The global electric vehicle (EV) battery consumption witnessed a substantial surge from January to October, reaching 552.2 gigawatt-hours (GWh), marking a notable 44.0 percent increase compared to the same period last year, according to data released by South Korean market research firm SNE Research.
Leading the charge in the power battery market, CATL saw its installations rise to 203.8 GWh during the aforementioned period, reflecting a remarkable 51.1 percent growth from 134.9 GWh in the corresponding timeframe last year. Maintaining its dominance, CATL maintained its position as the world's top battery supplier with a market share of 36.9 percent, being the sole company to exceed the 30 percent mark.
BYD secured the second spot, with power battery installations totaling 87.5 GWh from January to October, showcasing a robust 66.5 percent increase from 52.5 GWh in the same period last year. The company held a 15.8 percent market share during this timeframe, showing a slight uptick from the previous year.
LG Energy Solution, a South Korean company, achieved a 47.2 percent year-on-year growth in power battery installations, reaching 76.1 GWh in the January-October period. Despite this, the company slipped to the third position globally, holding a 13.8 percent market share.
Panasonic from Japan secured the fourth spot with a 6.8 percent market share, followed by SK On from South Korea with a 5.1 percent share. China's CALB rounded out the top six with a 4.7 percent market share.
Further down the rankings, Samsung SDI, Gotion High-tech, Eve Energy, and Sunwoda claimed the seventh to tenth positions, respectively. Notably, Gotion High-tech overtook Eve Energy in the rankings published in September.
Gotion High-tech saw its batteries installed reach 9.1 GWh in January-August, securing the eighth position with a 2.1 percent share. Meanwhile, Eve Energy, with 9.2 GWh of installations during the same period, held the eighth position in the rankings at that time.
The current rankings mirror those of the previous month, indicating a continued trajectory of growth and stability in the global EV battery market.