CATL(SZ:300750) Sou Hu Cai Jing·2025-09-25 09:51Core Insights - CATL's market share in the global power battery industry has dropped to its lowest level in five years, reaching 41.7% in Q3 2025, down from over 50% in 2020 and 2021, marking a decline of 3.9% over the past three years [1] - BYD's Fudi battery market share has also decreased, standing at 21.4% in Q3 2025, with a reduction of 0.9% over the last three years [1] - Despite the declines of CATL and BYD, other top 10 battery manufacturers such as Zhongxin Innovation, Guoxuan High-Tech, and Yiwei Lithium Energy have seen their market shares increase over the past three years, indicating a shift from a dominant player to a more competitive landscape in the power battery industry [2] Market Share Trends - CATL's market share trajectory: - 2020: 50.0% - 2021: 51.9% - 2022: 47.2% - 2023: 43.5% - 2025 Q3: 41.7% [1] - BYD's market share trajectory: - 2020: 14.9% - 2021: 16.2% - 2022: 24.4% - 2023: 26.9% - 2025 Q3: 21.4% [1] - Other manufacturers' growth: - Zhongxin Innovation: Increased from 5.6% in 2020 to 8.5% in 2023 - Guoxuan High-Tech: Increased from 5.2% in 2020 to 5.4% in 2023 - Yiwei Lithium Energy: Increased from 1.9% in 2020 to 4.5% in 2023 [2]