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The Top 10 EV Battery Manufacturers in 2022

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Top-10-EV-Battery-Manufacturers-by-Market-Share-2022

The Top 10 EV Battery Manufacturers in 2022

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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.

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.

RankCompany2022 Market ShareCountry
#1CATL34%China 🇨🇳
#2LG Energy Solution14%Korea 🇰🇷
#3BYD12%China 🇨🇳
#4Panasonic10%Japan 🇯🇵
#5SK On7%Korea 🇰🇷
#6Samsung SDI5%Korea 🇰🇷
#7CALB4%China 🇨🇳
#8Guoxuan3%China 🇨🇳
#9Sunwoda2%China 🇨🇳
#10SVOLT1%China 🇨🇳
Other8%ROW 🌐

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.

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Energy

Visualized: Renewable Energy Capacity Through Time (2000–2023)

This streamgraph shows the growth in renewable energy capacity by country and region since 2000.

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The preview image for a streamgraph showing the change in renewable energy capacity over time by country and region.

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The following content is sponsored by National Public Utilities Council

Visualized: Renewable Energy Capacity Through Time (2000–2023)

Global renewable energy capacity has grown by 415% since 2000, or at a compound annual growth rate (CAGR) of 7.4%.

However, many large and wealthy regions, including the United States and Europe, maintain lower average annual renewable capacity growth.

This chart, created in partnership with the National Public Utilities Council, shows how each world region has contributed to the growth in renewable energy capacity since 2000, using the latest data release from the International Renewable Energy Agency (IRENA).

Renewable Energy Trends in Developed Economies

Between 2000 and 2023, global renewable capacity increased from 0.8 to 3.9 TW. This was led by China, which added 1.4 TW, more than Africa, Europe, and North America combined. Renewable energy here includes solar, wind, hydro (excluding pumped storage), bioenergy, geothermal, and marine energy.

During this period, capacity growth in the U.S. has been slightly faster than what’s been seen in Europe, but much slower than in China. However, U.S. renewable growth is expected to accelerate due to the recent implementation of the Inflation Reduction Act.

Overall, Asia has shown the greatest regional growth, with China being the standout country in the continent.

Region2000–2023 Growth10-Year Growth (2013–2023)1-Year Growth (2022–2023)
Europe313%88%10%
China1,817%304%26%
United States322%126%9%
Canada57%25%2%

It’s worth noting that Canada has fared significantly worse than the rest of the developed world since 2000 when it comes to renewable capacity additions. Between 2000 and 2023, the country’s renewable capacity grew only by 57%.  

Trends in Developing Economies

Africa’s renewable capacity has grown by 184% since 2000 with a CAGR of 4%. 

India is now the most populous country on the planet, and its renewable capacity is also rapidly growing. From 2000–2023, it grew by 604%, or a CAGR of 8%.

It is worth remembering that energy capacity is not always equivalent to power generation. This is especially the case for intermittent sources of energy, such as solar and wind, which depend on natural phenomena.

Despite the widespread growth of renewable energy worldwide, IRENA emphasizes that global renewable generation capacity must triple from its 2023 levels by 2030 to meet the ambitious targets set by the Paris Agreement.

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