Global electric vehicle (EV) battery consumption continues its upward trajectory, with new data from South Korean market researcher SNE Research revealing significant developments in the market's landscape. From January to July 2023, global EV battery consumption surged to 362.9 GWh, marking a remarkable 49.2 percent increase compared to the same period in the previous year.
CATL, the Chinese power battery giant, continued to command a substantial presence in the global EV battery market, installing 132.9 GWh of batteries during the first seven months of the year. This figure represents a robust 54.3 percent growth compared to the previous year's 86.1 GWh. Despite facing increased competition, CATL maintained its position as the undisputed leader in the industry, boasting a formidable 36.6 percent market share during the January-July period. This achievement was marginally higher than its 35.4 percent share during the same period last year but slightly lower than its 36.8 percent share in the first half of the year.
CATL's impressive performance can be attributed to its expansion into overseas markets, particularly in Europe and North America. The company's batteries are prominently featured in several major passenger EV models within China's domestic market, including Tesla's Model 3 and Model Y, GAC's Aion Y, SAIC's Mulan, as well as various commercial vehicle models.
In contrast, BYD, another Chinese new energy vehicle (NEV) and battery giant, witnessed substantial growth during this period. BYD's power battery installations from January to July reached 58.1 GWh, marking a remarkable 94.1 percent increase compared to the previous year's 29.9 GWh. This performance propelled BYD to secure the second position in the market, commanding a 16.0 percent share during the January-July period, up from 12.3 percent in the same period a year ago and slightly ahead of its 15.7 percent share in the first half of the year.
BYD's success can be attributed to its competitive pricing strategy within China's domestic market, bolstered by its vertically integrated supply chain management that includes self-sufficiency in battery production and vehicle manufacturing. The company is also expanding its market share outside China, focusing on regions such as Asia, Oceania, and Europe, with a particular emphasis on its Atto 3 model.
LG Energy Solution, a South Korean company, secured the third position in the global EV battery market, installing 51.4 GWh of power batteries from January to July. This figure represented a 53.2 percent increase compared to the previous year. LG Energy Solution commanded a 14.2 percent market share, slightly up from 13.8 percent in the same period last year but a minor dip from its 14.5 percent share in the first half of the year.
Panasonic, based in Japan, ranked fourth with a 7.3 percent market share, while South Korea's SK On took fifth place with a 5.2 percent share. China's CALB secured the sixth position with a 4.5 percent share.
Rounding out the list were South Korea's Samsung SDI, China's Eve Energy, Gotion High-tech, and Sunwoda, ranking seventh, eighth, ninth, and tenth, respectively, with market shares ranging from 1.5 percent to 4.1 percent during the January-July period.
SNE Research highlighted South Korea's strategic emphasis on technology development in the secondary battery sector, positioning the country to maintain its leadership in the global market. South Korean battery companies are actively expanding their manufacturing plants in Europe and the United States, further solidifying their competitive edge in the burgeoning EV battery industry.