9月动力电池装车量解析

Core Insights - The article highlights a significant milestone in China's lithium battery industry, with cumulative production and sales exceeding 1 TWh in the first nine months of 2025, underscoring its critical role in the global clean energy supply chain [4][5] - The growth is primarily driven by surging global energy storage demand, which offsets a structural slowdown in the domestic electric vehicle market, particularly in the passenger car segment [4][8] Production and Sales Data - From January to September 2025, China's battery production reached 1121.9 GWh, a 51.4% increase year-on-year, while sales hit 1067.2 GWh, marking a 55.8% year-on-year growth [4] - The sales structure shows a notable shift, with power batteries accounting for 786.0 GWh (73.7% of total sales), growing by 48.9% year-on-year [6] - In contrast, "other batteries," primarily energy storage batteries, saw a remarkable sales growth of 78.9%, totaling 281.1 GWh [7][8] Export Trends - In the global market, China's battery exports approached 200 GWh, reaching 199.9 GWh, a 45.5% increase year-on-year [9] - Power battery exports were 129.1 GWh, up 32.7% year-on-year, while energy storage battery exports, although lower at 70.7 GWh, experienced a growth rate of 76.3%, more than double that of power batteries [10] Domestic Market Dynamics - In the domestic market, the cumulative installation of power batteries from January to September was 493.9 GWh, reflecting a 42.5% year-on-year increase, which is lower than the overall battery sales growth, indicating impacts from inventory and export diversions [10] - The dominance of lithium iron phosphate batteries remains unchallenged, with installations reaching 402.6 GWh (81.5% market share), growing by 62.7% year-on-year [11] - Conversely, ternary battery installations declined by 7.8% to 91.2 GWh [12] Application Segmentation - Demand differentiation among vehicle types is stark, with the most rapid growth occurring in commercial vehicles, particularly pure electric trucks, which saw a 156.5% increase in battery installations [12] - Pure electric special vehicles and buses also experienced significant growth, while pure electric passenger vehicles saw a slowdown to around 35% growth, and plug-in hybrid vehicles lagged at 16% [13] Recent Monthly Trends - In September, power battery installations rebounded by 21.6% month-on-month to 76.0 GWh, with contributions primarily from pure electric passenger vehicles and trucks [14] - Total battery exports in September reached 26.7 GWh, a 28.3% year-on-year increase, highlighting the growing importance of overseas markets [16] - The average battery capacity for new energy vehicles in China reached 55.0 kWh in September, with pure electric passenger vehicles averaging 56.2 kWh [18] Market Competition - The competitive landscape is intensifying, with market shares of leading companies (CR2, CR5, CR10) declining, indicating a shift of market share from top firms to mid-tier players [18]