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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

How Much Does the U.S. Depend on Russian Uranium?

Currently, Russia is the largest foreign supplier of nuclear power fuel to the U.S.

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Voronoi graphic visualizing U.S. reliance on Russian uranium

How Much Does the U.S. Depend on Russian Uranium?

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email.

The U.S. House of Representatives recently passed a ban on imports of Russian uranium. The bill must pass the Senate before becoming law.

In this graphic, we visualize how much the U.S. relies on Russian uranium, based on data from the United States Energy Information Administration (EIA).

U.S. Suppliers of Enriched Uranium

After Russia invaded Ukraine, the U.S. imposed sanctions on Russian-produced oil and gas—yet Russian-enriched uranium is still being imported.

Currently, Russia is the largest foreign supplier of nuclear power fuel to the United States. In 2022, Russia supplied almost a quarter of the enriched uranium used to fuel America’s fleet of more than 90 commercial reactors.

Country of enrichment serviceSWU%
🇺🇸 United States3,87627.34%
🇷🇺 Russia3,40924.04%
🇩🇪 Germany1,76312.40%
🇬🇧 United Kingdom1,59311.23%
🇳🇱 Netherlands1,3039.20%
Other2,23215.79%
Total14,176100%

SWU stands for “Separative Work Unit” in the uranium industry. It is a measure of the amount of work required to separate isotopes of uranium during the enrichment process. Source: U.S. Energy Information Administration

Most of the remaining uranium is imported from European countries, while another portion is produced by a British-Dutch-German consortium operating in the United States called Urenco.

Similarly, nearly a dozen countries around the world depend on Russia for more than half of their enriched uranium—and many of them are NATO-allied members and allies of Ukraine.

In 2023 alone, the U.S. nuclear industry paid over $800 million to Russia’s state-owned nuclear energy corporation, Rosatom, and its fuel subsidiaries.

It is important to note that 19% of electricity in the U.S. is powered by nuclear plants.

The dependency on Russian fuels dates back to the 1990s when the United States turned away from its own enrichment capabilities in favor of using down-blended stocks of Soviet-era weapons-grade uranium.

As part of the new uranium-ban bill, the Biden administration plans to allocate $2.2 billion for the expansion of uranium enrichment facilities in the United States.

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