Electric vehicle battery consumption grew by a notable 22% year-on-year worldwide in the first quarter of 2024, demonstrating the progressive global shift to more sustainable mobility.
Total EV battery deployment (Jan-Mar 2024)
Global electric vehicle battery makers deployed a combined total capacity of 158.8 GWh in Q1 2024, SNE Research’s data revealed.
As mentioned, it represents a 22% YoY increase from just 130.2 GWh in Q1 2023.
Notably, this cumulative battery capacity consumption in the year’s first quarter includes battery, plug-in hybrid, and hybrid electric vehicles.
As expected, Chinese battery giants CATL and BYD played a significant role in the global electric vehicle battery industry growth from January to March 2024.
Top 10 global EV battery makers
Presented below are the top 10 global electric vehicle battery makers in Q1 2024:
| Rank | Battery Supplier | 2023. 1~3 (GWh) | 2024. 1~3 (GWh) | Growth Rate | 2023 Market Share | 2024 Market Share |
| 1 | CATL | 45.6 | 60.1 | 31.9% | 35.0% | 37.9% |
| 2 | BYD | 20.3 | 22.7 | 11.9% | 15.6% | 14.3% |
| 3 | LG Energy Solution | 20.1 | 21.7 | 7.8% | 15.4% | 13.6% |
| 4 | Panasonic | 10.6 | 9.3 | -12.6% | 8.2% | 5.8% |
| 5 | Samsung SDI | 6.2 | 8.4 | 36.3% | 4.7% | 5.3% |
| 6 | SK on | 7.9 | 7.3 | -8.2% | 6.1% | 4.6% |
| 7 | CALB | 5.2 | 6.3 | 22.2% | 4.0% | 4.0% |
| 8 | EVE | 2.3 | 3.6 | 54.7% | 1.8% | 2.3% |
| 9 | Guoxuan | 2.7 | 3.4 | 22.1% | 2.1% | 2.1% |
| 10 | SVOLT | 0.9 | 2.7 | 217.7% | 0.7% | 1.7% |
| Others | 8.4 | 13.4 | 59.2% | 6.5% | 8.4% | |
| Total | 130.2 | 158.8 | 22.0% | 100.0% | 100.0% |
IEA forecasts
The International Energy Agency (IEA) indicated in its Global EV Outlook 2024 that electric vehicle battery demand will surge four-and-a-half-fold by 2030 and nearly sevenfold by 2035 in the Stated Policies Scenario (STEPS).
The forecast substantially increases in the Announced Pledges (APS) and Net Zero Emissions (NZE) Scenario. As per the report, the battery demand for EVs will multiply by five and seven times in 2030, respectively. In 2035, it will surge by nine and twelve times.
“To put this in context, in the APS in 2035, there could be as much EV battery demand per week as there was in the entire year of 2019.”
IEA
The remarkable growth in global EV battery usage in Q1 2024 highlights the progressive production ramp-up over the past few years to match the surging demand. However, affordability issues, high interest rates, and charging infrastructure shortages continue to affect the demand for battery electric vehicles. According to SNE Research, the demand for alternatives like PHEV and HEV has been higher than expected.
