CATL and BYD, two of the world’s largest electric vehicle (EV) battery makers, continued their dominance in the market during the first quarter of the year. According to data from South Korean market researcher SNE Research, global EV battery usage in the January-March period reached 221.8 GWh, a significant increase of 38.8 percent compared to the same period last year.
CATL led the pack by installing 84.9 GWh of EV batteries in the first quarter, marking a 40.2 percent growth from the previous year. With a market share of 38.3 percent, CATL maintained its position as the top battery supplier globally, surpassing all competitors with a market share of over 30 percent. This is a slight increase from its market share in the previous quarter and reflects the company’s continued strong performance in the EV battery market.
On the other hand, BYD installed 37.0 GWh of EV batteries in January-March, a 62.0 percent increase from the same period last year. Despite this growth, BYD’s market share slightly declined to 16.7 percent, ranking second in the global market. LG Energy Solution followed closely behind with 23.8 GWh of installed volume and a 10.7 percent market share.
Other key players in the EV battery market included SK On, CALB, Gotion High-tech, Samsung SDI, Panasonic, Eve Energy, and Svolt Energy, each holding varying market shares in the January-March period.
In terms of market share dynamics, BYD saw a slight increase in its share in March compared to February, while CATL experienced a decrease. This indicates a shifting landscape in the EV battery market as companies continue to compete for dominance and innovation.
Overall, CATL and BYD’s combined EV battery installations in the first quarter accounted for 55.0 percent of the global market, solidifying their positions as industry leaders. With the EV market rapidly growing and evolving, it will be interesting to see how these companies adapt and innovate to maintain their competitive edge in the future.
