Counterpoint: Global electric vehicle battery market to grow 19% year-on-year in the first half of 2024

Counterpoint: Global electric vehicle battery market to grow 19% year-on-year in the first half of 2024

The global electric vehicle battery market grew 19% year-on-year in the first half of 2024, with China ranking first in electric vehicle battery installations, followed by Europe and the United States. According to Counterpoint data, driven by China's growing demand for smart electric vehicles, the global average battery capacity of BEVs reached 64.7 kWh (a year-on-year increase of 6%) in the first half of 2024, while the average battery capacity of plug-in hybrids reached 23.1 kWh (a year-on-year increase of 14%).

Chinese companies including CATL, BYD, CALB, EVE Power, Fudi and Gotion Tech currently control 2/3 of the global EV battery market. After achieving great success at home, their rapid international expansion has brought major challenges to other suppliers.

China’s dominance has prompted Western countries to impose new and additional tariffs on Chinese cars, batteries, battery components, and other products made in China. In the first half of 2024, the United States will increase tariffs on Chinese electric vehicles (EVs) from 25% to 100%, increase tariffs on batteries and components from 7.5% to 25%, and impose a 25% tariff on previously duty-free graphite and permanent magnets. Similarly, Europe has imposed higher tariffs on Chinese-made EVs, including 7.8% on Tesla, 17% on BYD, 18.8% on Geely, 35.3% on SAIC, 20.7% on other cooperative OEMs, and 35.3% on non-cooperative OEMs. In response, China has been actively expanding its presence in other regions such as Latin America, Southeast Asia, the Middle East, and Africa to offset these restrictions and explore new market opportunities.

Driven by nearly 20 million new electric vehicles, global demand for electric vehicle batteries is expected to exceed 1.1 GWh in 2025. Global demand for electric vehicle batteries is expected to approach 4 TWh in 2030.

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