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China's market share in key EV battery components tops 80%
Strong vehicle demand at home lifts players across supply chain
Over 30% of new vehicles sold in China during 2023 were electric or plug-in hybrids. (Photo by Tomoko Wakasugi)
YOSHIKA KAKU, Nikkei staff writerSeptember 26, 2024 01:49 JST
TOKYO -- Chinese companies accounted for over 80% of global shipments of key lithium-ion battery components in 2023, expanding their footprint further up battery supply chains on strong electric vehicle sales in the country.
Lithium-ion batteries are composed of four main parts: cathodes, anodes, electrolytes and separators.
Chinese businesses held an 89.4% market share by volume for cathodes, 93.5% for anodes, 87.4% for separators and 85% for electrolytes, Tokyo-based Yano Research Institute reports.
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