CATL still dominates the EV battery market, but BYD gains ground [Video]

As global EV battery consumption continues rising, the most prominent players, including CATL and BYD, continue dominating the market in 2024. CATL still owns over a third of the market, but BYD looks to close the gap with new lower-priced EVs.

Through the first four months of 2024, global EV battery consumption reached 216.2 GWh. That’s up 21.8% from the 177.6 GWh last year.

CATL had the largest share by far, with 81.1 GWh installed, up 30% YOY (62.6 GWh). According to new data from South Korean research firm SNE Research, CATL accounted for 37.7% of the market through April 2024.

The EV battery giant supplies top-selling models, including the Tesla Model 3, Model Y, BMW iX, Mercedes EQ series, and Volkswagen ID series, in China.

With two new planned overseas plants, CATL looks to expand outside of China. The new factories come in addition to the six already planned in Germany, Thailand, …