Chinese battery manufacturers CATL and BYD remained the world’s top electric vehicle (EV) battery suppliers from January to August 2024, although their market shares shifted during the period, according to data from South Korean market researcher SNE Research.
Global EV battery usage reached 510.1 GWh in the first eight months of 2024, marking a 21.7% increase from 419.1 GWh in the same period in 2023.
CATL, the largest supplier, installed 189.2 GWh of batteries, up 27.2% year-on-year. While CATL maintained its leadership with a 37.1% global market share, this figure represents a slight decline from its 37.6% share in the January-July 2024 period.
BYD, the second-largest supplier, saw its market share increase to 16.4% from 15.9% a year earlier, reflecting strong growth in new energy vehicle (NEV) sales.
The company installed 83.9 GWh of batteries, a 25.6% rise year-on-year. BYD’s record NEV sales in August and September, with over 373,000 and 419,000 units sold, respectively, were key factors in its market share gains.
South Korea’s LG Energy Solution ranked third, with 61.8 GWh of battery installations and a 12.1% share, down from 14.4% in the same period in 2023. Other notable suppliers included SK On (4.8%), China’s CALB (4.8%), and Japan’s Panasonic (4.4%). Samsung SDI, Eve Energy, Gotion High-tech, and Sunwoda rounded out the top 10.
