Global EV battery usage grows 22.4% YoY to reach 434.4 GWh in Jan-July 2024

From January to July of this year, the amount of energy held by batteries for electric vehicles of all types (EVs, PHEVs, and HEVs) registered worldwide has touched about 434.4 GWh, which is a 22.4 percent year-on-year growth, according to latest data released by SNE Research. 

Chinese battery makers CATL and BYD continued to dominate the global battery market shares during the same period, followed by South Korean firms LG Energy Solution and SK On. 

While CATL's battery installations in electric vehicles stood at 163.3 GWh, with a 29.9 percent hike from 125.8 GWh registered in the same period last year, BYD's EV battery installations have grown 23.4 percent from 56.7 GWh last year to 69.9 GWh this year (until July).  

The South Korean research firm has extensively analyzed the performance of the 'K-trio' battery companies, namely LG Energy Solution, SK On, and Samsung SDI, whose combined market shares in EV battery market have declined a bit by 3.1 percent to 21.5 percent as against that of same period of last year.

As per the global data, Samsung SDI has showed the highest growth among the 'K-trio' companies, although its operating profit has drop almost 40 percent in Q2 this year due to demand slowdown in the global EV market. SNE has endorsed the company's expectations that demand for xEV battery would recover in the last quarter, with the battery industry would eventually achieving high growth in the mid to long term.

LG Energy Solution has registered a 5.2 percent YoY growth with 53.9 GWh of EV battery installations, with growth led by solid EV sales in Europe and North American markets.

SK On, on the other hand, has achieved 20.5GWh of battery installations in electric vehicles with a growth of 4.5 percent than the previous year same period, supported by brands such as Hyundai Group and Ford Motors.

The only Japanese company in the top 10 on the list of battery installers is Panasonic, recording 18.8 GWh in the first seven months of this year, ranking 7th on the global list, despite a 25.4 percent YoY degrowth, which is attributed to the slowdown in sales of Tesla Model 3.