Chinese manufacturers capture 56% of global EV battery market

fuel vehicles vs electric vehicles

According to a study by SNE Research, Chinese CATL’s share of the global EV Battery market in the first half of this year increased from 28.8% to 34.8% year-on-year – the company is the absolute leader in the top ten global manufacturers of batteries for electric vehicles. In general, the share of Chinese business in the top ten of the respective market was about 56%.

In the same period, China’s BYD, the third largest after CATL and LG Energy Solution, increased its market share from 6.8% to 11.8%. The top ten manufacturers include six Chinese companies (in addition to CATL and BYD, we have CALB, Gotion, Sunwoda and SVOLT), as well as three South Korean and Japanese Panasonic.

Second place is occupied by LG Energy Solution, whose share fell from 23.8% to 14.4%. South Korean companies are generally losing ground. If in the first quarter they accounted for 34.9% of the market, now they account for 25.8%. The share of Samsung SDI fell from 5.8% to 4.9%, while SK On, on the contrary, grew from 5.3% to 6.5%. The share of Japanese Panasonic fell from 15% to 9.6%.

Gizchina News of the week

Chinese companies are leading the global EV battery market

EV battery

At present, the share of presence of Chinese battery manufacturers is expanding both in the North American and European markets; as well as in home Chinese – manufacturers from the Middle Kingdom are actively investing in the industry. We know that at least 85 projects for the construction of battery factories have taken place in China; the total investment amounted to more than $88.4 billion.

It is noteworthy that the Chinese business is even successfully trying to enter the South Korean market; which is traditionally dominated by local battery manufacturers. For example, the Kia Niro electric model, which uses CATL batteries; while SsangYong Motor plans to launch an electric vehicle equipped with BYD batteries next year. In addition, Hyundai and CATL recently signed a Memorandum of Understanding to jointly develop battery technologies.

Disclaimer: We may be compensated by some of the companies whose products we talk about, but our articles and reviews are always our honest opinions. For more details, you can check out our editorial guidelines and learn about how we use affiliate links.

Source/VIA :
Read Also:  Canada to Ban Sales of Gas Cars by 2035
Previous Moto X30 Pro and Moto Razr 2022 Launch Event Canceled Without Disclosing Reasons
Next OPPO Watch 3 Series Of Flagship Smartwatches Scheduled For August 10