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Between 2019 and 2028, the global EV battery market is expected to grow from $17 billion to more than
$95 billion.
As the demand for decarbonization in the transportation sector continues to increase, companies producing batteries for electric vehicles are seeing strong momentum
.
As can be seen from the chart, despite efforts by the United States and Europe to increase local battery production, the market is still dominated
by Asian suppliers.
The top 10 producers are all Asian companies
.
At present, Chinese companies account for 56% of the electric vehicle battery market, followed by South Korean companies with 26% and Japanese companies with 10%.
The market share of leading battery supplier CATL expanded from 32% in 2021 to 34%
in 2022.
One-third of the world's EV batteries come from the Chinese company
.
CATL supplies lithium-ion batteries
to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo.
Despite facing intense scrutiny following the U.
S.
EV battery fire recall, LG Energy Solutions remains the second-largest battery manufacturer
.
In 2021, the South Korean supplier agreed to reimburse General Motors $1.
9 billion to compensate for the recall of 143,000 Chevrolet Bolt electric vehicles
due to the risk of fire due to battery failure.
BYD is in third place, nearly doubling its market share last year
.
The Buffett-backed company is the world's third-largest automaker by market capitalization, but it also makes batteries
that are sold in markets around the world.
Recent sales data shows that BYD will surpass LG Energy Solutions
in market share in the coming months and years.
Electric vehicles are here to stay, while internal combustion engine vehicles will gradually be phased out of the market in the
coming decades.
Recently, GM announced plans to stop selling internal combustion engine vehicles by 2035, while Audi plans to stop producing such models
by 2033.
In addition to electric vehicles, battery technology is critical to the energy transition, providing storage capacity
for intermittent solar and wind power generation.
As battery manufacturers struggle to meet the growing demand for the EV transition and increase the energy density of their products, we can expect more interesting developments
in the industry.
Between 2019 and 2028, the global EV battery market is expected to grow from $17 billion to more than
$95 billion.
As the demand for decarbonization in the transportation sector continues to increase, companies producing batteries for electric vehicles are seeing strong momentum
.
As can be seen from the chart, despite efforts by the United States and Europe to increase local battery production, the market is still dominated
by Asian suppliers.
The top 10 producers are all Asian companies
.
At present, Chinese companies account for 56% of the electric vehicle battery market, followed by South Korean companies with 26% and Japanese companies with 10%.
The market share of leading battery supplier CATL expanded from 32% in 2021 to 34%
in 2022.
One-third of the world's EV batteries come from the Chinese company
.
CATL supplies lithium-ion batteries
to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo.
Despite facing intense scrutiny following the U.
S.
EV battery fire recall, LG Energy Solutions remains the second-largest battery manufacturer
.
In 2021, the South Korean supplier agreed to reimburse General Motors $1.
9 billion to compensate for the recall of 143,000 Chevrolet Bolt electric vehicles
due to the risk of fire due to battery failure.
BYD is in third place, nearly doubling its market share last year
.
The Buffett-backed company is the world's third-largest automaker by market capitalization, but it also makes batteries
that are sold in markets around the world.
Recent sales data shows that BYD will surpass LG Energy Solutions
in market share in the coming months and years.
Electric vehicles are here to stay, while internal combustion engine vehicles will gradually be phased out of the market in the
coming decades.
Recently, GM announced plans to stop selling internal combustion engine vehicles by 2035, while Audi plans to stop producing such models
by 2033.
In addition to electric vehicles, battery technology is critical to the energy transition, providing storage capacity
for intermittent solar and wind power generation.
As battery manufacturers struggle to meet the growing demand for the EV transition and increase the energy density of their products, we can expect more interesting developments
in the industry.
