Chart: Top 10 cell suppliers in September 2024

Deployment up 30% year over year

In September 2024, 84.5 GWh were deployed onto roads in all newly sold passenger BEVs, PHEVs and HEVs combined, 30% more than the same month the year prior according to Adamas Intelligence data.

CATL led the pack with a hefty 26.6 GWh deployed in September 2024, up 37% over the same month last year. At the same time CATL’s share of the global market increased slightly to 31%, up from 30% last year, on the back of its relentless growth worldwide.

In a distant second place, BYD deployed 15.9 GWh in September 2024, an increase of 37% over the same month the year prior (as with CATL), earning the company a 19% share of the market, up from 18% the same time last year.

LG Energy Solution claimed third place in September 2024 with a modest 12.1 GWh deployed onto roads globally, up just 9% year over year as a number of the company’s customers in North America and Europe sputtered in 2024, or have been slow to get off the line.

In fourth spot, China’s CALB deployed 4.5 GWh onto roads in September 2024, up 21% from the same month the year prior, and in fifth place Panasonic deployed 3.5 GWh during the same month, down 27% versus September 2023 owing to weak sales growth for its number one customer, Tesla.

Top 5 captured 74% of the market

In September 2024, the top five cell suppliers globally (three Chinese, one South Korean, one Japanese) captured a massive 74% of the global market, down from a higher 78% a year ago.

Moreover, in September 2024, the top 10 cell suppliers globally captured 89% of the global market, down from 93% the same month the year prior.

Despite massive consolidation at the top of the market, Adamas data shows that the number of passenger EV cell suppliers continues to grow worldwide with a total of 61 incumbents in play as of September 2024.

Contact the Adamas team to discuss further.