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Global new energy vehicle shipments surge, China's energy storage industry has also ushered in a period of rapid development, lithium battery related raw material resources prices continue to rise. Among them, the proportion of lithium iron phosphate battery is rising, and the supply and demand is even tighter.
New energy vehicles and electrical energy storage, two major demands are stimulating the rapid development of lithium battery industry.
In 2020, benefiting from the strong demand in China and Europe, global sales of new energy vehicles reached 3 million units, up 35.7% year-on-year, with a penetration rate of 3.5%.
Some institutions expect that new energy vehicle sales in China, Europe and the U.S. market will reach 2.12 million, 1.99 million and 400,000 units respectively in 2021, with global sales of 4.7 million units, up nearly 60% year-on-year, and power battery demand of 2.4 GWh; by 2025, global new energy vehicle sales will reach 15 million units, increasing the penetration rate to 16.7%.
Under the policy of carbon emission regulation and consumption stimulation, the European market can be described as soaring. The European Union has imposed new regulations on car companies to assess the average CO2 emission level of 95g/km since the beginning of 2020. After the epidemic, some countries introduced fiscal policies to stimulate auto consumption, driving the sales growth of new energy vehicles in Europe to lead the world.
Some institutions have calculated that if the provisions of the European Parliament and Council Regulation (EU) No. 2019/631 are to be met, the car companies being assessed need to have emissions of no more than 95g/km this year in order to avoid the requirement of fines. the penetration rate of new zero-emission and low-emission cars in the EU will reach about 15.4% in 2021.
If passenger car sales in the EU (excluding the UK) can recover to a level of about 10.2 million units in 2021, the 15.42% penetration rate corresponds to 1.57 million new energy vehicles. Together with non-EU countries such as the UK and Norway, it is expected that new energy vehicle sales across Europe will reach 1.99 million units in 2021.
The "New Energy Vehicle Industry Development Plan (2021-2035)" released by the General Office of the Chinese State Council on November 2, 2020, proposes that by 2025, new energy vehicle sales will reach about 20% of total vehicle sales.
In addition to the demand for installed vehicles, China's total installed capacity of wind and solar power generation will reach more than 1.2 billion kilowatts by 2030. The scale of domestic demand for lithium battery energy storage on the side of new energy generation is forecast to exceed 50 GWh in 2025, which is about 12 times the current market size. Data show that in 2020, the domestic installed capacity of lithium storage is about 16.2GWh, a year-on-year increase of 146.2%, and in 2021 the installed demand for lithium storage will also grow by 55.6% year-on-year.
Great Power has accumulated and precipitated battery technologies over the years, battery module structuring, energy density, safety performance, lifespan, consistency and air tightness, and compression and vibration reduction performance are Great Power's competitive edges on the market. Its battery packs are widely used for buses, passenger vehicles, and special vehicles such as logistics vehicles, sanitation vehicles and sprinkling vehicles.