On February 7, SNE Research, a South Korean market research firm, released its ranking of the global power battery installed base in 2021, with the top ten power batteries installed in 2021 being Ningde Times, LG New Energy, Panasonic, BYD, SK On, Samsung SDI, China Innovation Aviation (CIA Lithium), Guoxuan High Tech, Vision Power and Hive Energy.
(hereinafter referred to as "Ningde Times") reached 96.7GWh in the global installed capacity of power batteries last year, with a market share of 32.6%, ranking first in the world.
It is understood that this is the fifth consecutive year that Ningde Times has ascended to the throne of the world's largest power battery company. By the close of business on February 7, Ningde Times reported 579.44 yuan per share, down 2.22% on that day, with a total market value of about 1.35 trillion yuan, ranking fourth in A-share market value.
Ningde Times recently released a performance preview showing that net profit is expected to be 14 billion yuan-16.5 billion yuan in 2021, up 150.75%-195.52% year-on-year, breaking the company's highest profit record since its listing in 2018.
The second on the list is South Korean power battery giant LG Energy Solution (hereinafter referred to as "LG New Energy"), with an installed power battery capacity of 60.2 GWh last year and a market share of 20.3%. LG New Energy is the biggest competitor of Ningde Times.
In January, LG New Energy was officially listed on the Korea Stock Exchange, becoming the largest IPO ever in Korea, raising a total of 12.75 trillion won (about RMB 68.3 billion).
According to LG New Energy's prospectus disclosure, LG New Energy's net profits for the first three quarters of 2019 to 2021 are -2.269 billion yuan, -2.375 billion yuan and 4.538 billion yuan, respectively. The figure indicates that LG New Energy is in the red in both 2019 and 2020 and will not start making profits until 2021.
LG Group Vice Chairman and LG New Energy CEO Kwon Young-soo said at a launch event in January that LG New Energy had a chance to catch up with rival Ningde Times in terms of global market share, given the current backlog of battery orders. But from the current data, it seems that the expectation is still some distance away from being realized. Compared with the 2020 data, Ningde Times' market share has increased by 8 percentage points, while LG New Energy's market share has dropped by 3 percentage points.
In addition to the two power battery giants in China and South Korea, Japanese battery company Panasonic ranks third in the global installed power battery capacity. The company's installed capacity last year was 36.1 GWh, with a market share of 12.2%, down more than 6 percentage points compared to 2020. The overall market share of Japanese companies is on a downward trend and lower than the market average.
The list data show that the top ten companies with the highest installed global power battery capacity are mostly from China and South Korea, with a total of six Chinese companies and three Korean companies.
The total global market share of the three Korean companies is 30.4%, with LG New Energy ranking second, SK On ranking fifth and Samsung SDI ranking sixth. 3 Korean companies have achieved more than double-digit growth in installed battery capacity, but the market share has not grown significantly, and there are even signs of a slight decline.
Driven by the rapid growth of the Chinese market, the market shares of Chinese companies are all on the rise, with Ningde Time, BYD, China Innovation Aviation (formerly AVIC Lithium), Guoxuan Hi-Tech, Vision Power and Hive Energy making the list. BYD ranked fourth with an installed capacity of 26.3GWh and a market share of 8.8%. The remaining four Chinese companies occupied the seventh to tenth positions on the list, with a total market share of 7.2%.
Among the six Chinese companies, in addition to Vision Power, which mainly supports international car companies, the other five companies have a growth rate of more than 100%. Among them, Ningde Times and BYD's installed battery capacity grew by more than 167% year-on-year, and Hive Energy's installed capacity grew by more than 430% year-on-year.
According to SNE Research, the total amount of electric vehicle batteries registered by countries worldwide in 2021 is 296.8 GWh, more than double the year-over-year growth of 102.18%. Despite adverse factors such as semiconductor supply shortages and the re-emergence of the New Crown virus, the power battery segment began to recover from the third quarter of 2020 and has maintained a steady high growth trend to date.
In addition, SNE Research also released data on the global power battery installed capacity in December 2021, totaling 43.7 GWh, up 53.2% year-on-year. This marks the 18th consecutive month of growth in global installed power battery capacity.
According to SNE Research, global demand for power batteries for electric vehicles will reach 406 GWh by 2023, and power battery capacity is expected to be 335 GWh.
