Global EV Battery Market Growth Led by CATL in 2023

The global EV battery market witnessed a remarkable 54% surge in sales during the first half of 2023, surpassing 300 GWh. CATL, a Chinese battery giant, spearheaded this growth, outpacing competitors BYD and LG Energy Solutions.
Nearly two-thirds of the market share was claimed by Chinese suppliers, with Tesla, BYD, and Volkswagen collectively installing almost half of the total EV batteries. Counterpoint Research highlights a significant 43% year-on-year increase in global EV sales.

Emerging Battery Suppliers and Competitive Landscape

New players like ACC, Verkor, Northvolt, and E4V are poised to make their mark in the coming years, according to Soumen Mandal, a senior analyst. Major automakers are also entering the fray, with Tesla and others developing in-house battery production to intensify competition.
Currently, Chinese and South Korean firms dominate, with CATL and others holding a dominant market share, while South Korea’s LG Energy Solution, Samsung SDI, and SK Innovation cover about a quarter of the market.

Impact of Tesla’s Model 3 and Model Y

Tesla’s Model 3 and Model Y, particularly their standard versions produced in Shanghai with CATL batteries, have significantly contributed to the market’s expansion. LG Energy Solutions caters to the performance models, further cementing their market positions.
SK Innovation’s share has been bolstered by Hyundai, Kia, and Ford EVs, while Samsung SDI is the go-to for Rivian and BMW.

Future Battery Demand and Innovations

With the average EV battery capacity at 50kWh, Peter Richardson, a research vice president, forecasts a demand reaching 4TWh by 2030. The industry faces challenges with rising lithium prices due to geopolitical tensions.
In response, suppliers are exploring alternative chemistries like sodium-ion to reduce costs. CATL’s breakthrough in sodium-ion batteries signals a potential shift towards their mass adoption in the near future.


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