Global battery installed capacity announced: CATL ranks first, BYD second

Chinese battery companies CATL and BYD ranked first and second in the world. The global power battery market as a whole also grew, but the growth rate slowed significantly compared to 2023.

On May 7, the latest data released by South Korean market research firm SNE Research showed that the total installed capacity of all types of batteries in the world in the first quarter of this year was 158.8GWh, a year-on-year increase of 22%.

Looking at the individual companies, in the first quarter of this year, the top two companies in the world in terms of total installed capacity of various types of batteries were both Chinese companies. Among them, CATL's battery installed capacity increased by 31.9% year-on-year to 60.1GWh, ranking first in the world; BYD's battery installed capacity exceeded LG Energy Solution, increasing by 11.9% to 22.7GWh, ranking second.

The market share of the three largest battery manufacturers in South Korea has declined, totaling 23.5%. LG Energy Solution's installed capacity was 21.7GWh, up 7.8% year-on-year, with a market share of 13.6%, ranking third in the world. Samsung SDI's installed capacity was 8.4GWh, up 36.3% year-on-year, with a market share of 5.3%, ranking fifth. SK on's installed capacity was 7.3GWh, down 8.2% year-on-year, with a market share of 4.6%, ranking sixth.

Among the top ten companies, only Panasonic and SK on are in a declining state, while other battery companies have achieved varying degrees of growth compared with the same period last year.

There have been significant changes in the market shares of the world's two major power battery producing companies. Chinese battery companies have a combined market share of 62.3%, while the three Korean battery companies have a market share of 23.5%, demonstrating the leading advantage of Chinese battery companies in the global market.

According to SNE Research, the main reason for the change in installed capacity of Chinese and Korean battery companies is that the first quarter automobile sales in Europe and the United States were lower than expected, which may have affected the market share of Korean power battery manufacturers. However, China's new energy vehicle market still maintains a relatively fast growth rate.

SNE Research predicts that globally, consumers' preference for BEVs (pure electric vehicles) will decrease, while PHEVs (plug-in hybrid electric vehicles) and HEVs (hybrid electric vehicles) will show higher-than-expected growth.

In addition to the two star battery companies CATL and BYD, China Innovation Aviation, EVE Energy, Guoxuan High-tech and Honeycomb Energy also performed relatively well in the global market. They ranked in the top ten in the global power battery installation volume ranking.

Judging from the data, although the total installed capacity of global power batteries has increased, the growth rate in the first quarter of 2024 has slowed down compared with the year-on-year growth of 38.6% in 2023.

In summary, the global power battery usage in the first quarter of 2024 shows the continued growth of the market, especially the strong performance of Chinese battery manufacturers in the global market. At the same time, the slowdown in global market growth and changes in market share also indicate the competitive dynamics and market adjustments within the industry.