CATL held its lead in the global EV battery storage market

CATL maintained its lead in the global battery storage market for electric vehicles delivered between January and August 2022. LG Energy Solution remained in second place, while SK On and Samsung SDI ranked fifth and sixth.

Published

October 2022

Industry

Electric Vehicles

Between January and August of 2022, the amount of energy stored in batteries for electric cars registered globally was 287.6GWh, representing a 78.7% rise year on year.

CATL and BYD led the market growth among the Chinese manufacturers in the worldwide top ten. Meanwhile, Japanese manufacturers, including Panasonic, remained on a downward trend, with the majority of them posting growth rates lower than the market average.

In August 2022, global EV battery utilisation was 45.7GWh, more than 1.9 times greater than in the same month the previous year. With key markets like China and the United States on the rise, battery consumption in the Chinese market climbed more than 2.3 times from the same month last year, reinforcing the Chinese market’s leadership position in the global EV industry.

Despite poor customer trust during the COVID-19 pandemic, the EV battery industry has remained positive over the past 26 months. Chinese battery manufacturers’ market shares have been steadily increasing.

In terms of battery supply and demand forecasts per area, China is unlikely to face a supply crisis until 2030. Despite forthcoming plans for manufacturing line expansions, battery supply in Europe and North America is projected to be tight.

Following the introduction of the Inflation Reduction Act (IRA), cell manufacturers are expected to focus on investments in the North American area. It has become increasingly vital to keep a watch on potential swings in battery supply and demand when the Act takes effect.

Source: SNE Research

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