Global EV battery installation's 2024 growth slows: SNE

Market: Battery materials, Metals
11/02/25

Global electric vehicle (EV) battery installations during 2024 grew at a more modest pace compared to a year earlier, given slower global EV demand, show South Korean market intelligence firm SNE Research data today.

Global EV battery installations rose by around 27pc from a year earlier to 894GWh, compared to about 38pc of year-on-year growth in 2023.

China's Contemporary Amperex Technology (CATL) and BYD continued leading EV battery installations given firm Chinese domestic EV sales growth, while South Korean top battery maker LG Energy Solution (LGES) reported growth of just 1.3pc.

The combined market share of the three South Korean battery firms — LGES, SK On and Samsung SDI — in the list of top 10 supplierscontinued to retreat to 18.4pc in 2024 from 23.1pc in 2023. Samsung SDI reported lower battery usage that SNE Research attributed to a decline in demand from major car original equipment manufacturers in Europe and North America. "Amidst growing uncertainties in the US and European markets, it is necessary for K[orean] battery companies to come up with strategic response measures to secure their market shares," said SNE Research on 11 February.

Slowing EV growth outside of China weighed on South Korean battery manufacturers' performance last year. LGES posted operating losses in October-December, its first time in years, and plans to cut this year's capital expenditure. Samsung SDI also suffered an operating loss of near 257bn Korean won ($177mn) in October-December, its first in years, while SK On announced job cuts in September.

The only Japanese battery firm on the top 10 suppliers list, Panasonic, posted lower battery installations in 2024, given lower Tesla Model 3 sales and as Tesla posted its first decline in deliveries in over a decade.

By Joseph Ho

Global EV battery installations				GWh
	2024	2023	2024 Y-o-Y growth	2023 Y-o-Y growth

CATL	339.3	257.7	31.7%	39.8%
BYD	153.7	111.8	37.5%	58.6%
LGES	96.3	95.1	1.3%	32.8%
CALB	39.4	33.8	16.6%	82.7%
SK On	39	34.7	12.4%	15.3%
Panasonic	35.1	42.8	18%	20.2%
Samsung SDI	29.6	33.1	-10.6%	38.5%
Gotion	28.5	16.4	73.8%	18%
EVE	20.3	16	26.9%	128.6%
Sunwoda	18.8	10.8	74.1%	18.7%
Others	94.3	50.9	85.3%	14.6%
Total	894.4	703.2	27.2%	38.2%
Source: SNE Research

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