• Installed battery capacity in new EVs grew 22% YoY in 2024, driven by rising EV adoption and changes in vehicle mix across key markets.
• Chinese battery makers control more than 70% of this capacity, led by CATL (38%) and BYD (18%) on the back of domestic strength and global expansion.
• South Korean and Japanese vendors lost share, as EV sales slowed in the US and declined in Europe, compounded by factory delays and reduced allocations from legacy OEMs.
• PHEVs are reshaping the EV battery mix, growing from 30% of EV sales in 2023 to 37% in 2024. Their smaller battery sizes pulled down the overall average installed battery capacity despite the growth in BEV pack sizes.
• New tariffs and policy pressure in the US and EU are triggering strategic shifts in production and partnerships, with investments flowing into Mexico, US Southeast, India and Indonesia.

Seoul, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – May 29, 2025

Installed Battery Capacity in new EVs grew 22% YoY in 2024, with Chinese vendors increasing their share to over 70% according to Counterpoint’s latest Global EV Battery Tracker. This growth in capacity installation was driven by rising EV adoption and changes in vehicle mix across key markets.

CATL remained the market leader with a 38% share, followed by BYD at 18%. BYD’s gains were supported by strong domestic demand and growing exports. “China’s battery dominance now reflects not just cost, but scale, execution and integration,” said Research Analyst Abhik Mukherjee.

LG Energy Solution, Panasonic and SK Innovation lost share in 2024, despite growing their output. Their performance was affected by slowing EV demand in the US and a decline in Europe, as well as delays in ramping up new gigafactories and reduced allocations from legacy OEMs. Among other players, only CALB managed to maintain stable momentum.

PHEVs shift battery trends

While the average battery capacity installed per battery electric vehicle (BEV) increased in 2024, the overall average battery capacity installed per EV declined by 1% due to the growing share of plug-in hybrid EVs (PHEVs), which have smaller battery sizes. Growing from 30% of total EV sales in 2023 to 37% in 2024, PHEVs are especially finding support in Europe and China, where they are seen as a practical alternative amid slower charging infrastructure rollout.

Tariffs impacting supply chains

Upcoming tariffs in the US and EU on Chinese EVs and battery components are triggering global supply chain shifts, with automakers already shifting production to Mexico, the US Southeast, India, and Indonesia to avoid higher import costs. Companies are also reassessing their partnerships and vertical integration strategies across battery, drivetrain and chipset production. “Policy pressure is driving automakers to rethink where and how they build,” said Associate Director Liz Lee, adding, “Localized, flexible supply chains will be key going forward.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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