China's Lithium Battery Export Value Growth Trend Over the Past 6 Years (2018-2023)

Background and Data Source

China is the world's largest producer and exporter of lithium batteries, and its export data directly reflects the global demand changes in the new energy supply chain. This analysis is based on public data from China's General Administration of Customs and industry estimates, covering total lithium battery exports (including power, energy storage, and consumer electronics) from 2018 to 2023.

Export Value Growth Trend

• 2018: Approximately $11 billion, driven by domestic NEV subsidy policies, with initial export scale.
• 2019: About $13 billion, up 18% year-on-year, as overseas electrification demand gradually emerged.
• 2020: Roughly $15 billion, growth slowed to 15% due to the temporary impact of the global pandemic.
• 2021: Around $28 billion, surging 87% year-on-year, fueled by European subsidy policies and a boom in the energy storage market.
• 2022: Approximately $50 billion, up 79%, as the Russia-Ukraine conflict accelerated energy transition and overseas orders surged.
• 2023: About $65 billion, up 30%, with growth moderating due to a high base but reaching a record absolute value.

Key Drivers

• Global Electrification Acceleration: Policies like the EU's 2035 ICE ban and the US IRA Act boosted EV demand.
• Energy Storage Market Boom: Growing demand for renewable energy integration and home storage.
• Industry Chain Advantage: China's dominance in cathode materials, anode materials, and electrolytes.

Future Outlook

Export growth is forecast to slow to 20%-30% in 2024-2025, but the value may exceed $80 billion. Challenges include trade barriers (e.g., EU anti-subsidy investigations) and raw material price volatility. Overall, China's lithium battery exports will continue to solidify their core position in the new energy supply chain.