Recently, research institutions EVTank and Ivy Economic Research Institute, in collaboration with the China Battery Industry Research Institute, jointly released the "White Paper on the Development of the Power Battery Industry for New Energy Vehicles in China (2025)." According to the white paper, global NEV sales in 2024 are expected to reach 18.236 million units, up 24.4% YoY. China's NEV sales in 2024 are projected to reach 12.866 million units, up 35.5% YoY, with its share of global sales increasing from 64.8% in 2023 to 70.5%. NEV sales in Europe and the US in 2024 are expected to be 2.89 million units and 1.573 million units, respectively, with YoY growth rates of -2.0% and 7.2%.
Driven by NEVs, global power battery shipments in 2024 are expected to reach 1,051.2 GWh, up 21.5% YoY.
In terms of the competitive landscape of major global power battery enterprises, CATL ranked first with shipments approaching 360 GWh, capturing a global market share of 34.2%, down 1.5 percentage points compared to 2023. Its top five automaker clients in 2024 were Tesla, Geely, BMW, Volkswagen, and NIO.
BYD, leveraging the growth of its group’s NEVs, ranked second in power battery shipments. Additionally, BYD's key automaker clients in 2024 included Xiaomi, Tesla, Toyota, and XPeng.
Ranking third was South Korea's LGES, with power battery shipments in 2024 approaching 120 GWh. Its top five clients were Volkswagen, Tesla, General Motors, Hyundai, and Volvo.
According to EVTank data, the fourth to tenth positions in global power battery shipments in 2024 were held by CALB, South Korea's SK On, Japan's Panasonic, South Korea's Samsung SDI, Gotion High-tech, EVE, and SVOLT Energy Technology, respectively.
A comparison of the top 10 global power battery enterprises by shipments over the past three years shows that CATL, BYD, and LGES have consistently maintained their positions in the top three, with a relatively stable structure.
In 2024, CALB replaced Japan's Panasonic to rank fourth globally, while SVOLT Energy Technology entered the global top 10 for power battery shipments for the first time. Panasonic was the only company to see an absolute YoY decline in shipments in 2024.
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