Over 785 GWh! The Latest Global Power Battery Installations Released! Chinese Companies Now Account for Nearly 70%

On January 6, the South Korean research institute SNE Research released the latest data on global power battery installations for January-November 2024. The data shows that global power battery installations reached 785.6 GWh during this period, up 26.4% YoY.

In terms of market share, among the top 10 companies in global power battery installations for January-November 2024, six Chinese battery companies achieved growth, while Japan and South Korea's LGES, SK On, Panasonic, and Samsung SDI continued to experience YoY declines.

In terms of YoY changes in installations, nine out of the ten battery companies achieved positive growth during January-November 2024, with Panasonic being the only exception.

For Chinese companies, during January-November 2024, the top 10 global power battery installation companies still included CATL, BYD, CALB, Gotion High-tech, EVE, and Sunwoda. These six companies collectively installed 514.8 GWh, accounting for 65.5% of the market share.

Among them, CATL maintained its global leading position with 289.3 GWh of installations, up 28.6% YoY, and a market share of 36.8%. In the Chinese market, major automakers such as Zeekr, AITO, and Li Auto are using CATL batteries. Additionally, in overseas markets, global automakers such as Tesla, BMW, Mercedes-Benz, and Volkswagen also use CATL batteries.

BYD ranked second globally with 134.4 GWh of installations, up 35.9% YoY, and a market share of 17.1%. Leveraging its price competitiveness, BYD has introduced various EVs to the domestic market, gaining increasing popularity. Currently, BYD is expanding beyond the Chinese market into Asia and Europe, rapidly increasing its market share.

It is evident that CATL and BYD alone account for 53.9% of the market share, dominating half of the global power battery market. Notably, the combined installations of the other eight companies in the top 10 amounted to 277.9 GWh, while CATL alone reached 289.3 GWh.

Among the other four Chinese companies on the list, during January-November 2024, CALB ranked fourth globally with 36.3 GWh of installations, up 22.2% YoY, and a market share of 4.6%. Gotion High-tech ranked eighth with 20.9 GWh, up 43.3% YoY, and a market share of 2.7%. EVE ranked ninth with 18.0 GWh, up 27.3% YoY, and a market share of 2.3%. Sunwoda ranked tenth with 15.9 GWh, up 65.7% YoY, and a market share of 2.0%.

For South Korean companies, during January-November 2024, LGES, SK On, and Samsung SDI all achieved growth in installations, with a combined total of 155.6 GWh. However, their market share was 19.8%, down 3.5 percentage points YoY.

Specifically, LGES maintained its global third position with 91.4 GWh of installations, up 6.9% YoY, and a market share of 11.6%.

SK On ranked fifth with 35.3 GWh, up 11.8% YoY, and a market share of 4.5%.

Samsung SDI ranked seventh with 28.9 GWh, up 0.1% YoY, and a market share of 3.7%.

For Japanese companies, Panasonic ranked sixth with 31.2 GWh of battery installations. However, during January-November 2024, Panasonic was the only company among the top 10 global power battery installation companies to experience a decline, with a YoY drop of 20.6% and a market share of 4.0%.

SNE stated that due to slowing demand for EVs and power batteries, operating rates have also declined, leading to further market share reductions for the three South Korean companies focused on the European and US markets. Meanwhile, China, facing restrictions from the US and Europe, is redirecting its surplus inventory to emerging economies based on its stable domestic market. In the short term, growth rates in major regions outside China are expected to fall below expectations.

Additionally, according to information from the China Automotive Power Battery Industry Innovation Alliance, in November 2024, China's power battery installations reached 67.2 GWh, up 13.5% MoM and 49.7% YoY. From January to November 2024, China's cumulative power battery installations reached 473.0 GWh, up 39.2% YoY.

Battery Network observed that LFP batteries are rapidly gaining market share in China's power battery market due to their lower cost, long cycle life, and high safety. In 2023, China's cumulative LFP battery installations reached 261.0 GWh, accounting for 67.3% of total power battery installations. From October to November 2024, LFP battery installations were nearly four times those of ternary batteries, with the market share of ternary batteries retreating to 20%.

Furthermore, due to their price and safety advantages, more overseas automakers are adopting LFP batteries in 2024. European automakers such as Renault, Stellantis, General Motors, Hyundai, and Volkswagen have all announced plans to introduce LFP batteries in entry-level car models.

At its strategic conference in October 2024, LGES announced plans to double its revenue within five years. In 2023, LGES's revenue was 33.75 trillion won (approximately 176.9 billion yuan). Based on this, its revenue target for 2028 will reach 353.8 billion yuan. A key step to achieving this goal is the widespread adoption of LFP batteries.

Additionally, BYD Group's Executive Vice President and Chief Scientist Yubo Lian stated that, considering factors such as cost-effectiveness, safety, and material controllability, LFP batteries will remain the mainstream choice in the market for the next 15 years.