CATL and BYD remained the world’s leading electric vehicle (EV) battery manufacturers in the January-September 2024 period, with CATL holding a dominant market share, slightly ahead of BYD. The latest data from South Korean market researcher SNE Research, released on November 6, shows that both companies have seen significant growth, with CATL maintaining a strong position as the market leader despite a slight decline in share.
In the first three quarters of 2024, global EV battery usage totaled 599.0 GWh, marking a 23.4% increase compared to 485.3 GWh in the same period last year. CATL’s battery installations amounted to 219.6 GWh, up 26.5% year-on-year, securing a 36.7% global market share. While this represents a decrease from the 37.1% share it held in August, CATL remains the only supplier with a share exceeding 30%.
BYD, which ranked second in the global battery market, installed 98.5 GWh of batteries, a 28.0% year-on-year increase from 77.0 GWh. BYD’s market share stood at 16.4% in the January-September period, up from 15.9% in the previous year, holding steady since August 2024. The company’s rapid expansion in new energy vehicle (NEV) sales, including record-breaking deliveries of over 500,000 units in October, has helped drive this growth.
LG Energy Solution, the third-largest player, recorded 72.4 GWh of battery installations, a 4.3% increase from 2023, but its market share fell to 12.1% from 14.3% in the previous year. Other notable battery manufacturers in the top 10 include CALB, SK On, and Panasonic, which hold smaller market shares ranging from 4.9% to 4.3%.
As the global demand for electric vehicles continues to rise, CATL and BYD are poised to maintain their leadership in the EV battery market, while competitors face challenges in keeping pace with the growing sector.
