The growth of the EV battery market in recent years has been electrifying (pun intended!). At AceOn, we’re so excited about the immediate future of electric vehicles and the positive impact they will have on our planet. So, as we begin 2023, we want to introduce you to the top five EV battery manufacturers by market share so you know who is responsible for the rise of the battery!
CATL – 34% market share
CATL is the leading brand in EV battery manufacturing, securing 34% of the market share. Based in China, CATL manufacturers solid-state batteries and lithium-ion batteries for companies including BMW, Toyota, and Honda, to name a few. CATL also supplies Tesla with EV batteries for its Shanghai-based assembly line. You can read all about the history and recent growth of CATL in our recent blog post.
LG Energy Solution – 14% market share
The South Korean firm LG Energy Solution has a 14% market share as far as EV batteries are concerned. This is in spite of the fact that the company had to pay General Motors nearly $2 billion to compensate for the defective batteries installed in Chevy Bolt EVs in the United States. Still, LG remains one of the leading manufacturers of EV batteries – let’s just hope they’ve learned from their costly mistakes!
BYD – 12% market share
Chinese enterprise BYD has experienced rapid growth in the past 24 months, essentially doubling its shares in a calendar year. Presently, BYD has 11 manufacturing plants in different parts of China, and they supply EV batteries to a number of leading manufacturers – Tesla included.
Panasonic – 10% market share
Japanese giant Panasonic is one of the leading brands on the planet, but they’re struggling to maintain their spot at the top of the tree as far as EV battery production is concerned, having been recently displaced by BYD. This is a significant fall from grace when you consider the fact that Panasonic was the only company supplying EV batteries to Tesla in 2015. Still, Panasonic is still a leading EV battery firm, and you can read all about their achievements in this recent blog post.
SK Innovation – 7% market share
Based in South Korea, SK Innovation has lofty plans to be the biggest EV battery producer by 2030. Research suggests that the company hit $13.2 billion in sales in 2022, which is a sign of things to come and was enough to take them ahead of Samsung in terms of EV battery market share.
Conclusion
Given the increased demand for EV batteries during the next decade, it’s incredible to see the Asian dominance of the market share. Only time will tell if Chinese company CATL retains the top spot in the coming years or whether BYD or SK Innovation can surpass them as the number one EV battery producers in the near future.
