The global electric vehicle battery market saw year-on-year growth of 71.8% to 517.9GWh from just 301.5GWh consumption in 2021, as per SNE Research’s report published on February 8, 2023.
It is worth noting that the global EV battery market growth has persisted since Q3 2020, which is about three years now.
Interestingly, the Global Monthly EV & Battery Shipment Forecasting stated that the battery consumption would reach around 749 GWh this year.
CATL dominated the global EV battery market in 2022
Chinese battery giant CATL continued to lead the EV battery market last year with a YoY growth of 92.5% and a market share of 37.0%. Meanwhile, South Korean tech firm LG Energy Solution landed second with a YoY growth of 18.5% and a market share of 13.6%.
Another Chinese company BYD secured the third spot with 167.1% YoY growth and 13.6% market share. Japan’s Panasonic trailed behind the top 3 with 4.6% YoY growth and 7.3% market share.
The top five was completed by another South Korean firm SK On, with 61.1% YoY growth and 5.4% market share.
Top 10 EV battery makers in 2022
| Manufacturer | 2022 growth | 2022 market share |
| CATL | 92.5% | 37.0% |
| LG Energy Solution | 18.5% | 13.6% |
| BYD | 167.1% | 13.6% |
| Panasonic | 4.6% | 7.3% |
| SK On | 61.1% | 5.4% |
| Samsung SDI | 68.5% | 4.7% |
| CALB | 151.6% | 3.9% |
| Gotion High-tech | 112.2% | 2.7% |
| Sunwoda | 253.2% | 1.8% |
| Farasis Energy | 215.1% | 1.4% |
| Others | 55.9% | 8.6% |
| Total | 71.8% | 100% |
The report noted that the firms’ growth is primarily influenced by the EV sales of their partner automakers. For instance, SK On’s EV battery sales growth was boosted by the Hyundai Ioniq 5, Kia EV6, and Ford F-150 sales. Meanwhile, Audi E-Tron, BMW i4, and iX sales drove Samsung SDI’s sales growth in 2022. Furthermore, the Tesla Model 3/Y, Volkswagen ID.4, and Ford Mustang Mach-E sales accelerated LG Energy Solutions’ growth last year.
The case is similar to the top Chinese firms. The Tesla Model 3/Y, GAC Aion Y, and ZEEKR 001 sales significantly aided CATL to continue dominating the global EV battery market.
The 2022 result is generally wonderful news for all of these EV battery firms, as demand for their products is still far higher than their production capacity. It is also worth noting that some of these companies have recently partnered with US automakers to aid them in gaining EV federal tax credit eligibility under the Inflation Reduction Act.
