CATL maintained its position as the world’s largest power battery maker in 2024, with BYD coming in second. According to data from South Korean market research firm SNE Research, global electric vehicle (EV) battery usage reached 894.4 GWh in 2024, marking a 27.2% increase from 703.2 GWh in 2023.
CATL’s EV battery installations in 2024 totaled 339.3 GWh, a 31.7% rise from 257.7 GWh in 2023, securing a 37.9% market share, the highest in the industry. This marks a slight increase from the company’s 36.6% share in 2023 and 36.8% in the January-November period of 2024.
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CATL remains the only battery supplier in the world to surpass a 30% market share. The company’s batteries are used by major Chinese automakers such as Zeekr, Aito, and Li Auto, as well as global OEMs like Tesla, BMW, Mercedes-Benz, and Volkswagen.
BYD followed closely, with a 37.5% year-on-year increase in its installed battery volume, reaching 153.7 GWh in 2024. This performance allowed the company to capture 17.2% of the market share, up from 15.9% in 2023. BYD, which manufactures both batteries and electric vehicles, is expanding its reach beyond the Chinese market, gaining ground in Asia and Europe. The company’s competitive pricing strategy has contributed significantly to its growing market share.
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LG Energy Solution ranked third with 96.3 GWh of installed power battery volume, but its market share declined to 10.8%, down from 13.5% in 2023. Other notable players in the market include CALB, SK On, and Panasonic, with shares of 4.4%, 4.4%, and 3.9%, respectively. Samsung SDI, Gotion High-tech, Eve Energy, and Sunwoda rounded out the top ten battery suppliers, with respective market shares of 3.3%, 3.2%, 2.3%, and 2.1% in 2024.