CATL and BYD have maintained their positions as the top two power battery makers globally in the period of January-November 2024. According to data from SNE Research, global EV battery usage reached 785.6 GWh during this time, marking a 26.4 percent increase from the same period in 2023.
CATL, the Chinese power battery giant, led the market with 36.8 percent share, installing 289.3 GWh of EV batteries. This represents a 28.6 percent growth compared to the previous year. CATL’s market share remained steady, making it the only supplier with over 30 percent market share globally.
BYD, on the other hand, saw a slight increase in market share, reaching 17.1 percent with 134.4 GWh of power batteries installed. The company has been focusing on the BEV and PHEV markets, expanding into Asian and European markets to further solidify its position.
LG Energy Solution ranked third with 91.4 GWh of installed power batteries, holding an 11.6 percent share. The South Korean company experienced a 6.9 percent year-on-year growth but saw a slight decline in market share compared to the previous year.
Other key players in the EV battery market include CALB from China, SK On from South Korea, and Panasonic from Japan, holding shares of 4.6 percent, 4.5 percent, and 4.0 percent, respectively. Samsung SDI, Gotion High-tech, Eve Energy, and Sunwoda rounded out the top ten with shares ranging from 2.0 percent to 3.7 percent.
Overall, the EV battery market continues to show strong growth, driven by increasing demand for electric vehicles globally. With major OEMs like Tesla, BMW, and Volkswagen relying on these battery suppliers, the competition in the market is expected to intensify in the coming years.
