2024 EV and ESS Battery
Sales Volume by Makers
(GWh) 
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*) SNE Research Estimate, 2025
In 2024, the market share of battery manufacturers saw significant changes in the global electric vehicle (EV) and energy storage system (ESS) markets. In particular, the decline in market share of the three major Korean battery manufacturers (K-Battery) and the expansion of Chinese companies' market share emerged as key trends in the market. The total sales performance of battery manufacturers in the EV and ESS markets was recorded at 1,299 GWh.
All three major Korean battery manufacturers secured spots in the Top 10 based on shipment volume, but their overall market share declined. LG Energy Solution ranked 3rd with a 10% market share, Samsung SDI ranked 7th with a 4% share, and SK On ranked 9th with a 2% share. The market share of the three major Korean battery manufacturers dropped from 24% in 2023 to 16% in 2024, a decline of 8 percentage points. The rapid expansion of LFP batteries is cited as the main reason for this decline. LFP batteries are gaining adoption not only in ESS but also in EVs due to their strong price competitiveness and excellent thermal stability. Additionally, since the three major Korean manufacturers are still in the process of preparing for mass production, they have inevitably lost market share to Chinese companies.
Chinese battery manufacturers are further strengthening their dominance in the global market. CATL maintained its leading position with a commanding 38% market share in the EV and ESS markets. Chinese companies such as BYD, CALB, and EVE are continuing their strong growth in the ESS and EV markets, accelerating their expansion into North American and European markets.
Panasonic grew to 8th place with a 3% market share, supplying cylindrical battery cells to Tesla. The total market share of the Top 10 companies decreased from 92% in 2023 to 87%, a drop of 5 percentage points. This indicates intensifying competition among the lower-ranking companies in the market.
[2024 Shipment Record by Company]
*) SNE Research Estimate, 2025
Government policies in various countries are playing a crucial role in the changes in the ESS and EV markets. The global battery market is experiencing a shift, with Chinese battery manufacturers dominating the market and a decline in the market share of the three major Korean companies. In the ESS market, Chinese companies have dominated, and in the EV market, the growth of Chinese companies, driven by LFP batteries, has been particularly noticeable.
As the global market environment enters a new Cold War era, the Trump administration, in particular, has been strengthening its measures to counter Chinese-made products. Additionally, Europe is gradually pushing policies for regional production and supply, so in the short term, the market share of Chinese companies is expected to continue expanding. As a result, strategic responses from K-Battery will be necessary in the medium to long term. Especially as the battery market rapidly shifts towards LFP, K-Battery faces an urgent need to develop and establish production lines for LFP batteries.
In the case of LG Energy Solution (LGES), it plans to start operating an LFP production line for ESS in the U.S. by the end of this year, aiming to increase its market share in North America to over 30% starting from next year.
Samsung SDI also plans to begin full-scale LFP production in Korea starting next year and aims to expand its market share in the ESS and EV markets in North America through local production in the U.S. starting from 2027.
In Europe, unlike the U.S., there is no clear countermeasure against China, but if local production and supply are prioritized, K-Battery may have a viable opportunity to compete with Chinese companies in the European market. Chinese battery manufacturers have gained competitiveness based on strong support from the Chinese government and robust supply chain management (SCM). However, it is analyzed that there will be little difference in local production in Europe between K-Battery and Chinese companies.
Therefore, in the short term, the focus should be on the North American market, while in the medium to long term, efforts should be concentrated on developing competitive products and securing cost competitiveness to compete with Chinese companies in the European market.
