– Demand for EVs in China set to more than triple in 2015
– China’s power lithium-ion battery industry expected to grow 400% by 2017
Rapidly growing demand for electric vehicles (EVs) in China is triggering an explosion of investment in the lithium-ion battery industry, with China’s production of power lithium-ion batteries set to jump 400% by 2017, according to market research firm CCM.
This staggering growth is sparking a similarly dramatic growth in demand for power lithium-ion batteries (EV batteries that use 10,000 times more electrolyte and much more sophisticated technology than a typical mobile phone battery) and Chinese EV brand BYD has already encountered difficulties meeting orders due to a shortage of batteries.
Battery manufacturers are already scrambling to meet this demand. Samsung, LG, and Foxconn all invested more than RMB 2 billion (USD 325 million) in China’s lithium-ion battery market in 2014, and CCM expects to see similar levels of investment in 2015.
Most domestic Chinese battery manufacturers currently lag behind their competitors in Japan, South Korea, and the US in terms of their ability to manufacture high performing EV batteries, though this gap is narrowing gradually, so there is a huge opportunity for international players to gain market share in China’s power lithium-ion battery market in the coming years.
PR & Marketing Executive, CCM
T: +86 13622236593
CCM is the leading provider of business intelligence on China’s agricultural, food, biotechnology, chemicals, energy, and pharmaceutical markets. Based in Guangzhou, China, CCM provides a host of international clients, including Shell, Coca-Cola, ExxonMobil, DuPont, Syngenta, Bayer, Monsanto, and Tate & Lyle with a variety of intelligence solutions, from market data, industry e-news services and market research reports, to company profiles and consulting solutions. CCM is a brand of Kcomber Inc.