磷酸铁锂电池装车量占比持续提升

Core Insights - The market share of lithium iron phosphate (LFP) batteries in China's automotive power battery sector continues to rise, reaching 82.5% in August 2023, with a month-on-month increase of 14.8% and a year-on-year increase of 47.3% [1] - The shift in market dominance from ternary batteries to LFP batteries has been significant since 2019, driven by advancements in technology such as blade batteries and cell-to-pack (CTP) designs [1][2] - Cost advantages and safety considerations are key factors driving the adoption of LFP batteries over ternary batteries in the current competitive automotive market [2][3] Battery Market Performance - In August 2023, the total power battery installation volume in China reached 62.5 GWh, with LFP batteries accounting for 51.6 GWh and ternary batteries for 10.9 GWh [1] - The proportion of LFP battery installations has increased from 77.9% in January 2023 to 82.5% in August 2023, marking an increase of over 4 percentage points [1] - Historical data shows that in February 2019, LFP batteries had an installation volume of 320 MWh, representing only 14.29% of the market, while ternary batteries dominated with 82.59% [1] Cost and Safety Factors - The average prices for LFP and ternary batteries in 2024 are projected to be approximately RMB 350-450 per kWh and RMB 500-600 per kWh, respectively, indicating a price difference of RMB 150-250 per kWh [2] - LFP batteries do not contain expensive metals like cobalt, leading to lower raw material costs, which enhances the price competitiveness for automakers [2] - The safety features of LFP batteries, including thermal stability, align with government subsidy policies favoring high-safety, long-life batteries, further boosting their market appeal [3] Export Trends - In the first half of 2025, LFP batteries accounted for 40.6% of cumulative power battery exports, while ternary batteries made up 58.8% [3] - In June 2025, LFP batteries represented 42.7% of the total monthly battery exports, indicating a growing presence in international markets [3]