Battle for overseas market share of power batteries: 4 Chinese companies grow strongly, accounting for more than 30%

From January to March 2024, the installed capacity of electric vehicle (EV, PHEV, HEV) batteries sold worldwide (excluding China) was approximately 77.7GWh, an increase of 15.7% over the same period last year.

On May 9, South Korean research institution SNE Research disclosed data that from January to March 2024, the global (excluding China) sales of electric vehicles (EV, PHEV, HEV) battery installation capacity was approximately 77.7GWh, an increase of 15.7% over the same period last year.

Looking at the top 10 companies in the world (excluding China) in terms of installed capacity of power batteries in the first quarter, four companies achieved triple-digit year-on-year growth, with China New Energy Aviation having the highest growth rate of 5.2 times; two companies experienced negative year-on-year growth, namely Japan's Panasonic and South Korea's SK On.

From the perspective of Chinese companies, a total of four companies ranked in the top 10 of global (excluding China) power battery installations in the first quarter. Among them, CATL has continued to lead the overseas installation of power batteries since it surpassed LGES in January. In the first quarter, the company's cumulative installations reached 21.3GWh, a year-on-year increase of 20.3%, and a market share of 27.5%.

In addition to CATL, BYD, Farasis Energy, and Sinotruk ranked sixth, eighth, and ninth in the global (excluding China) power battery installation TOP10. In the first quarter, BYD's cumulative installation volume was 3GWh, a year-on-year increase of 168.6%, with a market share of 3.9%; Farasis Energy's cumulative installation volume was 1.5GWh, a year-on-year increase of 157.2%, with a market share of 1.9%; Sinotruk's cumulative installation volume was 1.4GWh, a year-on-year increase of 524.2%, with a market share of 1.9%.

From the perspective of Korean companies, the three Korean battery giants ranked second, fourth and fifth respectively. Among them, LGES's cumulative installed capacity in the first quarter was 20GWh, a year-on-year increase of 5.9%, with a market share of 25.7%; Samsung SDI's cumulative installed capacity was 8.4GWh, a year-on-year increase of 36.5%, with a market share of 10.8%; SK On's cumulative installed capacity was 7.2GWh, a year-on-year decrease of 7.7%, with a market share of 9.3%.

Among the top 10 companies in terms of global (excluding China) power battery installation volume in the first quarter, Japan's Panasonic, ranked third, also experienced negative growth, with the largest drop of 12.2%. The cumulative installation volume in the first quarter was 9.3GWh, with a market share of 11.9%.

In addition, Toyota and Panasonic's joint battery companies PPES and PEVE ranked seventh and tenth respectively, with installed capacities of 1.7GWh and 0.8GWh, respectively, up 108.1% and 20.0% year-on-year, and market shares of 2.2% and 1.0%, respectively.

In addition, from the perspective of the global market including China, data disclosed by SNE Research recently showed that the global registered electric vehicle (EV, PHEV, HEV) battery installation capacity in the first quarter of 2024 was approximately 158.8GWh, an increase of 22.0% over the same period last year.

Looking at the top 10 companies in the world in terms of installed capacity of power batteries, from January to March, Chinese companies still occupied 6 seats, with a combined market share of 62.3%.

Specifically, from January to March, CATL continued to maintain its first position in the world, with an installed capacity of 60.1GWh, a year-on-year increase of 31.9% and a market share of 37.9%. BYD ranked second in the world with an installed capacity of 22.7GWh, a year-on-year increase of 11.9% and a market share of 14.3%. The other four Chinese companies on the list are China Innovation Aviation, EVE Energy, Guoxuan High-tech, and Honeycomb Energy, with installed capacities of 6.3GWh, 3.6GWh, 3.4GWh, and 2.7GWh, respectively, a year-on-year increase of 22.2%, 54.7%, 22.1%, and 217.7%, respectively, and market shares of 4.0%, 2.3%, 2.1%, and 1.7%, respectively.

From January to March, among the top 10 companies in the world in terms of installed capacity of power batteries, the market share of three Korean companies totaled 23.5%, down 2.8 percentage points year-on-year. Among them, LGES ranked third with an installed capacity of 21.7GWh, up 7.8% year-on-year; Samsung SDI ranked fifth with an installed capacity of 8.4GWh, up 36.3% year-on-year; SK On showed negative growth year-on-year, with an installed capacity of 7.3GWh and a growth rate of -8.2%, ranking sixth.

Panasonic is the only Japanese company to enter the top 10 in global power battery installation volume. In January-March this year, the company ranked fourth with 9.3GWh of battery usage, but it showed a negative growth of 12.6% compared with the same period last year.