伯恩斯坦：全球储能深度 251112.pdfVIP

12November2025

GlobalEnergyStorage

GlobalEnergyStorage:ESSdemanddrivesbatterydemandinto

overdrive

Theglobalenergystoragesectordeliveredastrongthirdquarter,withtotaldemand

NeilBeveridge,Ph.D.

+85221232648rising46%y-o-ythoughASPdeclinedby6%.In3Q25,totalbatterydemandgrew

neil.beveridge@by46%y-o-yin3Q25to466GWh(+50%y-o-yto1209GWhin9M25).ESSbatteries

+85%y-o-y,contributingnearly50%oftheincrementalbatterydemand,surpassingEVs

BrianHo,CFAingrowthcontribution.Weprojectbatterydemandtogrow45%to1,757GWhforfull-

+85221232615

brian.ho@year2025,with4Q25demandexpectedat548GWh,up35%y-o-y.Despitelithiumprices

stabilizing,theaveragepriceofbatterypacksinChinafelltoUS$93/kWhforNMC(-6%y-

HengliangZhango-yand-3%q-o-q)andUS$69/kWhforLFP(-7%y-o-yand-2%q-o-q),respectively.

+85221232629

hengliang.zhang@AlthoughEVbatteryinstallationsgrew20-30%,LGESandSDIexperienced

continuedrevenuedecline.CATL’sEVbatteryinstallationsin3Q25increased17%y-o-y,

butitsmarketshareslippedto32.2%(33.8%in9M25).InChina,thiswasmainlyduetothe

risingpopularityofEVmodelspoweredbyotherbatterysuppliers,whileCATL’swalletshare

amongitstop10customersremainedstableexcep