2024 Battery Shipments: 1.3TWh, Top 10 Ranked Battery Manufacturers

Among the top 10 global battery manufacturers (power + energy storage) in 2024, six are Chinese companies: CATL, BYD, EVE Energy, CALB, Gotion High-Tech, and Sunwoda. Three South Korean companies—LG Energy Solution, Samsung SDI, and SK On—along with Japan’s Panasonic also made the list.

Part 1. Breakdown of the Top 10 Battery Shipments in 2024

By Company:

• CATL ranked first, with shipments reaching 491 GWh, a 29% YoY increase, capturing a 38% market share (up 2 percentage points YoY).

  • Key automotive customers (as of end-2024) include SAIC, Geely, NIO, Li Auto, Yutong, Xiaomi, BMW, Mercedes-Benz, Stellantis, Volkswagen, Ford, Toyota, Hyundai, Honda, and Volvo.

  • Major energy storage partners include domestic players like China Energy Group, SPIC, China Huaneng, China Huadian, and CNPC, as well as international firms such as NextEra, Synergy, Wärtsilä, Excelsior, Jupiter Power, and FlexGen.

• BYD secured second place with 192 GWh in shipments, up 22% YoY, holding a 15% market share. Its lead over third-ranked LG Energy Solution widened from 20 GWh in 2023 to 64 GWh in 2024.

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  • In the power sector, BYD remained the global NEV sales champion, driving battery demand. External automakers using its batteries include FAW, XPeng, BAIC, NIO, Dongfeng, and XCMG.

  • Energy storage clients include State Grid, SPIC, CGN, China Huadian, SMS, NextEra, and Terra-Gen. In February 2024, BYD Energy Storage signed a 12.5 GWh project with Saudi Electricity Company.

• LG Energy Solution ranked third with 128 GWh in shipments, down 7% YoY, and a 10% market share (down 3 percentage points).

  • Top automotive customers: Volkswagen, Tesla, GM, Hyundai, and Volvo.

  • Energy storage focus: North America, with clients like Excelsior and Terra-Gen.

• EVE Energy climbed two spots to fourth place, with 68 GWh shipped (+62% YoY) and a 5% market share (+1 percentage point).

  • Adopting a diversified battery tech strategy, EVE expanded production bases in Malaysia and Hungary and is building an LFP joint venture in North America.

  • Automotive partners: GAC, XPeng, Sany, Geely, JAC, Changan, BAIC, and BMW. In February, EVE Power received a supplier contract from FAW Bestune for large cylindrical cells.

  • Energy storage collaborations: State Grid, China Southern Power Grid, China Huadian, SPIC, Sungrow, Linyang Energy, Deye, GoodWe, Poweroam, Powin, and ABS. A 50 GWh supply deal with HyperStrong was signed in February.

• CALB rose two positions to fifth, with 64 GWh (+52% YoY) and a 5% market share (+1 percentage point).

  • Key automotive clients: GAC, Changan, XPeng, NIO, Leapmotor, Geely, Dongfeng, SAIC, Seres, and Chery.

  • Energy storage partner: Sungrow.

• Gotion High-Tech jumped three spots to sixth, shipping 50 GWh (+61% YoY) with a 4% market share (+1 percentage point).

  • Automotive customers: Geely, Chery, SAIC-GM-Wuling, Leapmotor, Changan (domestic); Tata, VinFast, Rivian (overseas).

  • Energy storage partners: State Grid, China Tower, Wanergy, China Huadian, SPIC, Huawei, PGT (U.S.), Pod Point (UK), and Daiwa Energy (Japan).

• Samsung SDI fell three spots to seventh, with 48 GWh shipped (-17% YoY) and a 4% market share (-2 percentage points).

  • Key clients: Stellantis, Ford, BMW, Volkswagen, Hyundai, Rivian, and Lucid.

• Panasonic held eighth place with 42 GWh (+2% YoY) and a 3% market share (-1 percentage point).

  • Primary customer: Tesla (cylindrical cells).

• SK On dropped four spots to ninth, with 31 GWh (-46% YoY) and a 2% market share (-3 percentage points).

  • Major clients: Ford, Hyundai, Volkswagen, and Mercedes-Benz.

• Sunwoda rounded out the top 10 with 22 GWh (+47% YoY) and a 2% market share (+1 percentage point).

  • Automotive partners: Volkswagen, Volvo, Nissan (overseas); Li Auto, XPeng (Chinese EV makers); SAIC, Geely, BAIC (traditional OEMs).

Part 2. Key Trends in 2024 Global Battery Shipments

Amid the global energy transition, the NEV and energy storage markets are booming, intensifying competition in the battery sector. Key observations:

1. Chinese firms dominate (69% share), while Korean players shrink (16%).

   • The six Chinese companies in the top 10 collectively held a 69% market share (+6 percentage points YoY).

   • The three Korean firms dropped to 16% (-8 percentage points), and Japan’s Panasonic held 3% (-1 percentage point).

2. Chinese firms grew >20% YoY; Korean/Japanese players declined.

   • EVE Energy, Gotion High-Tech, and CALB led growth (>50% YoY).

   • Only Panasonic saw marginal growth among non-Chinese firms, while Korean shipments fell sharply.

3. Divergence between power and energy storage rankings.

   • Power battery top 5: CATL, BYD, LG Energy Solution, CALB, Panasonic.

   • Energy storage leaders: CATL, EVE Energy, BYD, CALB, Gotion High-Tech.

   • Breakthroughs in energy storage helped EVE, CALB, and Gotion rise in overall rankings.

4. LFP batteries gain traction, pressuring Korean ternary producers.

   • Chinese-led LFP tech expanded rapidly due to cost efficiency and thermal safety, displacing Korean NCM batteries.

   • Korean firms are now accelerating LFP investments to compete.

Part 3. Outlook for 2025

• Power batteries: Market consolidation will intensify, with semi-solid-state batteries entering validation, led by Chinese firms.

• Energy storage: High growth continues, with Chinese players (CATL, EVE Energy, Envision AESC, REPT) driving advancements in capacity, cycle life, and safety.

• Supply chain shifts: China controls ~70% of global shipments, while Europe and the U.S. push localization but remain reliant on Chinese tech partnerships.

(Note: All data sourced from SNE Research and industry reports.)