electric passenger vehicles increased by 61.6%.

On July 17, Fu Linghui, spokesperson of the National Bureau of Statistics, introduced at the press conference of the State Council Information Office that in the first half of 2023, the added value of the lithium-ion battery manufacturing industry above designated size increased by 29.7% year-on-year. The export of "three new" products represented by lithium batteries, solar batteries, and electric passenger vehicles increased by 61.6%.
The reporter learned from many listed companies in the lithium battery industry that, in addition to the previous power battery applications, energy storage has become a new strong growth point for lithium battery applications. Especially benefiting from the rapid development of energy storage, the lithium iron phosphate route lithium battery subdivision industry is growing rapidly.
Looking forward to the development prospects of the energy storage industry, many companies and industry insiders said that continuing the rapid growth of the previous two years, the overall energy storage industry will still have a very impressive growth rate in the next 3 to 5 years.

"The growth of the lithium battery industry in the first half of the year is mainly due to the substantial increase in demand for lithium iron phosphate batteries driven by electrochemical energy storage." Regarding the data released by the National Bureau of Statistics, an executive of a listed company with lithium battery cathode materials said.
Anda Technology Secretary Li Jianguo told reporters: "The growth rate data released by the National Bureau of Statistics is within expectations. From the perspective of volume, the largest increase is power batteries; but from the perspective of growth rate, the increase in energy storage batteries faster." Regarding the use of lithium iron phosphate products sold to customers, Li Jianguo said frankly that in most cases, the company cannot distinguish whether customers are used in the power field or energy storage. But intuitively, he feels that customers' orders for energy storage are increasing. At the same time, customers have significantly increased their emphasis on lithium iron phosphate materials for energy storage.
Hunan Yuneng, a leading lithium iron phosphate enterprise, said that the market demand for lithium iron phosphate products in terms of energy storage is strong. Hunan Yuneng stated in the investor research summary announced on May 17 that the shipments of energy storage lithium iron phosphate products have increased significantly, and it has become the company's fastest growing product type. Previously, Hunan Yuneng also stated that with the rapid growth of energy storage market demand and the increase in the company's production capacity, the company is more active in promoting energy storage-type lithium iron phosphate products.
According to data from the Advanced Industry Research Institute of the lithium battery industry research institute, in the second quarter of this year, shipments of lithium batteries (power + energy storage) increased by 22.5% from the previous quarter, of which power batteries increased by 17.6% and energy storage batteries increased by 40% from the previous quarter. , the growth rate of energy storage is significantly higher than that of power batteries.
According to public information, in the current domestic electrochemical energy storage market, ternary materials are banned due to safety issues, new materials such as sodium-ion batteries are still in small-scale demonstration applications, and lithium iron phosphate occupies most of the energy storage market . Therefore, the rapid growth of electrochemical energy storage in the first half of the year simultaneously drove the growth of lithium iron phosphate batteries. According to statistics from the Energy Storage Branch of the China Battery Industry Association, up to 76% of the energy storage projects won in the second quarter of 2023 use lithium iron phosphate batteries for energy storage.
The Advanced Industry Research Institute also stated that in the first half of the year, the proportion of energy storage business of leading power battery companies has gradually increased, and the business of battery companies is tilting towards the energy storage industry.