Driven by the new energy vehicle market, China's power battery industry is in a state of rapid development in recent years, and the market production and sales scale and product performance have been greatly improved. With the advantages of high energy density, high safety, flexible design, and relatively small internal resistance, soft pack power batteries have gradually increased their applications in recent years, represented by Funeng Technology, Jiewei Power, Wanxiang One Two Three, etc. Of soft battery power battery companies have achieved rapid development.
According to the statistics of the GGII, the global soft pack power battery shipments in 2018 increased by 73.8% year-on-year to 23.1GWh, of which China's soft pack power battery shipments increased by 48.0% year-on-year to 10.1GWh The growth was mainly driven by the domestic passenger car market.
GGII predicts that by 2025, global soft pack power battery shipments will reach 222.4GWh, and CAGR will reach 38.2% in the next seven years.
Analysis and forecast of global soft pack power battery shipments from 2015 to 2025 (GWh)
image.png
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), May 2019
Among them, China's soft pack power battery shipments are expected to reach 88.6GWh by 2025, and the CAGR will reach 36.4% in the next seven years.
Analysis and forecast of China's soft pack power battery shipments from 2015 to 2025 (GWh)
image.png
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), May 2019
The main reasons for growth are:
1) In the future, the proportion of passenger cars above grade A will gradually increase. Chevrolet Volanda, Volvo 60 series, Nissan leaf, Audi A6L e-tron, Roewe ei6, collar and other high-end passenger car markets will drive The demand for battery packs has grown, and the proportion of power batteries in the future will continue to increase;
2) Under the requirements of high energy density and long battery life, the energy density of soft pack power batteries is relatively higher than that of square and cylindrical power batteries (currently, the mass energy density of soft pack power batteries can reach 240-250Wh / Kg, and The energy density of the square power battery of the same material system is 210-230Wh / Kg, and the energy density of the soft pack power battery is 10% -15% higher than that of the square), and the application is increased;
4) Chinese soft-pack power battery companies represented by Funeng Technology, Jiewei, Kanai, Wanxiang One Two Three, and Yiwei Lithium Energy, etc., with the support of funds, are currently increasing their capacity construction and customer development efforts. The future production and sales scale will maintain high growth;
4) OEMs that mainly use soft pack power batteries, such as Daimler, accelerate the layout of the Chinese market and drive the demand for soft pack batteries.
From the perspective of the global soft pack power battery market competition pattern, the current market concentration is relatively high, TOP5 companies accounted for 70% of the share, of which LGC market share is far ahead. The market concentration of China's soft-pack power battery is relatively low. Among them, Funeng Technology is driven by the demand of mainstream passenger car companies such as Beiqi New Energy, Great Wall, and Jiangling, and its market share ranks first in China.
1567042633449885.png
Source: Gaogong Industry Research Lithium Battery Research Institute (GGII), May 2019
In the next few years, new energy passenger vehicles will develop towards the A-grade and above models with long battery life, and soft pack power batteries have the advantages of high energy density, future competitive advantages are more obvious, and the application ratio will gradually increase.
In addition, German car companies represented by Daimler, Volkswagen, etc. have accelerated their layout in the Chinese market, while German car companies are more inclined to use the power pack system of the soft pack system. In addition to being driven, it is also driven by the market of joint venture car companies, which has a high market growth and has become a hot area for investment attention in the capital and industrial sectors.
