The electric battery market for new energy vehicles in China is not only the largest in the world, but is growing at double-digit rates.
According to CATL (Contemporary Amperex Technology Co. Limited), this trend is occurring as the upgrade of new energy car models progresses.
Lithium
Also as the charging infrastructure for these vehicles increases, there is greater consumer acceptance.
Based in China, CATL is the world’s leading producer of lithium batteries and counts Tesla, BMW and Volkswagen among its customers.
New energy vehicles
According to data from the China Association of Automobile Manufacturers (CAAM), new energy vehicle sales in China in 2023 were 9.495 million, a year-on-year increase of 37.9 percent.
At the same time, the penetration rate of new energy vehicles reached 31.6 percent, a year-on-year rise of 5.9 percentage points.
Data from the European Automobile Manufacturers Association (EAMA) show that 3.009 million new energy cars were registered in 31 European countries in 2023.
This volume implies a year-on-year growth of 16.2%, and a penetration rate of new energy vehicles of 23.4%, with a year-on-year increase of 0.5 percentage points.
Climate change
According to data provided by SNE Research, the global new energy vehicle electric battery usage will reach 705.5 GWh in 2023, with a year-on-year growth of 38.6%, of which China’s new energy vehicle electric battery usage will reach 386-1 GWh, with a year-on-year growth of 34.9 percent.
Net Zero Tracker, a Net Zero Initiative organization, reports that already more than 150 countries have announced their carbon neutrality targets.
Currently, global carbon emissions come primarily from the electricity and transportation sectors.
CATL stresses that the main way to reduce carbon emissions in the electricity industry is to increase the share of clean, green power generation, such as wind and photovoltaics.
And the main way to reduce carbon emissions in the transportation industry is to increase the rate of electrification of transportation modes.