CleanTechnica’s graph demonstrates that CATL is the dominating manufacturer of electric vehicle batteries. It controls 34% or over a third of the worldwide electric vehicle battery market. Meanwhile, LG Energy Solution is the second-largest manufacturer of EV batteries, with a 14% market share. With a 12% share, BYD is just behind LG Energy Solution, while Panasonic is not far behind with 10%.
On the other hand, the two South Korean manufacturers complete the top 6. Samsung SDI holds 5% of the market, while SK Innovation owns 7%. However, the results are remarkably different from a few years ago.
In retrospect, the EV battery market is dominated by Panasonic, which provided all of Tesla‘s batteries eight years ago. It was trailed by Nissan-affiliated AESC, LG Chem, and BYD. Meanwhile, Mitsubishi/GS Yuasa came in fifth.
Some of these prominent brands, such as LG Chem, BYD, and Panasonic, also appeared on the 2022 chart. However, they are not in the same order. Most significantly, the currently leading manufacturer, CATL was not on the list.
In comparison, AESC dropped to fourth place in 2015 as Panasonic, BYD, and LG Chem maintained the top spots. BYD and LG Chem were among the top 3, but Panasonic is far ahead.
However, it must be remembered that Panasonic was Tesla’s exclusive supplier of battery cells back then. On the other hand, CATL was still not listed.
Moving forward to 2019 and 2020, Panasonic was still in first place each year. BYD placed fourth, and LG Chem third. AESC dropped from being in fourth to sixth place.
Notably, CATL has moved up to the second place from being nonexistent in the ranking. From then, CATL is unbeatable in 2022. It currently provides batteries to several significant automakers, including Tesla.
Equal Ocean also published that according to a Q3 report released on October 28, “in the third quarter, the company achieved a revenue of CNY 12.7 billion, up 0.8% year-on-year, and gained a net profit of CNY 1.42 billion, up 4.2% year-on-year. It should be noted that the company’s performance in these figures is after the deduction of CNY 1.01 billion assets and credit impairment reserves. If the reserves are considered, the net profit growth rate of the third quarter will surge to 77.7% year-on-year.”
These figures only prove CATL’s dominance in the EV battery market and shows why it is the top manufacturer in 2022. Even more, it would probably maintain its lead for the following years.
