CATL (SHE: 300750) continued to be the world's largest power battery maker in 2024, followed by BYD (HKG: 1211, OTCMKTS: BYDDY).
In the January-December 2024 period, global electric vehicle (EV) battery usage totaled 894.4 GWh, up 27.2 percent from 703.2 GWh in the same period last year, according to data released today by South Korean market research firm SNE Research.
CATL's EV battery installations in January-December were 339.3 GWh, up 31.7 percent from 257.7 GWh in 2023.
The Chinese power battery giant continued to rank first in the world with a 37.9 percent share in 2024 and remained the only battery supplier in the world with a market share of more than 30 percent.
This is higher than its 36.6 percent share in 2023 and above its January-November 2024 share of 36.8 percent.
In China, the world's largest EV market, major carmakers such as Zeekr (NYSE: ZK), Aito, and Li Auto (NASDAQ: LI) are using CATL's batteries, the SNE Research report noted.
In addition to Chinese OEMs, Tesla (NASDAQ: TSLA), BMW, Mercedes-Benz, Volkswagen, and many other major global OEMs are also adopting CATL's batteries, the report said.
BYD's installed power battery volume in 2024 was 153.7 GWh, up 37.5 percent from 111.8 GWh in 2023.
The company ranked second in the January-December period with a 17.2 percent share, up from 15.9 percent in 2023 and up from 17.1 percent in the January-November period.
BYD not only produces batteries, but also manufactures its own EVs and is gaining great popularity by introducing various EVs to the market with excellent price competitiveness, SNE Research noted.
The company it is rapidly securing market share by expanding beyond the Chinese domestic market to Asian and European markets including South Korea, the report said.
LG Energy Solution's installed power battery volume in 2024 was 96.3 GWh, up 1.3 percent year-on-year.
The South Korean company continued to rank third in the January-December period with a 10.8 percent share, down from 13.5 percent in the same period last year and from lower than the 11.6 percent in the January-November period.
China's CALB was fourth with a 4.4 percent share, South Korea's SK On was fifth with about 4.4 percent, and Japan's Panasonic was sixth with 3.9 percent.
Samsung SDI of South Korea, China's Gotion High-tech, Eve Energy, and Sunwoda ranked seventh, eighth, ninth, and tenth, respectively, with shares of 3.3 percent, 3.2 percent, 2.3 percent, and 2.1 percent, respectively, in 2024.
China EV battery installations in Dec: CATL share at 45.48%, BYD 23.19%
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