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In 2024, the global electric vehicle (EV) battery market saw a significant shift, with Chinese manufacturers dominating the production landscape. Contemporary Amperex Technology Co. Limited (CATL) and BYD took the top spots, producing a majority of the approximately 894 gigawatt hours (GWh) of global EV batteries installed that year[1].
CATL, in particular, saw a substantial increase in production, almost doubling the total of its nearest competitors since 2022[2]. The company produced 300.8GWh of EV batteries in 2024, a 24.8% increase from the previous year[3]. BYD followed closely behind, producing 156.8GWh in 2024, marking a 27.5% year-on-year increase[3].
Meanwhile, South Korean battery makers such as LG Energy Solution (LGES), SK On, and Samsung SDI experienced slower growth, with LGES growing only about 1.3%[1]. As a result, the combined market share of the top three South Korean firms in the top 10 list of suppliers declined to 18.4% in 2024 from 23.1% in 2023[1].
Notably, Gotion entered the top 10 in 2024, with a cell output of 13.7GWh, up 66.2% compared to the previous year[3]. Sunwoda also showed impressive growth, producing the best year-on-year increase within the top 10 in 2024, with 124.9% more output and a 1.1 percentage point increase in market share[3].
Other key developments included CATL's joint venture with Stellantis for a large-scale LFP battery plant in Spain, with production expected to begin in 2026[2]. LG Energy Solution also announced a plan with GM to jointly develop prismatic battery-cell technology in December 2024[4].
It's worth noting that one GWh of EV batteries can supply approximately 20,000 battery-electric vehicles with an average capacity of 50kWh[5]. This surge in production is a testament to the growing demand for electric vehicles worldwide.
In terms of total global EV battery installations, gigafactories worldwide produced a total of 867.8GWh in 2024, a 21.2% increase from 2023[6]. Despite the lack of exact production numbers by individual manufacturers in GWh, the data indicates that Chinese manufacturers, especially CATL and BYD, remain the largest producers by volume.
References:
[1] SNE Research [2] Reuters [3] SNE Research [4] LG Energy Solution press release [5] U.S. Department of Energy [6] SNE Research
The surge in production of electric vehicles (EVs) by Chinese manufacturers, particularly Contemporary Amperex Technology Co. Limited (CATL) and BYD, has led to a shift in the global EV battery market landscape in 2024, with these companies accounting for a majority of the EV batteries installed. Moreover, the rapid growth in EV production by these manufacturers has significant implications for the global lifestyle, as one gigawatt hour (GWh) of EV batteries can supply approximately 20,000 battery-electric vehicles with an average capacity of 50kWh, indicating the growing demand for electric vehicles worldwide. Technology in the form of advanced battery manufacturing techniques and partnerships, such as CATL's joint venture with Stellantis for a large-scale LFP battery plant in Spain, is playing a crucial role in shaping the future of car ownership and electric-vehicle adoption.
