China Battery Market Size & Outlook, 2023-2030
China battery market, 2018-2030 (US$M)
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China battery market highlights
- The China battery market generated a revenue of USD 37,255.5 million in 2023 and is expected to reach USD 86,979.5 million by 2030.
- The China market is expected to grow at a CAGR of 12.9% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Sodium-ion is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 37,255.5 million |
| Market revenue in 2030 | USD 86,979.5 million |
| Growth rate | 12.9% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Sodium-ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, China accounted for 31.5% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China battery market is projected to lead the regional market in terms of revenue in 2030.
- Vietnam is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,479.2 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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China battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 37.95% in 2023. Horizon Databook has segmented the China battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
China, as a part of its Electric Vehicle Initiative under the Clean Energy Ministerial, aims to ensure that approximately 30% of vehicles comprising cars, trucks, vans, and buses that ply on roads in the country are electricity driven by 2030.
Moreover, the Government of China has taken more efforts to develop advanced EV charging infrastructures in the country than the efforts made by other industrialized countries. This is expected to fuel the demand for electrically powered vehicles in the country, thereby augmenting the demand for lithium-ion batteries in China over the forecast period.
For instance, in August 2022, Contemporary Amperex Technology Ltd. (CATL) announced plans to develop the largest lithium-ion battery mega factory of over 50 GWh in the country. Companies such as Panasonic and LG Chem are following suit.
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Our clientele includes a mix of battery market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the China battery market , including forecasts for subscribers. This country databook contains high-level insights into China battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China battery market size, by product, 2018-2030 (US$M)
China Battery Market Outlook Share, 2023 & 2030 (US$M)
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