Latest Rankings ▏Top 10 Power Battery Installations in Global and Overseas Markets

According to statistics from South Korea's SNE Research, the global market's power battery installations for electric vehicles (including BEVs, PHEVs, and HEVs) reached approximately 785.6 GWh from January to November 2024, up 26.4% YoY. Unit: GWh. Data source: SNE Research. In the global market's power battery installations TOP10 list for January-November 2024 (referred to as the "global market"), six Chinese battery enterprises made the list: CATL, BYD (FinDreams Battery), CALB, Gotion High-tech, EVE, and Sunwoda. Additionally, three South Korean companies and one Japanese company were included. Unit: GWh. Data source: SNE Research. Moreover, the same organization also released a TOP10 list of power battery installations in global markets excluding China (referred to as the "overseas market"). Among them, CATL continued to lead, while BYD, Farasis Energy, and CALB achieved YoY growth rates ranging from 43.2% to 299.5%. These four Chinese battery enterprises demonstrated strong momentum in overseas installations. Here, we analyze and interpret the global and overseas market power battery installation data for the first 11 months of 2024, aiming to provide insights for more Chinese battery enterprises in their global expansion. Analysis of the Global Market Power Battery Installations TOP10, January-November 2024 From the TOP10 list of global market power battery installations for January-November 2024, six key characteristics emerge: 1. Chinese battery enterprises continue to dominate the global market. By country, the combined market shares of battery enterprises from China, South Korea, and Japan in the TOP10 list for January-November 2024 were 65.5%, 19.8%, and 4.0%, respectively, compared to the same period in 2023, with changes of +2.5 percentage points, -3.8 percentage points, and -2.3 percentage points, respectively. 2. Chinese battery enterprises exhibit stronger growth momentum compared to companies from other countries. The three fastest-growing companies on the list were Sunwoda, Gotion High-tech, and BYD, with YoY growth rates of 65.7%, 43.3%, and 35.9%, respectively. Additionally, CATL, EVE, and CALB also showed robust growth, all exceeding 20%. 3. Five Chinese enterprises saw their market shares increase or remain stable YoY. Among Chinese companies, CATL, BYD, Gotion High-tech, EVE, and Sunwoda demonstrated strong market expansion capabilities, with their market shares either increasing or remaining stable YoY, further consolidating their respective market positions. 4. South Korean battery enterprises experienced a decline in market share. The three South Korean companies on the list saw their installations grow or remain stable compared to the same period in 2023, but their market shares declined by 0.6 to 2.2 percentage points. This indicates that South Korea's top-tier battery enterprises are facing challenges in maintaining their market positions amid fierce competition from Chinese companies. 5. Japanese battery enterprises saw declines in both installations and market share. Panasonic, the only Japanese company on the list, experienced an 8 GWh drop in installations and a 2.3 percentage point decrease in market share compared to the same period in 2023. 6. The combined market share of the TOP10 companies decreased by 3.6 percentage points YoY. From January to November 2024, the combined market share of the TOP10 companies in the global market was 89.3%, down from 92.9% in the same period in 2023, indicating a decline in market concentration among the TOP10 companies. This suggests that with the rise of more "mid-tier" battery enterprises, they are gradually carving out a niche in the market through technological innovation and market expansion, thereby redistributing some of the market share previously concentrated among the TOP10 companies. Outstanding Performance of Chinese Battery Enterprises in the Global Market By company, CATL continued to lead globally, with installations reaching 289.3 GWh, up 28.6% YoY, and a market share of 36.8%. BYD ranked second, with installations of 134.4 GWh, up 35.9% YoY, and a market share of 17.1%. Compared to the same period in 2023, BYD further widened its lead over LG Energy Solution, from 13.4 GWh to 43 GWh. CALB ranked fourth, with installations of 36.3 GWh, up 22.2% YoY, and a market share of 4.6%. Compared to the same period in 2023, CALB surpassed South Korea's SK On and Japan's Panasonic, climbing two spots in the rankings, though its market share slightly declined YoY. Gotion High-tech ranked eighth, with installations of 20.9 GWh, up 43.3% YoY, and a market share of 2.7%. According to reports, Gotion High-tech has launched the 5C ultra-fast charging G-ke battery, which can recharge 80% in 9.8 minutes; its high-nickel ternary cylindrical Xingchen battery supports 4C fast charging, recharging from 10% to 70% in 9 minutes, along with new products like the all-solid-state Jingshi battery, which will support further growth in installations. EVE ranked ninth, with installations of 18.0 GWh, up 27.3% YoY, and a market share of 2.3%. Reports indicate that in 2024, EVE launched the EVE Omni cell and open-source battery in the NEV sector. The former features 6C ultra-fast charging, enabling a 300-kilometer driving range with a 5-minute charge. EVE also introduced the Mr. flagship series for ESS, all-tab cylindrical batteries, the Omni battery-LMX series, and eVTOL aircraft batteries. Currently, EVE offers comprehensive lithium battery solutions and is expected to see steady growth in installations in the future. Sunwoda ranked tenth, with installations of 15.9 GWh, up 65.7% YoY, and a market share of 2.0%. Disclosures show that in the first three quarters of 2024, Sunwoda achieved revenue of 38.279 billion yuan, up 11.54% YoY; net profit attributable to shareholders was 1.212 billion yuan, up over 50% YoY; and net profit after non-recurring items was 1.163 billion yuan, up 90.68% YoY. In the power battery sector, Sunwoda introduced its next-generation ultra-fast charging product, Flash Charge Battery 3.0, with a peak C-rate of 6C. With its current high growth rate, Sunwoda has firmly secured its position in the TOP10 installations list. In summary, Chinese enterprises in the TOP10 global market power battery installations collectively hold approximately two-thirds of the market share. CATL and BYD alone account for over 50% of the total installations. The composition of the TOP10 companies from China, South Korea, and Japan remains relatively stable. However, with their advantages in cutting-edge technologies, faster-growing Chinese companies are expected to further increase their global market share in 2025. Analysis of the Overseas Market Power Battery Installations TOP10 Data shows that in the first 11 months of 2024, overseas market power battery installations reached approximately 325.6 GWh, up 13.3% YoY. Compared to the same period in 2023, the combined market share of the four Chinese companies on the list exceeded one-third, reaching 34%, up 2.3 percentage points YoY. The three South Korean companies (LG Energy Solution, SK On, Samsung SDI) held a market share of 45.6%, down 2.8 percentage points YoY. The two Japanese companies (Panasonic, PPES) had a market share of 11.9%, down 3.6 percentage points YoY. Additionally, one US company (Tesla) entered the list with a market share of 2.1%. In the overseas market, CATL's major clients include Tesla, BMW, Mercedes-Benz, Volkswagen, and Hyundai. BYD has entered the battery supply chains of several overseas automakers, including Toyota, and its vehicle business has strategically expanded to markets such as Thailand, India, Germany, the UK, France, Turkey, Mexico, Australia, and New Zealand, which will further boost its overseas installations. Farasis Energy, benefiting from its early "go global" strategy, has an operational battery production site in Turkey, serving markets in Europe and the Middle East. CALB achieved the highest YoY growth rate in the overseas market TOP10, nearing 300%, with a market share of 1.8%, up 1.3 percentage points YoY. Additionally, Tesla's German battery factory has achieved large-scale production and plans to expand capacity, which is expected to further increase its installations in 2025. Calculations show that in the first 11 months of 2024, overseas market installations accounted for approximately 41.4% of the global total, with the overseas market's YoY growth rate lagging behind the global average. This indicates that China remains the largest market for power battery installations globally, while the overseas market's growth appears relatively slower. It is evident that Chinese battery enterprises maintaining high growth amid intense global competition is no small feat. From a market perspective, with the slowdown in NEV growth in regions like North America and the introduction of new policies and tariffs in Europe and the US, significant changes may occur in the overseas market in the future. As LFP batteries, large cylindrical batteries, and other product types see further production increases, they may become key factors reshaping the installation landscape in 2025.