EV Battery Market Growth Led by CATL in 2023

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.

Source

Disclaimer:
The content presented on this page has been automatically generated and has not been manually verified or edited by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

Leave a Reply

Your email address will not be published. Required fields are marked *

Stay Charged with the Latest in Sodium-Ion Technology! 

Please enable JavaScript in your browser to complete this form.
Name
Terms
By providing your details in this form, you are giving consent to receive updates, news, and promotional content from SodiumBatteryHub and its associated partners and affiliates.