1、 Market Overview

In 2024, the global installed capacity of power batteries reached 894.4 GWh, a year-on-year increase of 27.2%. Although the growth rate has slowed down compared to previous years, the market share of Chinese manufacturers continues to expand, occupying 67.1% of the global market share, further consolidating their dominant position. At the same time, the market share of Japanese and Korean manufacturers has declined, especially Panasonic and Samsung SDI, with double-digit declines in vehicle loading volume. What are the manufacturers of automotive rubber and silicone accessories

2、 Performance of Chinese enterprises

Chinese companies dominate the global power battery market. The combined market share of CATL, BYD, Zhongchuang Aviation, Guoxuan High tech, EVE Energy, and Xinwangda reached 67.1%. Among them, CATL ranks first with a loading capacity of 365 GWh; BYD, with the advantage of internal battery supply, has seen a significant increase of 41% in vehicle installation volume; The growth rates of Guoxuan High tech and Xinwangda have exceeded 70%, showing particularly impressive performance. Recommended by precision silicone rubber product manufacturers for connectors

3、 Difficulties faced by Japanese and Korean enterprises

In 2024, Japanese and Korean companies will face significant challenges. Due to excessive reliance on Tesla, Panasonic's vehicle installation volume decreased by 18% year-on-year, and its market share dropped from 6.1% to 3.9%. The combined market share of the three major battery manufacturers in South Korea (LG New Energy, SK On, and Samsung SDI) has also decreased from 23.1% to 18.4%. Among them, the installation volume of Samsung SDI decreased by 10.6%, mainly due to the decline in demand in the European and North American markets. Dongguan Automotive Rubber Silicone Parts Source Manufacturer

4、 Overseas market expansion

Despite the cooling demand for electric vehicles in the European and American markets, Chinese battery manufacturers are still accelerating their overseas expansion. CATL collaborates with American car companies such as Ford and General Motors through a technology licensing model, and actively builds factories in Europe and Southeast Asia. Guoxuan High tech and EVE Energy have also established production bases in Hungary, Thailand and other places. In contrast, although Korean manufacturers have laid out in the European and American markets earlier, they are facing greater pressure due to policy changes and weak market demand. rubber o-ring

5、 Technological Innovation and Future Trends

Solid state batteries are regarded as the core of next-generation battery technology, and major manufacturers are increasing their research and development investment. Korean manufacturers plan to achieve commercialization before 2027, while Chinese companies such as CATL and BYD also plan to achieve small-scale production by 2027. Wholesale of sealing rubber and silicone materials

Energy storage batteries have become a new growth point. Companies such as CATL and EVE Energy have won bids for multiple large-scale energy storage projects both domestically and internationally, while Korean manufacturers such as LG New Energy have also signed multiple energy storage system supply agreements in the United States. Automotive rubber products

The changes to the US Inflation Reduction Act have a significant impact on Japanese and Korean manufacturers, especially with the possibility of the Trump administration canceling subsidies for electric vehicles, further exacerbating market uncertainty. Rubber sealing strip for energy storage equipment

6、 Summary

In 2024, the global power battery market presents a pattern of "China leading, Japan and South Korea under pressure". Chinese manufacturers have further consolidated their leading position through technological innovation and market expansion; However, Japanese and Korean manufacturers are facing dual challenges of weak market demand and policy uncertainty. In the future, with the breakthrough of all solid state battery technology and the rapid development of the energy storage market, the global power battery industry will usher in a new competitive landscape. Rubber product sulfurization

Data source: SNE Research、 China Association of Automobile Manufacturers and European Automobile Manufacturers Association (ACEA)

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