CATL remains on top of the electric vehicle battery market with a 37.5 percent market share in the first five months of 2024. Yes, this Chinese giant is dominating the industry. So what is the secret of CATL’s success? How did it gain market dominance?
CATL is the leader in the electric vehicle battery market
In the first five months of 2024, CATL produced 107 GWh of batteries. This means a growth of 31 percent compared to last year. Think of it this way, one out of every three batteries on the market comes from CATL. This is thanks to the company supplying batteries to major Chinese brands such as ZEEKR, AITO and Ideal, as well as global giants. It looks like CATL’s future will be even brighter, as its expansion plans are ambitious. So who follows the leader?
In second place is BYD. With 15.7 percent market share and 44.9 GWh production, they are performing quite strongly. BYD recorded 21.1 percent growth compared to last year. In third place is LG Energy Solution. With 12.6 percent market share and 35.9 GWh production, they are also ambitious. Strong sales of popular models such as Tesla Model 3/Y, Ford Mustang Mach-E and Hyundai IONIQ 6 are the biggest factors behind LG’s success.
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In fourth place is SK ON and in fifth place is Samsung SDI. Samsung SDI grew by 26.8 percent thanks to strong sales of the BMW i4/X/5 and Rivian R1T/R1S models. Panasonic, however, is in a bit of a difficult situation. Due to the decline in Tesla Model 3 sales and the delay of the performance version, they fell 26.8 percent and dropped to sixth place.
Electric vehicle battery market share distribution for the first 5 months of 2024 (Top 10)
- CATL: 107 GWh – 37.5%
- BYD 44.9 GWh – 15.7
- LG Energy Solution: 35.9 GWh – 12.6
- SK On: 13.9 GWh – 4.9
- Samsung SDI: 13.7 GWh – 4.8
- Panasonic 13.4 GWh – 4.7
- CALB: 13 GWh – 4.5
- EVE: 7 GWh – 2.4
- Guoxuan: 6.4 GWh – 2.3
- Sunwoda 5.9 GWh – 2.1%
- Others 24.3 GWh – 8.5%
Asian companies maintain their dominance in the electric vehicle battery market. Europe, on the other hand, aims to reduce this dependency, but there is still a lot of work to be done. So what do you think? What is the secret behind CATL’s success? What strategy should Europe pursue against Asian companies? You can share your comments below.
