery demand for plug-in hybrid passenger cars increased by 86%, showing a sustained strong growth trend.

In terms of the competitive landscape of battery companies, CATL and BYD are relatively strong, but the gap between BYD and CATL is still large.

It is understood that CATL's market share in power battery installations has rebounded to 50% in the past three years, and reached 55.2% in February this year, three times the market share of the second-ranked BYD.

In terms of lithium iron phosphate, CATL was surpassed by BYD last year, but overtook it in February this year, with a market share of 45.3%, far exceeding BYD's 28.7%.

As for ternary lithium batteries, CATL is the leader, with a market share of 71.4% in February this year.

This series of data shows that CATL's performance in the lithium battery market continues to be strong, demonstrating its strength and competitive advantages as a market leader.

CATL recently released its 2023 annual report, with revenue of 400.92 billion yuan, a year-on-year increase of 22.01%, and net profit of 44.121 billion yuan, a year-on-year increase of 43.58%.

In terms of revenue, CATL has been rising for many consecutive years. In the five years from 2019 to 2023, CATL has increased 8.75 times.

Zikuai Technology