Demand for EV batteries has increased, skyrocketed in 2024

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According to recent data from South Korean market research firm SNE Research, global battery consumption for electric vehicles (EVs) surged to 51.5 GWh in January 2024, marking a substantial 60.6% increase from the previous year’s 32.1 GWh. In January, CATL installed 20.5 GWh of batteries, reflecting a remarkable 88.1% growth compared to the same period last year. As a result, the Chinese power battery giant maintained its position as the world’s leading battery supplier, capturing a dominant 39.7% market share. CATL remains the sole battery provider worldwide with a market share exceeding 30%.

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