As the world's leading lithium battery manufacturer, CATL continued to demonstrate its market leadership in the first quarter of 2024, with a global market share of 37.1%, a year-on-year increase of 2.9 percentage points, showing a stable growth trend.
During January to March 2024, CATL's global installed capacity reached 21.3GWh, accounting for 37.1% of the global market share, an increase of 2.9 percentage points from the same period last year. It is expected that the market share will remain at around 37% throughout the year, and the power battery shipments are expected to reach 395GWh, a year-on-year increase of 25%.
01 CATL's market performance in various regions
● European market
CATL performed particularly well in the European market, with a market share of 34.2%, surpassing LG Energy Solution for the first time and ranking first. It is expected that CATL's European market share will further increase to 40%-50% in the future.
In the first quarter of 2024, the European market shares of CATL, LGES, Samsung SDI, SK on and Panasonic were 34.2%, 33.2%, 10.9%, 8.7% and 0.9% respectively.
The European market has higher requirements for battery safety, recycling and carbon footprint, and CATL has obvious advantages in these aspects, so its market share is expected to increase further.
● US Market
In the US market, CATL's market share is 14.3%. These batteries are mainly exported to Tesla. Tesla uses the lithium iron phosphate version for the standard range version. With the continued effectiveness of the 2024 IRA Act, the reduction of the $7,500 tax rebate has caused CATL's market share in the US to decline compared with before.
Through technology licensing and cooperation with major automakers such as Ford, GM, and Tesla, CATL expects its share of the US market to gradually increase to more than 15%. In the first quarter of 2024, the market shares of CATL, Panasonic, LGES, Samsung SDI, and SK on in the United States were 14.3%, 32.8%, 22.2%, 14.9%, and 10.3%, respectively.
02 Customer structure analysis
CATL's customer structure is significantly better than that of overseas battery manufacturers. It has tied up with many large domestic and foreign automakers and established in-depth cooperative relationships with them.
In the first quarter of 2024, CATL's main customers include Tesla, Ford, GM and Honda, demonstrating its wide market coverage.
In contrast, LGES and Samsung SDI's customers are relatively scattered, while Panasonic and SK on's customers are relatively concentrated, mainly Tesla and Hyundai.
CATL is expected to maintain its market leadership in the future with its technological advantages and broad customer base.
● In the European market, CATL is expected to further increase its market share by meeting higher environmental and safety standards.
● In the US market, market share is expected to increase steadily through technology licensing and cooperation with major automakers.
Summary
CATL continues to perform strongly in the global battery market, and the company's performance in the 2C sector is also very strong.
