CATL maintained its position as the world’s largest power battery manufacturer in 2024, with a market share of 37.9 percent, surpassing its 2023 share of 36.6 percent. The Chinese company’s EV battery installations in 2024 reached 339.3 GWh, a 31.7 percent increase from the previous year.
BYD also saw growth in its market share, rising to 17.2 percent in 2024 from 15.9 percent in 2023. The company’s installed power battery volume in 2024 was 153.7 GWh, up 37.5 percent from 2023.
Global electric vehicle battery usage in 2024 totaled 894.4 GWh, a 27.2 percent increase from the previous year. CATL’s dominance in the market can be attributed to partnerships with major carmakers in China such as Zeekr, Aito, and Li Auto, as well as global OEMs like Tesla, BMW, Mercedes-Benz, and Volkswagen.
On the other hand, BYD’s success can be attributed to its competitive pricing and the introduction of various EV models to the market. The company has expanded its market beyond China to Asian and European markets, further solidifying its position in the industry.
LG Energy Solution, a South Korean company, ranked third in the market with a 10.8 percent share in 2024. Other key players in the industry include China’s CALB, South Korea’s SK On, and Japan’s Panasonic.
Overall, the EV battery market continues to grow, driven by increasing demand for electric vehicles worldwide. With companies like CATL and BYD leading the charge, the future of electric mobility looks promising.
