动力电池产业量质齐升

Core Viewpoint - The power battery industry in China is experiencing rapid growth and is expected to further optimize its supply-demand structure by 2026, with companies that have differentiated advantages and strong global layouts likely to seize market opportunities and achieve breakthroughs [1][3]. Market Growth - From January to November 2025, China's cumulative production of power and other batteries reached 146.8 billion watt-hours, a year-on-year increase of 51.1%. During the same period, cumulative sales of power batteries were 1,044.3 billion watt-hours, up 50.3% year-on-year [3]. - In November 2025, the domestic power battery installation volume was 93.5 billion watt-hours, with a month-on-month growth of 11.2% and a year-on-year increase of 39.2% [5]. Technology and Material Demand - Lithium iron phosphate (LFP) batteries continue to dominate the market, with LFP installation volume in November 2025 reaching 75.3 billion watt-hours, accounting for 80.5% of total installations, and a year-on-year growth of 40.7% [5]. - The demand for materials in the battery sector is also increasing, with 61.9 million tons of ternary materials and 290.2 million tons of lithium iron phosphate materials used from January to November 2025 [5]. Export Growth - The export volume of China's power batteries reached 21.2 billion watt-hours in November 2025, marking a month-on-month increase of 9.4% and a year-on-year increase of 70.2%. Cumulatively, exports from January to November 2025 were 169.8 billion watt-hours, up 40.6% year-on-year [8]. Diversification of Business - As the domestic market becomes saturated, overseas markets are seen as a "blue ocean" for growth. Companies are expanding into various application scenarios, including commercial vehicles and energy storage, to build sustainable growth curves [9]. - For instance, from January to September 2025, Yiwei Lithium Energy's power battery shipments reached 34.59 billion watt-hours, a year-on-year increase of 66.98%, while energy storage battery shipments were 48.41 billion watt-hours, up 35.51% [9]. Market Regulation - The battery industry is undergoing a critical period of market expansion and technological breakthroughs, but irrational competition remains a concern. Efforts are being made to standardize competition and promote high-quality development [12]. - In November 2025, the China Chemical and Physical Power Industry Association released a cost study for lithium iron phosphate materials, which is expected to enhance market transparency and assist in decision-making for upstream and downstream enterprises [12]. Future Outlook - The lithium battery industry is expected to see further improvement in supply-demand structure by 2026, driven by increased electric vehicle penetration and significant growth in energy storage demand. The report anticipates that global demand for power batteries will continue to grow steadily [13].