Electric vehicle battery deployment across the world continues to surge this year, recording a year-on-year increase of 23% in January-May 2024 compared to the same period in 2023.
Global EV battery deployment in Jan-May 2024
Global electric vehicle battery installations reached a total capacity of 285.4 GWh in the first five months of the year, according to South Korean market researcher SNE Research’s data.
This battery installation capacity represents a notable increase of 23% compared to only 232.1 GWh in the January to May 2023 period.
As expected, China’s CATL and BYD led the global rankings owing to their unbeatable market shares.
Top 10 global EV battery makers
CATL remained at the top spot with a market share of 37.5%, followed by BYD’s 15.7% share.
While CATL still owns the crown, its market share has declined in recent months. On the other hand, BYD is consistently increasing its global electric vehicle battery industry share.
Presented below are the top 10 global EV battery makers in Jan-May 2024:
| Rank | Manufacturer | Jan-May 2023 | Jan-May 2024 | Growth Rate YoY | 2023 Share | 2024 Share |
| 1 | CATL | 81.6 | 107.0 | 31.1% | 35.2% | 37.5% |
| 2 | BYD | 37.0 | 44.9 | 21.1% | 16.0% | 15.7% |
| 3 | LG Energy Solution | 34.0 | 35.9 | 5.6% | 14.7% | 12.6% |
| 4 | SK on | 13.4 | 13.9 | 4.2% | 5.8% | 4.9% |
| 5 | Samsung SDI | 10.8 | 13.7 | 26.8% | 4.7% | 4.8% |
| 6 | Panasonic | 18.3 | 13.4 | -26.8% | 7.9% | 4.7% |
| 7 | CALB | 9.5 | 13.0 | 37.4% | 4.1% | 4.5% |
| 8 | EVE | 5.0 | 7.0 | 39.4% | 2.2% | 2.4% |
| 9 | Guoxuan | 5.2 | 6.4 | 23.6% | 2.2% | 2.3% |
| 10 | Sunwoda | 3.6 | 5.9 | 62.0% | 1.6% | 2.1% |
| Others | 13.6 | 24.3 | 78.5% | 5.9% | 8.5% | |
| Total | 232.1 | 285.4 | 23.0% | 100.0% | 100.0% |
Intensifying competition
CATL’s dominance in the EV battery market starts to wane as competitors are making waves with new technologies.
While its 37.5% market share in Jan-May 2024 is higher than its 35.2% share in the same period last year, it indicates a decline from its 37.7% record in Jan-April 2024.
Battery makers with more affordable and innovative offerings will certainly gain a large portion of the market. Therefore, those companies that can easily adapt and innovate will likely lead the industry in the future.
