Data released by South Korean market researcher SNE Research on February 7 revealed a significant uptick in global battery consumption for electric vehicles (EVs) in 2023, marking a notable increase from the previous year.
According to the report, total global battery consumption for EVs reached 705.5 GWh in 2023, marking a substantial surge of 38.6 percent from the 509.2 GWh recorded in the same period in 2022.
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Leading the charge in this growth trajectory was Contemporary Amperex Technology Co. Ltd. (CATL), a Chinese power battery giant, which saw its installed battery capacity climb to 259.7 GWh in 2023. This represents a robust increase of 40.8 percent from the previous year’s capacity of 184.4 GWh.
CATL maintained its position as the world’s top battery supplier, commanding a commanding market share of 36.8 percent in 2023. This figure, although slightly lower than its 2022 share of 36.2 percent, solidifies CATL’s status as the sole battery supplier worldwide with a market share exceeding 30 percent.
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Following closely behind CATL was BYD, another Chinese company, which installed 111.4 GWh of power batteries in 2023, marking a substantial increase of 57.9 percent from the previous year.
South Korea’s LG Energy Solution secured the third position globally, installing 95.8 GWh of power batteries in 2023. Despite a year-on-year increase of 33.8 percent, LG Energy Solution saw its market share dip slightly to 13.6 percent.
Other notable players in the global EV battery market include Japan’s Panasonic, South Korea’s SK On, and China’s CALB, each holding varying shares of the market.
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In a noteworthy development, China’s Farasis Energy made its debut on SNE Research’s rankings in the January-November period, only to be replaced by Sunwoda. However, in the latest full-year 2023 rankings, Sunwoda reclaimed its position on the list, replacing Farasis.
The data underscores the continued growth and dynamism within the global EV battery market, with Chinese companies like CATL and BYD playing a dominant role in driving this expansion.
