Chinese battery makers, such as CATL and BYD, saw substantial growth in their installed base in 2022 as the country’s electric vehicle (EV) sector continued to flourish, according to a report by South Korean market research firm SNE Research.
The report stated that total battery consumption for EVs, including BEVs, PHEVs, and HEVs, was 517.9 GWh in 2022, a 71.8% increase from the previous year.
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CATL maintained its position as the world leader with 191.6 GWh of installed power batteries, while BYD and LG Energy Solution of South Korea were in close competition for the second place with 70.4 GWh and 70.4 GWh respectively.
Panasonic ranked fourth with 98.0 GWh and the remaining top 10 positions were occupied by SK On, Samsung SDI, CALB, Gotion High-tech, Sunwoda, and Farasis Energy. The report highlighted that CATL’s growth was driven by sales of Tesla Model 3, Model Y, GAC Aion Y and Zeekr 001, and BYD’s growth was due to high sales of BEVs and PHEVs in the Chinese domestic market.
See also: LG Energy Solution (LGES) announced another battery factory in North America
The global power battery market is expected to continue its growth, with battery consumption estimated at 749 GWh in 2023. However, the three South Korean companies saw a decline in their market share, while the Japanese firms had lower growth rates and a decline in market share as well.
