CAO YINGYING/CHINA DAILY Driven by robust new energy vehicle demand, China's power battery industry has seen growing sales and production, with emerging technologies expected to accelerate its high-quality development, officials noted. Power batteries serve as the core component of NEVs and are the main driver in automotive electrification.
Empirically, we study the new energy vehicle battery (NEVB) industry in China since the early 2000s. In the case of China's NEVB industry, an increasingly strong and complicated coevolutionary relationship between the focal TIS and relevant policies at different levels of abstraction can be observed.
Xu Yanhua, secretary of the China Automotive Battery Innovation Alliance, said that until 2030, the country's power battery industry will still be dominated by high-energy-density liquid batteries and lithium iron phosphate batteries.
China will continue to hold the No. 1 position in the battery industry since no one can beat China on cost and its supply chain is extremely well developed. This is largely due to the government's aggressive policies to propel the growth and development of this industry.
The battery alliance predicts that until 2030, China's power battery market will be dominated by high energy density liquid batteries and LFP batteries, with ongoing performance improvements. By 2035, the market share of LFP batteries will decrease, while high energy density liquid batteries with cost advantages will increase.
South Korean market consultancy SNE Research said in a recent report that China continued to dominate the global power battery market in the first 10 months. Six of the world's top 10 battery makers are from China, with their market share taking up 63.3 percent of the total.