As international EV battery consumption continues rising, essentially the most distinguished gamers, together with CATL and BYD, proceed dominating the market in 2024. CATL nonetheless owns over a 3rd of the market, however BYD seems to be to shut the hole with new lower-priced EVs.
CATL and BYD are nonetheless the EV battery market leaders
By the primary 4 months of 2024, international EV battery consumption reached 216.2 GWh. That’s up 21.8% from the 177.6 GWh final yr.
CATL had the most important share by far, with 81.1 GWh put in, up 30% YOY (62.6 GWh). In keeping with new information from South Korean analysis agency SNE Analysis, CATL accounted for 37.7% of the market by means of April 2024.
The EV battery big provides top-selling fashions, together with the Tesla Mannequin 3, Mannequin Y, BMW iX, Mercedes EQ sequence, and Volkswagen ID sequence, in China.
With two new deliberate abroad crops, CATL seems to be to broaden exterior of China. The brand new factories come along with the six already deliberate in Germany, Thailand, Hungary, Indonesia, and two within the US.
Regardless of a sluggish begin to 2024 as a result of Chinese language New Yr, BYD noticed stable gross sales development. BYD ranked second with a 15.4% share.
BYD’s battery installations hit 33.2 GWh by means of April, up 18.3% from final yr. The corporate’s market share was up from 14.3% by means of March.
With a sequence of latest, low-priced automobiles hitting the market, BYD seems to be to shut the hole all year long. BYD’s most cost-effective EV, the Seagull Honor Version, begins at simply $9,700 (69,800 yuan) in China.
Most lately, BYD launched its fifth-gen Twin Motor (DM) hybrid tech. BYD’s DM 5.0 has gas consumption as little as 2.9 liters per 100 km with over 1,300 miles (2,100 km) CLTC vary.
In keeping with BYD chairman and president Wang Chuanfu, that’s thrice greater than conventional gas-powered automobiles.
Are South Korean battery makers falling behind?
In keeping with the report, the highest three South Korean EV battery makers represented 22.8% of the market, down 2.4% YOY.
LG Vitality Answer was the most important among the many three, accounting for 13% of the market. LG’s consumption was up 7.8% from final yr at 28 GWh.
| Rank | High Ten World EV Battery Makers (January to April 2024) |
Market Share |
| 1 | CATL | 37.7% |
| 2 | BYD | 15.4% |
| 3 | LG Vitality Answer | 13% |
| 4 | Samsung SDI | 5.1% |
| 5 | SK On | 4.8% |
| 6 | Panasonic | 4.7% |
| 7 | CALB | 4.3% |
| 8 | Eve Vitality | 2.3% |
| 9 | Gotion | 2.2% |
| 10 | Sunwoda | 2.0% |
The expansion was fueled by larger Tesla Mannequin 3, Mannequin Y, Ford Mustang Mach-E, and Hyundai IONIQ 6 gross sales in Europe and North America. The report notes that GM’s Ultium Cells is predicted to guide the North American market with batteries that meet the IRA, which may assist increase LG’s market share.
GM’s new electrical automobiles, together with the Chevy Equinox EV, Blazer EV, and Silverado EV, are hitting the North American market.
Ford additionally kicked off manufacturing of the electrical Explorer this week in Europe based mostly on Volkswagen’s MEB platform.
In the meantime, Samsung SDI noticed the best development fee at 32.9%, putting in 10.9 GWh by means of April. Samsung positioned fourth with a 5.1% share.
Samsung’s development was boosted by larger BMW i4, i5, iX, and Rivian R1T and R1S gross sales.
Korea’s SK On was fifth with 4.8% of the market, with 10.3 GWh put in, down 2% from final yr.
With the refreshed Hyundai IONIQ 5 and Kia EV6, outfitted with SK’s fourth-gen batteries rolling out, gross sales are anticipated to get well.
The one Japanese automaker to make the highest ten, Panasonic positioned sixth with 10.2 GWh, down 29.5% YOY. Panasonic held 4.7% market share.
CALB (4.3%), Eve Vitality (2.3%), Gotion (2.2%), and Sunwoda (2.0%) rounded out the highest ten EV battery makers by means of April 2024.
Supply: CnEVPost, SNE Analysis
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