China's 'Electric Vehicle Battery Gulgi' Market Doubles in Size... Surpasses 50% Market Share

Over Half of the World's 296.8 GWh, 149.2 GWh

Europe Leads with 91.1 GWh, Followed by the US with 40.2 GWh

Chinese CATL battery. (Photo by Asia Economy DB)

[Asia Economy Reporter Moon Chaeseok] Last year, the battery market for electric vehicles in China more than doubled in size. China's share of the global market surpassed 50%.

According to SNE Research on the 9th, the total battery energy installed in electric vehicles (EV, PHEV, HEV) worldwide last year was 296.8 GWh, an increase of 102.3% compared to the previous year (146.8 GWh). China's usage was 149.2 GWh, accounting for 50.3% of the global usage. This represents a 132.6% increase from the previous year (64.2 GWh).

The surge was influenced by the sales of new energy vehicles (BEV + PHEV) in China, which reached approximately 3.31 million units, more than 2.5 times higher than before. The Chinese government's decision to maintain electric vehicle subsidies, which were initially planned to be reduced, to stimulate the EV market also had a positive effect.

Europe's electric vehicle battery usage was 91.1 GWh, up 73.6% from 52.5 GWh the previous year. Its market share was 30.7%, the second largest after China, but down from 35.8% the previous year. The United States' usage last year was 40.2 GWh, nearly doubling from 20.1 GWh the previous year, a 99.6% increase. However, its global market share fell slightly to 13.5% from 13.7% the previous year.

An official from SNE Research said, "Last year can be regarded as a year when the Chinese market showed overwhelmingly the highest growth rate among major regions," adding, "Chinese battery companies, led by CATL and BYD, stood out thanks to the expansion of their domestic market."

This content was produced with the assistance of AI translation services.