Energy
The Top 10 EV Battery Manufacturers in 2022
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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.
| 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 🌐 |
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.
Batteries
Visualized: The Rise of the LFP Battery
In 2022, the EV sector’s market share of the LFP battery rose from just 6% in 2020 to 30%, highlighting its growing popularity.
The Rise of the LFP Battery
Primarily a key component in fertilizers, phosphate is also essential to lithium iron phosphate (LFP) battery technology.
LFP is an emerging favorite in the expanding EV market, particularly in standard-range EVs. Factors driving this popularity include superior safety, longevity, cost-effectiveness, and environmental sustainability.
In this graphic, our sponsor First Phosphate looks at the growing LFP market, highlighting forecasted growth and current market share.
Market Growth
In 2022, the global LFP battery market stood at $12.5 billion. By 2030, this figure is expected to catapult to nearly $52.7 billion, signifying a CAGR of 19.7%.
| Year | USD (Billion) |
|---|---|
| 2021 | $10.5B |
| 2022 | $12.5B |
| 2023F | $15.0B |
| 2024F | $17.9B |
| 2025F | $21.5B |
| 2026F | $25.7B |
| 2027F | $30.7B |
| 2028F | $36.8B |
| 2029F | $44.0B |
| 2030F | $52.7B |
In 2022, LFP batteries cornered a sizable 30% of the EV market share from just 6% in 2020, demonstrating the growing appeal of this type of lithium-ion battery in the electric vehicle sector.
Market Share
The Asia Pacific region dominated the LFP battery market in 2021, accounting for over 34% of the global share.
| Regions | Revenue Share (%) |
|---|---|
| Asia Pacific | 34% |
| North America | 29% |
| Europe | 23% |
| Latin America | 10% |
| MEA | 4% |
Meanwhile, North America, with the second largest share, is projected to witness ongoing growth through 2030.
First Phosphate holds access to 1% of the world’s purest igneous rock phosphate reserves in Québec, making it an ideal supplier for the growing LFP market.
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