The installed capacity of power batteries exceeded 435 GWh. Exports of lithium-ion batteries in 2023 jumped over 33 percent from a year earlier to 457.4 billion yuan, the data revealed. China's lithium-ion battery sector sustained its growth momentum in 2023, with the total output rising 25 percent year on year, official data showed.
China produced more than 15 billion units of lithium-ion batteries in 2019, which accounts for 73% of the world's 316 gigawatt-hours capacity. China is a significant producer of lithium batteries and electric vehicles, supported by government policies.
The sector saw its total output of lithium-ion batteries exceed 940 gigawatt-hours (GWh) last year, according to the Ministry of Industry and Information Technology. The output value of the sector surpassed 1.4 trillion yuan (about 197 billion U.S. dollars) during the same period.
Source: The General Administration of Customs of China China's crucial role in the development of lithium batteries can be highlighted by its lithium cell manufacturing capacity which accounts for 73% of the world's 316 gigawatt-hours capacity.
The market capitalization for lithium batteries in China is estimated at 190 billion yuan (approximately 30 billion dollars) and is projected to reach 268 billion yuan (42 billion dollars) by 2026.
In the 1990s, China had its first breakthrough with its state enterprise China Electronics Corporation successfully developing its own Model 18650 lithium battery which was ready for mass production.