Recently, Adamas Intelligence, a UK-based research and consulting firm, released data showing that the global new energy passenger vehicle (pure electric, plug-in and hybrid) market is expanding rapidly this year, well above the 2020 level. 2021 first half, the global new energy passenger vehicle power battery installation volume reached a total of 108GWh, up 157% year-on-year.
In addition statistics show that battery assembly is growing much faster than new energy passenger vehicle licensing, with 4.16 million new energy vehicles licensed globally in the first half of 2021, up 109% year-over-year, which means the average battery capacity per vehicle has increased by about 23%.
More than 90% of the world's power batteries currently come from seven manufacturers: Ningde Times (CATL), LG Energy Solution, Panasonic, Samsung SDI, BYD, SK Innovation and China Aviation Lithium Battery (CALB). Ningde Times, which currently has the top market share, is growing at an annual rate of 253% in installed battery capacity, but LG Energy Solution is also growing at a rapid rate.
Interestingly, according to Adamas Intelligence, Tesla, with its higher new vehicle production and use of high-capacity battery packs, has more installed power battery capacity than the next six car brands combined.
One of the most popular battery types today is the affordable cobalt-free lithium iron phosphate battery, whose use is up 1,500 percent year-over-year. As for battery materials, 65,700 tons of lithium carbonate were used in the first half of 2021, up 155% year-over-year; 58,900 tons of nickel were used, up 115% year-over-year; and 12,600 tons of cobalt were used, up 115% year-over-year.
Overall, the power battery market is currently growing at an unprecedented rate, and it is expected that soon the global installed power battery capacity should reach 1,000 GWh per year.
