CATL and BYD have continued to dominate the global electric vehicle (EV) battery market from January to August 2024, according to data released by South Korean market researcher SNE Research on October 7. CATL secured the largest market share at 37.1%, while BYD held the second position with a 16.4% share.
Global EV battery usage during this period totaled 510.1 gigawatt-hours (GWh), marking a 21.7% increase from 419.1 GWh in the same timeframe last year. CATL’s battery installations amounted to 189.2 GWh, up 27.2% from 148.8 GWh a year earlier. Despite being the only supplier with a market share exceeding 30%, CATL experienced a slight decrease from its 37.6% share in the January-July period.
BYD’s battery installations reached 83.9 GWh, a 25.6% rise from 66.8 GWh in the previous year. The company’s market share grew to 16.4%, up from 15.9% last year and 16.1% in the January-July period. This growth is largely attributed to BYD’s strong new energy vehicle (NEV) sales, which hit a record 373,083 units in August—a 35.97% year-over-year increase—and 419,426 units in September, marking its fourth consecutive month of record sales.
LG Energy Solution ranked third with a 12.1% market share, despite its battery installations increasing by only 2.5% year-over-year to 61.8 GWh. The company’s market share declined from 14.4% a year earlier and from 12.4% in the January-July period.
Other notable players include SK On and China’s CALB, both holding a 4.8% market share, and Japan’s Panasonic with 4.4%. Samsung SDI, Eve Energy, Gotion High-tech, and Sunwoda rounded out the top ten, with market shares of 4.2%, 2.6%, 2.2%, and 2.0% respectively.
Source: CNEVPOST
