Market share of Chinese EV battery makers increased in 2022, says SNE Research

Contemporary Amperex Technology Co Ltd., or CATL, ranks first in the world by installed battery capacity in 2022, according to the most recent report from SNE Research.

The China-based company has held the top spot on the global market for electric vehicle batteries for six consecutive years and shows no signs of slowing down based on 2022 projections, said the report.

Among the top six, CATL and BYD have seen significant growth in battery usage .

Based on battery usage in 2022, CATL more than doubled second place with 191.6GWh, a 92.5% year-on-year increase, and its share of the EV battery market increased from 33% in 2021 to 37%, while runner-up LG Energy Solution saw its market share fall from 18.5% in 2021 to 13.6%.

LG Energy Solution and BYD are in a competitive position for global EV battery usage in 2022, according to SNE Research. Both reached 70.4 GWh, but BYD experienced more significant year-over-year growth at 167.1%.

Increased sales of Tesla Model 3/Y, GAC’s Aion Y, and Geely’s ZEEKR 001 contributed to CATL’s expansion. Rising demand for BYD’s pure electric and plug-in hybrid vehicles, such as the Yuan, Han, Qin PLUS, and others, has helped the company rapidly grow its share in the EV battery market.

According to the report, global EV battery usage was 517.9 GWh in 2022, up 71.8% compared to a year prior. Based off data trends from the research firms compiled data, it predicts battery consumption will jump to 749 GWh in 2023.