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China now supplies over 60% of the world’s power batteries and around 70% of its battery materials, based on official figures. This dominance provides a significant advantage for the country’s rapidly expanding new energy vehicle market.
Last year, China’s power battery output skyrocketed more than tenfold, reaching over 1,000 gigawatt-hours compared to 83.4 GWh in 2020, according to Yao Zhenzhi, deputy director of the Equipment Industry Development Center at the Ministry of Industry and Information Technology.
The industry maintained its growth trajectory in the first nine months of this year, with total installed capacity rising 43% from the previous year to 493.9 GWh. Battery exports also increased by 33%, totaling approximately 130 GWh.
Chinese firms are strengthening their role in the global supply chain through investments in factories and R&D centers abroad, including in Europe, Southeast Asia, and Africa.
The local sector is expected to receive further momentum from the upcoming World Power Battery Conference, scheduled for November 12-13 in Yibin, Sichuan province. Since launching in 2022, the conference has facilitated agreements for over 200 major projects valued at nearly 300 billion CNY ($42.1 billion).
Yibin’s power battery production accounted for more than 16% of China’s total and about 10% of the global market in 2024, according to Mayor Du Haiyang. The city produced over 100 billion CNY worth of batteries in both 2023 and 2024. Despite ongoing industry adjustments, production increased by 46% in the first three quarters of this year compared to the same period last year.
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