Cookies utilized by Autovista24 enhance user experience
In 2024, the global electric vehicle (EV) battery market experienced significant growth, with a total production of 867.8 gigawatt-hours (GWh) - a 21.2% increase compared to the previous year [1]. This surge in demand was met by a handful of leading manufacturers, each vying for a larger share of the market.
China's Contemporary Amperex Technology Co. Limited (CATL) continued its dominance as the global leader in EV battery production. Holding about 37% of the market share in 2023, CATL's estimated output in 2024 was well over 200 GWh, thanks to its partnerships with major automakers like Tesla, BYD, and BMW [1][4].
Tesla, another heavyweight in the industry, produced over 100 GWh of batteries at its Gigafactories in 2023. With ramped production of its 4680 cells expected in 2024, Tesla's output is anticipated to see a significant boost [1].
LG Energy Solution, a top manufacturer closely competing with CATL and Tesla, supplied batteries to multiple global automakers. Its 2024 output is likely in the range of 100-150 GWh based on market position and capacity expansions [1][3].
BYD, the world's second-largest EV battery maker by 2024, saw its cell output increase by 27.5% year on year, reaching 156.8 GWh [2].
South Korean manufacturers, including LG Energy Solution, Samsung SDI, and SK Innovation (SK On), remained significant players with expanding global manufacturing footprints [2][3]. However, Samsung SDI experienced a decline in 2024, with a total of 34 GWh, down 7.5% from the previous year [1].
Chinese manufacturers, such as CALB, Gotion High-Tech, and EVE Energy, dominated in capacity and output, supported by their supply chains and strong government support [4]. CALB jumped up the table in 2024, from seventh position in 2023, with a 39.8 GWh capacity, an improvement of 58.1%. Gotion entered the top 10 in 2024, with a cell output of 13.7 GWh, up 66.2% compared to 2023 [1].
Meanwhile, CATL announced a joint venture with Stellantis for a large-scale LFP battery plant in Spain, with production expected to begin in 2026 and a potential capacity of up to 50 GWh [1].
As the race for EV battery dominance continues, it's clear that 2024 was a year of growth and competition, with manufacturers pushing the boundaries to meet the increasing global demand for electric vehicles.
References:
[1] Charged, (2025). The Top 10 EV Battery Manufacturers in 2024: A Year of Record Output. Retrieved from https://charged.ai/2025/01/15/top-10-ev-battery-manufacturers-2024/
[2] InsideEVs, (2025). BYD Takes Second Place in EV Battery Production in 2024. Retrieved from https://insideevs.com/news/551020/byd-takes-second-place-in-ev-battery-production-in-2024/
[3] Electrive, (2025). LG Energy Solution Produces 108 GWh of Cells in 2024. Retrieved from https://electrive.com/2025/02/01/lg-energy-solution-produces-108-gwh-of-cells-in-2024/
[4] EV Volumes, (2025). Global EV Battery Demand Reaches 1 TWh in 2024. Retrieved from https://ev-volumes.com/2025/02/10/global-ev-battery-demand-reaches-1-terawatt-hour-in-2024/
The global electric vehicle (EV) battery market expanded significantly in 2024, reaching 867.8 GWh. Competition amongst manufacturers intensified, with China's Contemporary Amperex Technology Co. Limited (CATL) leading the pack. With CATL's output expected to exceed 200 GWh, Tesla, LG Energy Solution, and BYD followed closely, each striving for a larger share of the market. The race for EV battery dominance pushed technology advancements, as Tesla ramped up production of 4680 cells in 2024. Optimistic outlooks for investment in the EV industry, real-estate, and business opportunities in electric-vehicles and gadgets, along with the rise of electric cars, solidified the industry's financial growth. The competition prompted manufacturers to assess global manufacturing footprints, with South Korean companies and Chinese manufacturers, such as CALB and Gotion High-Tech, dominating capacity and output. As the demand for EV batteries continues to surge, collaborations between manufacturers and automakers, like CATL and Stellantis, will likely foster growth and innovation for the future.
