The global electric vehicle (EV) battery market has been predicted to take a major leap from $17 billion to more than $95 billion, a 9,400 per cent increase between 2019 and 2028.
With increasing demand to decarbonize the transportation sector, companies producing the batteries that power EVs have seen substantial momentum.
Visual Capitalist’s Bruno Venditti and Sabrina Lam have updated their previous infographic to show the world’s biggest battery manufacturers in 2022.
Despite efforts from the United States and Europe to increase the domestic production of batteries, the market is still dominated by Asian suppliers.
The top 10 producers are all Asian companies.
Currently, Chinese companies make up 56 per cent of the EV battery market, followed by Korean companies 26 per cent and Japanese manufacturers 10 per cent.
The leading battery supplier, CATL, expanded its market share from 32 per cent in 2021 to 34 per cent in 2022.
One-third of the world’s EV batteries come from the Chinese company.
CATL provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.
Despite facing strict scrutiny after EV battery-fire recalls in the United States, LG Energy Solution remains the second-biggest battery manufacturer. In 2021, the South Korean supplier agreed to reimburse General Motors $1.9 billion to cover the 143,000 Chevy Bolt EVs recalled due to fire risks from faulty batteries.
BYD took the third spot from Panasonic as it nearly doubled its market share over the last year. The Warren Buffett-backed company is the world’s third-largest automaker by market cap, but it also produces batteries sold in markets around the world. Recent safe figures point to BYD overtaking LG Energy Solution in market share the coming months or years.
