Contemporary Amperex Technology Co Ltd (CATL) and BYD FinDreams were the frontrunners in global electric vehicle (EV) battery shipments in the third quarter of 2024. Together, these two Chinese companies accounted for more than half of the total power battery shipments worldwide.
CATL, with its strong presence in the Chinese EV market, shipped 91.0 GWh of EV batteries in the third quarter, claiming a dominant 35.2 percent market share. This makes CATL the leading battery supplier globally, with a market share exceeding 30 percent. On the other hand, BYD’s battery manufacturing unit, FinDreams Battery, secured the second spot with a 17.0 percent share, shipping 44.0 GWh of EV batteries in the same period.
The combined efforts of CATL and BYD resulted in a total shipment of 135 GWh in the third quarter, representing a formidable 52.2 percent share of the global market. South Korea’s LG Energy Solution followed closely behind, ranking third with 11.2 percent market share from shipping 29.0 GWh of EV batteries.
The rankings also highlighted the growth of China’s CALB, which secured the fourth position with a 5.0 percent share. Japan’s Panasonic and China’s Gotion High-tech rounded out the top six with 3.9 percent market share each. Notably, CALB showed rapid growth and expanded its presence to major OEMs like Geely, as well as emerging OEMs such as Xpeng, Nio, and Leapmotor.
Looking ahead, SNE Research anticipates significant growth in the market share of battery companies targeting emerging countries and China’s domestic market. In terms of sales revenue, CATL led the pack with a 28.5 percent share in the third quarter, followed by LG Energy Solution at 14.1 percent and BYD FinDreams at 12.3 percent.
The data released by SNE Research underscores the continued dominance of Chinese battery manufacturers in the global EV market. With a strong foothold in the world’s largest EV market and a growing presence in international markets, CATL and BYD are poised to maintain their leadership positions in the EV battery industry.
