According to data released by South Korean market research organization SNE Research, in October 2022, the global installed capacity of electric vehicle batteries will reach 48 GWh, a year-on-year increase of 73.6%, maintaining stable growth for 28 consecutive months.
In terms of manufacturer rankings, two Chinese manufacturers CATL and BYD lead the entire power battery industry, with installed capacity reaching 18.1GWh and 7.8GWh, respectively, and occupying market shares of 37.6% and 16.2%, compared with the same period in 2021 a fairly significant increase.
It is particularly worth mentioning that BYD, with its 2.4 GWh installed capacity advantage, once again surpassed LG New Energy and won the runner-up. BYD’s market share has risen to 16.2 percent from 11.6 percent a year earlier, making it the world’s second-largest supplier of electric vehicle batteries. In contrast, LG’s new energy installed capacity increased by only 30.2%, and its market share lost nearly 4 percentage points.
The other eight top ten power battery companies are LG New Energy, Panasonic, SK On, Samsung SDI, China Innovation Aviation, Guoxuan High-Tech, Sunwoda, and Evian Lithium Energy. Overall, the top ten companies in the market account for nearly 90% of the entire market.
In general, China’s lead over Korean battery manufacturers has widened again. Among them, the market share of the six Chinese battery manufacturers is about 64%, while the market share of the three Korean battery companies is about 21.6%.
From January to October 2022, the global installed capacity of electric vehicle batteries will be 390.4 GWh, a year-on-year increase of 75.4%, continuing the growth trend since the third quarter of 2020. Among them, CATL’s installed capacity increased by 98.6% year-on-year to 137.7 GWh, and its market share was almost the same as that of January-September (35.1%), reaching 35.3%. Judging from the current data, the annual installed capacity of CATL is expected to exceed 160 GWh, and it will set a record of “six consecutive championships” with a huge advantage.
