Although the American company Tesla is the world’s leading manufacturer of electric cars, it cannot produce batteries on its own – Chinese and South Korean companies dominate this segment. And if you believe the latest information from the Business Korea news outlet, the Chinese giants managed not only to break into the leading positions, but also to capture more than half of this market. Reporters from South Korea said that as of the first half of 2022, Chinese manufacturers have put on the market 56% of all batteries for electric vehicles in the world.
Naturally, the Chinese company Contemporary Amperex Technology (CATL) retained the first place in the world, which increased its market share from 28.6% to 34.8% compared to last year. It is worth noting that this is actually a huge achievement – the company’s growth in the market was 115.6% year on year, while LG Energy Solutions, for example, ranked second in the world, was able to demonstrate an increase of only 6.9%. Accordingly, although the South Korean giant increased its production volumes, the market share of the LG subsidiary fell from 23.8% to 14.4%.
With BYD, the situation is perhaps the most interesting – the manufacturer of batteries for electric cars showed an incredible growth of 206.2% compared to last year. As a result, the Chinese company was able to take third place in the market, conquering 11.8% of the car battery market. At the same time, BYD produces not only batteries, but also electric cars themselves – this is a unique case on the market, since no other battery manufacturer has its own electric cars in production. Also in the top in terms of market share are CALB, Guoxuan, Sunwoda and Svolt, Chinese manufacturers of electric car batteries that few people know about.
And although they have a relatively small market share compared to more big-name brands, in total, all Chinese brands do share 56.4% of the share of all electric car batteries sold in the market. South Korean and Japanese competitors, who initially had more significant success, are now noticeably losing ground. Perhaps this is due to the fact that Chinese manufacturers primarily satisfy the local electric car market, which is growing by leaps and bounds from year to year.
Source: Trash Box
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