As the global demand for new energy vehicles continues to grow, the market performance of power battery, as one of the core components, has attracted much attention. in the first quarter of 2024, the global power battery installed capacity realized significant growth, showing the strong momentum of the industry's development.
According to SNE Research, global power battery installed capacity totaled 158.8GWh in the first quarter of 2024, up 22.0% year-on-year. This growth not only reflects the expansion of the new energy vehicle market, but also shows the result of the continuous advancement of power battery technology and cost-effectiveness.
Chinese enterprises occupy a pivotal position in the global power battery market. According to statistics, Chinese companies account for nearly 70% of the global power battery market, and the growth of this proportion is due to the rapid development of China's new energy vehicle market and the improvement of the technical strength of domestic battery manufacturers.
Special mention should be made of Hive Energy, which reached an installed capacity of 2.7GWh in Q2024, a year-on-year increase of more than 200%. Hive Energy's market performance is attributed to its forward-looking layout in the PHEV (plug-in hybrid electric vehicle) and HEV (hybrid electric vehicle) markets, as well as its in-depth development in the commercial vehicle and solid-state battery segments.
CATL continues to maintain its leading position in the global power battery market, topping the list with an installed capacity of 259.7 GWh in 2023. CATL owes its success to its continuous technological innovation and stable market performance, as well as its in-depth understanding of the global new energy vehicle market.
Technological advancements have likewise contributed to the growth of the power battery market. New energy storage technologies, such as compressed air energy storage and all-vanadium liquid flow batteries, are beginning to be grid-connected globally as the technology path matures, boding well for the future diversification of the power battery market and continued advancement in technological innovation.
Global power battery market data for the first quarter of 2024 shows that the rapid development of the new energy automotive industry is driving the growth in demand for power batteries. Chinese companies are playing a key role in this process, and technological innovation and the application of new battery technologies portend a bright future for the industry. With the growing global focus on sustainable energy systems, the power battery industry is expected to continue its growth and play an even more important role in the global energy transition.
