CATL contributed 35.2 percent of global EV battery shipments in the third quarter, while BYD FinDreams contributed 17.0 percent.
Backed by the world's largest electric vehicle (EV) market in China, Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) and BYD (HKG: 1211, OTCMKTS: BYDDY) together accounted for more than half of global power battery shipments.
In the third quarter of 2024, the global power battery shipments amounted to 258.5 GWh, according to data released today by South Korean market research firm SNE Research.
CATL shipped 91.0 GWh of EV batteries in the third quarter, continuing to rank first in the world with a 35.2 percent share, and is the only battery supplier in the world with a market share of more than 30 percent.
BYD's battery manufacturing unit, FinDreams Battery, ranked second with a 17.0 percent share of 44.0 GWh of EV batteries shipped in the third quarter.
The two Chinese companies shipped a combined 135 GWh in the third quarter for a combined 52.2 percent share.
South Korea's LG Energy Solution shipped 29.0 GWh of EV batteries in the third quarter, ranking third with an 11.2 percent share.
China's CALB was fourth with a 5.0 percent share, Japan's Panasonic was fifth with a 3.9 percent share, and China's Gotion High-tech was sixth with a 3.9 percent share.
Three South Korean firms -- LG Energy Solution, Samsung SDI and SK On -- and CATL and BYD remained stable in the rankings, while CALB showed rapid growth and started to expand its presence to major OEMs such as Geely and emerging OEMs such as Xpeng (NYSE: XPEV), Nio (NYSE: NIO), and Leapmotor (HKG: 9863), SNE Research noted.
The market share of battery companies entering emerging countries and China's domestic market is expected to grow significantly in the future, SNE Research said.
In terms of sales revenue, CATL ranked first with a 28.5 percent share in the third quarter, while LG Energy Solution came in second with a 14.1 percent share. BYD FinDreams was third with 12.3 percent.
China EV battery installations in Oct: CATL share at 42.78%, BYD 26.73%
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