Top 10 EV Battery Manufacturers in 2022
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The global electric vehicle (EV) battery market is expected to grow from $17 billion over $95 billion between 2019 and 2028.
With growing demand for decarbonization from the transportation sector, companies producing the batteries that power electric vehicles have seen tremendous momentum.
Here we update our previous chart of the top 10 EV battery manufacturers, bringing you the biggest battery manufacturers in the world in 2022.
Despite efforts by the United States and Europe to increase domestic battery production, the market is still dominated by Asian suppliers.
The top 10 producers are all Asian companies.
Currently, Chinese companies are 56% of the electric vehicle battery market, followed by Korean companies (26%) and Japanese manufacturers (10%).
The main battery supplier, CATL, increased its market share from 32% in 2021 to 34% in 2022. A 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.
|Rank||Company||Market share 2022||Country|
|#2||LG Energy Solutions||14%||Korea ??|
|#5||SK enabled||seven%||Korea ??|
|#6||Samsung SDI||5%||Korea ??|
Despite scrutiny after electric vehicle battery fire remember in the United States, LG Energy Solution remains the second largest battery manufacturer. In 2021, the South Korean supplier agreed to reimburse General Motors for $1.9 billion to cover 143,000 Chevy Bolt EVs recalled due to fire hazards 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 capitalization, but it also produces batteries that are sold in markets around the world. Recent sales figures indicate that BYD will overtake LG Energy Solution in market share in the months or years to come.
Electric vehicles are here to stay, while internal combustion engine (ICE) vehicles are set to disappear in the coming decades. General Motors recently announced its intention to stop sell ICE vehicles by 2035, while Audi plans stop producing such models by 2033.
In addition to electric vehicles, battery technology is essential for the energy transition, providing storage capacity for solar and wind generation.
As battery manufacturers strive to meet the growing demand for the transition to electric vehicles and improve the energy density of their products, we can expect more exciting developments within this industry.