In 2024, China's exports of various battery types were US$66.979 billion, down 5.28% year on year

The Zhitong Finance App learned that the China Chemical and Physical Power Industry Association released the “Statistical Analysis of China's Battery Product Export 2024". According to the data, in 2024, China's total export volume of various battery types was 37.895 billion units, and the total export volume in 2023 was 33.280 billion units, an increase of 13.87% over the previous year. In 2024, China's export value of various battery types was US$66.979 billion, and in 2023 it was US$70.711 billion, a decrease of 5.28% over the previous year. Among them, lithium-ion batteries account for 91.3%, lead-acid batteries account for 4.4%, zinc-manganese/alkali manganese batteries account for 2.9%, and nickel-hydride/nickel-cadmium batteries account for 0.6%.

According to the statistical analysis of customs export data, in the past 5 years, lithium-ion battery products have been the main type of battery products exported in China. As one of the “three new types” of exports, the share of export value increased rapidly year by year from 73% in 2020 to 92% in 2023. In 2024, export volume increased by 8.1%, and export value decreased by 5.79%. It shows the characteristics of “volume increase and price reduction”, and is mainly driven by multiple factors such as the sharp drop in lithium carbonate prices, the impact of the US IRA Act, and structural overcapacity. However, lithium-ion batteries are still the core driving the overall battery export growth.

Lead-acid batteries are the second-largest battery export category in China. Thanks to global automobile production recovering from the pandemic and continuing to climb, the export value and export volume of lead-acid batteries have maintained steady growth over five years. Other lead-acid batteries were replaced by other advanced batteries during 2023 and 2024, showing “volume increases and decreases” due to reasons such as fierce price competition and cost pressure, changes in the overseas layout of enterprises, and trade frictions. Considering the RMB exchange rate, trade environment, and the trend of domestic battery companies expanding overseas production, the growth rate of China's total lead-acid battery exports is expected to slow down. With the electrification transformation of the global automotive industry and the development of the energy storage market, the demand structure for lead-acid batteries will also change.

Although the export volume of alkaline manganese batteries fluctuated over the past five years, the overall growth trend was maintained. In particular, there was a significant increase in 2024, which indicates that the basic market demand is stable and expanding. In contrast to alkaline manganese batteries, exports of zinc-manganese batteries declined continuously from 2020 to 2023, although there was a rebound in 2024. It reflects the industry trend of alkaline manganese batteries gradually replacing zinc-manganese batteries.

Affected by environmental regulations and technology substitution, the export value of nickel-cadmium batteries and nickel-metal hydride batteries declined year by year in 2023 and 2024, the market size shrank, and competition intensified, leading to a decline in the average price of products. The future opportunity lies in continuously consolidating our position in our dominant market segment.

With the exception of 2022, the overall trend of lithium primary battery exports is rising steadily, showing a “sharp rise in volume and price” trend. In particular, in 2024, as global demand for portable electronic devices and power tools picked up, the overall export volume of primary batteries increased by 14.74%. Among them, lithium primary batteries and alkaline manganese batteries increased significantly.

Judging from data from major export countries and regions, in 2024, the US will be the largest market for Chinese battery exports, with an export value of US$16.01 billion, accounting for 23.9% of China's total battery exports. Germany is the second largest export market for Chinese battery products, with an export value of 10.56 billion US dollars, accounting for 15.8% of China's total battery exports. South Korea is the third-largest market, with an export value of US$3.848 billion, accounting for 5.7% of the total.

As the world's largest battery producer, China has a complete industrial chain and cost advantages, and exports cover a wide range of countries. In 2024, the EU's new battery regulations come into full effect, putting forward strict requirements on the carbon footprint of batteries, the proportion of recycled materials, and battery passports. Meanwhile, the US continues to impose tariffs on imported Chinese lithium batteries and enforces strict energy storage safety standards. These measures have all increased export costs and compliance difficulties for Chinese battery companies. Starting December 1, 2024, the country reduced the export tax rebate rate for some batteries from 13% to 9%.

Against the backdrop of complex changes in the global economic situation and intensifying trade frictions, China's battery industry is under pressure at the export level, but it is still showing strong resilience. At the same time, trade cooperation with countries along the “Belt and Road” has brought new opportunities for growth. Countries in the Middle East, Central Asia, Africa and other regions are in strong demand for China's new energy products and solutions during the energy transition process.

In 2024, China's battery exports are undergoing a profound transformation under the impression of “volume increase and decrease”. The traditional price advantage is weakening, but by developing diversified markets and increasing technical content and green value, China's battery industry still has a broad future in the global wave of green energy transformation.