Recently, the South Korean research institute SNE Research released data on global (excluding China) power battery installations for 2024, reaching 361.4 GWh, up 13.1% YoY.
In terms of market share, among the TOP 10 companies in 2024, CATL, LGES, Panasonic, and Samsung SDI all experienced YoY declines.
Regarding ranking changes, in 2024, compared to 2023, CATL surpassed LGES to take the global lead, SK On overtook Panasonic to claim third place, and CALB and Tesla were new entrants to the list.
Compared to January-November 2024, Tesla rose from 8th to 7th place for the full year, Farasis Energy moved from 9th to 8th, and PPES dropped from 7th to 9th, while the rankings of the other seven companies remained unchanged.
In terms of YoY changes in installations, among the TOP 10 overseas power battery companies in 2024, apart from Panasonic, which has been on a downward trend, Samsung SDI also saw a decline. SNE stated that the drop in Samsung SDI's installations was mainly due to reduced battery demand from automakers in the European and North American markets.
The other eight companies all achieved positive growth. Among them, Tesla's growth reached an astonishing 7,900%, while BYD and CALB achieved doubled growth in installations, up 294.1% and 117.6%, respectively.
For Chinese companies, CATL, BYD, Farasis Energy, and CALB collectively recorded 126.4 GWh in overseas power battery installations, with their market share rising to 35.1%.
Specifically, in 2024, CATL maintained its global lead in the overseas power battery market with a market share of 27% and installations of 97.4 GWh, up 10.9% YoY.
Battery Network noted that CATL has topped the global power battery installation rankings for eight consecutive years. In 2024, CATL surpassed LGES for the first time to become the global (excluding China) leader in market share.
BYD recorded installations of 14.8 GWh, up 117.6% YoY, with a market share of 4.1%, maintaining its 6th place ranking. From 0.6% in 2022 to 2.1% in 2023 and then to 4.1% in 2024, BYD's overseas battery market share has continued to grow, mainly driven by the strong sales of its NEVs in overseas markets.
According to the latest data released by CAAM, in 2024, China exported 5.859 million vehicles, up 19.3% YoY. Among the top 10 vehicle exporters, BYD exported 433,000 units, up 71.8% YoY, achieving the fastest growth among Chinese automotive brands and accelerating the export of NEVs.
Farasis Energy recorded installations of 7.5 GWh, up 38.9% YoY, with a market share of 2.1%, ranking 8th. In 2022 and 2023, Farasis Energy's overseas market share was 0.9% and 1.6%, respectively, showing continuous growth.
CALB, a new entrant in 2024, recorded installations of 6.7 GWh, up 294.1% YoY, with a market share of 1.9%, ranking 10th.
Wu Hui, General Manager of the Research Department at EVE Economic Research Institute and Director of the China Battery Industry Research Institute, previously analyzed that under China's national system, the lithium battery industry chain has developed strong global competitiveness over the past decade, with cost and technological advantages across all segments, from raw materials to battery cells to application markets, that cannot be surpassed in the short term. China's lithium battery industry is currently facing "structural" and "mid-term" capacity surpluses, making accelerated overseas expansion a "necessary path" for global development. In the future, the internationalization of China's lithium battery industry will gradually shift from trade-focused to localized overseas investment and development, transitioning from exports to going global.
For South Korean companies, in 2024, the three major South Korean battery companies held a combined market share of 43.5%, down 5.0%, with total installations of 157.3 GWh.
In 2024, LGES, SK On, and Samsung SDI ranked second, third, and fifth in installations, respectively.
Specifically, LGES recorded installations of 88.8 GWh, up 1% YoY, with its market share dropping to 24.6%.
SK On recorded installations of 39 GWh, up 13.7% YoY, achieving the highest growth rate among South Korean battery companies, with a market share of 10.8%.
Samsung SDI recorded installations of 29.5 GWh, down 10.6% YoY, with its market share also dropping to 8.2%.
For Japanese companies, in 2024, Panasonic was overtaken by SK On for the global third spot, ranking fourth with installations of 35.1 GWh, down 18% YoY, and a market share of 9.7%.
The Toyota-Panasonic joint venture battery company PPES dropped to 9th place, with installations of 7.4 GWh, up 29.8% YoY, and a market share of 2%.
For US companies, in 2024, Tesla entered the rankings and continued to climb, ranking 7th for the full year with installations of 8.0 GWh and a market share of 2.2%. Due to a low base in 2023, Tesla's installations achieved a 79-fold increase in 2024.
Additionally, SNE Research recently released data on global power battery installations for 2024, including the Chinese market. The data showed that in 2024, global power battery installations reached approximately 894.4 GWh, up 27.2% YoY.
In terms of market share, among the TOP 10 companies for global power battery installations in 2024, six Chinese battery companies—CATL, BYD, Gotion High-tech, Sunwoda—achieved YoY growth, while EVE's share remained unchanged, and CALB's share declined YoY. The remaining four Japan and South Korea battery companies—LGES, SK On, Panasonic, and Samsung SDI—continued to show YoY declines.
