China's lithium battery exports have experienced explosive growth this year, driven by the pull of overseas demand, according to a report by CCTV Finance on Aug 23.
As per the latest data from the General Administration of Customs, the export value of lithium battery products in China increased 58.9 percent in the first seven months of this year.
The entire lithium battery industry has the potential to grow manyfold in the overseas market, said Pan Helin, dean at Zhejiang University International Business School, during a recent interview with Securities Times.
Up until July this year, more than 10 Chinese lithium battery companies have announced their plans for overseas investment.
Liu Qi, a researcher at the Beijing Institute of Technology, said in an interview with Securities Daily that "Chinese lithium battery companies are leading the world in terms of industrial scale and the integrity of the entire industry chain and are in a leading position globally."
"By participating in globalization, they can fully leverage their entire industry chain and market size advantages to lead the global development of new energy vehicles."
Many foreign trade companies believe that in addition to traditional markets such as Europe and the United States, orders from emerging markets such as South Africa, Nigeria, and Vietnam have increased significantly.
Ye Longhui, vice-president of procurement at a Shenzhen-based new energy company, said the South African and Vietnamese markets represents the relatively faster growth, with current orders reaching 500 to 1,000 units per month, a 300 percent increase from the South African market on a yearly basis.