The EV battery market witnessed a remarkable 54% growth in the first half of 2023, surpassing 300 GWh. CATL emerged as the market leader, outpacing competitors like BYD and LG Energy Solutions.
Market Dominance of Chinese Battery Suppliers
Chinese manufacturers, including CATL, BYD, and others, now command nearly two-thirds of the market. Tesla, BYD, and Volkswagen collectively installed almost 45% of the total EV batteries. Counterpoint Research highlights the dynamic growth and the potential for new entrants like ACC and Verkor to disrupt the market.
Automakers’ Push Towards In-House Production
Major automakers are venturing into in-house battery production. This move by Tesla, Volkswagen, and others is set to intensify competition in the battery supply chain.
Contribution of EV Models to Battery Sales
Tesla’s Model 3 and Model Y have significantly boosted CATL and LG Energy Solutions’ sales. Meanwhile, SK Innovation gains from Hyundai and Kia, with Samsung SDI supporting Rivian and BMW.
Future Battery Demand and Innovations
With the average EV battery capacity at 50kWh, experts predict a surge in demand, potentially reaching 4TWh by 2030. Innovations like sodium-ion batteries by CATL could revolutionize affordability in the EV sector.
The industry’s growth trajectory, alongside the exploration of new battery chemistries, suggests a vibrant future for EV battery technology.
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