𝗧𝗵𝗲 𝗧𝗼𝗽 𝟭𝟬 𝗘𝗩 𝗕𝗮𝘁𝘁𝗲𝗿𝘆 𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗿𝘀 𝗶𝗻 𝟮𝟬𝟮𝟮, 𝐂𝐡𝐢𝐧𝐚 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐟𝐨𝐫 𝟓𝟔% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐊𝐨𝐫𝐞𝐚 𝟐𝟔% 𝐚𝐧𝐝 𝐉𝐚𝐩𝐚𝐧 𝟏𝟎%

The global electric vehicle (EV) battery market is expected to grow from $17 billion to more than $95 billion between 2019 and 2028.

With increasing demand to decarbonize the transportation sector, companies producing the batteries that power EVs have seen substantial momentum.

 Here we update our previous graphic of the top 10 EV battery manufacturers, bringing you the world’s biggest battery manufacturers in 2022.

 Chinese Dominance

Despite efforts from the United States and Europe to increase the domestic production of batteries, the market is still dominated by Asian suppliers.

Rank	Company	2022 Market Share	Country
#1	CATL	34%	China
#2	LG Energy Solution	14%	Korea
#3	BYD	12%	China
#4	Panasonic	10%	Japan
#5	SK On	7%	Korea
#6	Samsung SDI	5%	Korea
#7	CALB	4%	China
#8	Guoxuan	3%	China
#9	Sunwoda	2%	China
#10	SVOLT	1%	China
	Other	8%	ROW 🌐

 The top 10 producers are all Asian companies.

 Currently, Chinese companies make up 56% of the EV battery market, followed by Korean companies (26%) and Japanese manufacturers (10%).

 The leading battery supplier, CATL, expanded its market share from 32% in 2021 to 34% 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 sales figures point to BYD overtaking LG Energy Solution in market share the coming months or years.

 The Age of Battery Power

Electric vehicles are here to stay, while internal combustion engine (ICE) vehicles are set to fade away in the coming decades. Recently, General Motors announced that it aims to stop selling ICE vehicles by 2035, while Audi plans to stop producing such models by 2033.

 Besides EVs, battery technology is essential for the energy transition, providing storage capacity for intermittent solar and wind generation.

 As battery makers work to supply the EV transition’s increasing demand and improve energy density in their products, we can expect more interesting developments within this industry.

The top 10 global producers of Li-ion batteries for electric vehicles are all Asian companies, according to an analysis posted on the Visual Capitalist. Chinese companies make up 56% of the EV battery market, followed by Korean companies (26%) and Japanese manufacturers (10%).

 China-based CATL, the world’s top supplier, expanded its market share from 32% in 2021 to 34% in 2022. One-third of the world’s EV batteries come from the Chinese company, which provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.

 Korea’s LG Energy currently remains the second-largest supplier, closely followed by BYD, which elbowed past Panasonic from 2021 to 2022.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐄𝐕 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞

 The global electric vehicle battery market size was valued at $23 billion in 2017 and is projected to reach at $84 billion by 2025, growing at a CAGR of 17.2% from 2018 to 2025. The emergence of Lithium-ion technology has fueled the growth rate for batteries over the last two decades. While initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). High-energy density, charge retention capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. Automobile manufacturers introducing BEVs and PHEVs in the EV battery market are further enhancing the technology and are anticipated to offer Li-ion powered solutions as a primary power source in their vehicles.

Enhanced Demand for Zero-Emission Vehicles

Widespread global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for electric vehicles. The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicles. This rise in fuel prices is due to depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. All these factors have cumulatively shot up the need for advanced fuel-efficient technologies, leading to a surge in demand for electrically powered vehicles for travel.

Production of Lower Cost Batteries

Automobile companies focus on the production of advanced electric vehicle battery systems that are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost-effectiveness are other useful features of this battery Thus, development of technological advancement in the electric vehicle battery system presents various opportunities for leading players in the future.

 Electric Vehicle Battery Market Report Highlights

Aspects	Details
By Propulsion Type	Battery Electric Vehicle Hybrid Electric Vehicle Plug-in Hybrid Electric Vehicle
By Battery Type	Lead Acid Battery Nickel Metal Hydride Battery Lithium ion Battery
By Vehicle Type	Passenger Car Commercial Vehicle Two-Wheeler
By Region	North America  (U.S, Canada, Mexico) EUROPE  (UK, France, Germany, Russia, Rest of Europe) ASIA-PACIFIC  (Japan, South Korea, India, China, Rest of Asia-Pacific) LAMEA  (Latin America, Middle East, Africa)
Key Market Players	PANASONIC CORPORATION, MITSUBISHI ELECTRIC CORPORATION, LG CHEM LTD, SAMSUNG ELECTRONICS CO. LTD, GSR CAPITAL (AUTOMOTIVE ENERGY SUPPLY CORPORATION), BYD COMPANY LIMITED (BYD AUTO CO., LTD.), WANXIANG GROUP CORPORATION, BEIJING PRIDE POWER BATTERY TECHNOLOGY CO LTD, TIANNENG POWER INTERNATIONAL LIMITED, ENERSYS (QUALLION LLC)

Content & Image Source: 1. https://elements.visualcapitalist.com/the-top-10-ev-battery-manufacturers-in-2022/

2. AlliedMarketResearch.com