The global electric vehicle (EV) battery market is expected to grow from 17 billion dollars to more than 95 billion dollars Between 2019 and 2028.
With the increasing demand for decarbonization of the transportation sector, companies producing batteries that power electric vehicles have seen significant momentum.
Visual Capitalist’s Bruno Venditti and Sabrina Lam . Updated Previous infographic showing the world’s largest battery manufacturers in 2022.
Despite efforts by the United States and Europe to increase domestic battery production, Asian suppliers still dominate the market.
The top 10 producers are all Asian companies.
Currently, Chinese companies form 56% of the electric vehicle battery market, followed by Korean manufacturers (26%) and Japanese manufacturers (10%).
CATL, the leading battery supplier, expanded its market share from 32% in 2021 to 34% in 2022. third Of the electric car batteries in the world come from the Chinese company. CATL supplies Li-ion batteries for Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo.
Despite facing strict scrutiny after EV battery fire remember In the United States, LG Energy Solution remains the second largest battery manufacturer. In 2021, the South Korean supplier agreed to pay General Motors $1.9 billion to cover 143,000 Chevy Bolt EVs that were recalled due to fire risks from faulty batteries.
BYD took third place from Panasonic as it nearly doubled its market share over the past year. The Warren Buffett-backed company is the world’s third largest automaker by market value, but it also produces batteries that are sold to markets around the world. Recently Sales figures It indicates that BYD will outperform LG Energy Solution in market share in the coming months or years.
battery power era
electric car They are here to stay, while internal combustion engine (ICE) cars are set to die out in the coming decades. Recently, General Motors announced that it aims to Stop ICE cars sold by 2035, while Audi plans To stop production of such models by 2033.
Along with electric vehicles, battery technology is essential for energy transmission, providing intermittent storage Solar and wind energy generation.
As battery makers work to meet the growing demand for electric vehicle transmission and improve the energy density of their products, we can expect even more interesting developments in the industry.
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