Contemporary Amperex Technology Co Ltd (CATL) and BYD maintained their positions as the world’s largest EV battery manufacturers during the January-October 2024 period, as global electric vehicle battery installations surged by 25% year-on-year to 686.7 GWh, according to data released by South Korean market research firm SNE Research.
CATL, the industry leader, reported a remarkable 28.3% increase in battery installations, reaching 252.8 GWh during the period. This solidified its dominance with a 36.8% global market share, up from 35.9% in the same period last year. The Chinese battery giant remains the only supplier to hold more than 30% of the global market, benefiting from its widespread adoption across various automakers. The company’s market share has also grown from the 36.7% reported in the January-September period, showcasing its ability to sustain momentum in the competitive battery sector.
BYD secured its second-place position with a 16.8% market share, up from 16.0% a year ago. The company’s power battery installations rose by 31.3% to 115.3 GWh during the January-October period. Although BYD primarily uses its batteries in its own vehicles, the firm is increasingly supplying to external manufacturers, including Nio and Xiaomi, signaling a potential expansion of its customer base. BYD also reported record-breaking sales of new energy vehicles (NEVs), with 3.25 million units sold during the period, representing a year-on-year increase of 36.49%. Notably, BYD sold over 500,000 NEVs in November alone, marking its second month of exceeding this milestone and its sixth consecutive month of record sales.
South Korea’s LG Energy Solution, while maintaining its position as the third-largest battery supplier, experienced slower growth. Its battery installations increased by 6.4% year-on-year to 81.2 GWh, translating to an 11.8% global market share. However, this was a decline from the 13.9% share reported in the same period last year and the 12.1% recorded in January-September 2024.
Other notable players in the global battery market included China’s CALB, ranking fourth with a 4.8% market share, followed by South Korea’s SK On at 4.5% and Japan’s Panasonic at 4.1%. Samsung SDI of South Korea claimed seventh place with a 3.8% share, while Chinese manufacturers Gotion High-tech, Eve Energy, and Sunwoda rounded out the top ten, with respective shares of 2.6%, 2.4%, and 2.1%.
