13th October 2022, Kathmandu
With the increase in demand for electric cars, the demand for electric batteries has also naturally increased. There is competition between big companies in battery production. Chinese companies are the first in this competition.
Demand for EV batteries is increasing significantly based on price. In 2019, the global EV battery market was worth US$17 billion. This is expected to increase to $95 billion by 2028.
The use, production, and demand of batteries are increasing as the world is in the policy of making carbon zero in the field of transportation. This has led companies to expand investment in EV battery production with the competition. In an electric vehicle, the power is provided by the battery itself.
In the past, China has been the leader in the production of batteries required for electric vehicles. In the data of 2022 battery manufacturing companies, Chinese companies are seen first.
Europe is behind China in the use of electric cars. Recently, the US has also been trying to speed up the production and use of electric vehicles. While the US and Europe are expanding capacity in EV battery production, Asia still dominates battery supply.
The world’s 10 largest EV battery manufacturers are all located in Asia. Companies from China, Korea, and Japan are also in the first place. According to 2022 data, Chinese companies account for 56 percent of EV battery production, Korean companies account for 26 percent, and Japanese companies account for 10 percent, according to Visual Capitalist.
6 of the world’s 10 largest EV battery manufacturers are Chinese companies. Among them, China’s CATL company alone produces one-third, or 34 percent, of the total EV batteries produced in the world.
In 2021, CATL accounted for 32 percent of the total share of EV batteries produced worldwide. It has increased to 34 percent in 2022. CATL has been supplying lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.
The world’s 10 largest EV battery manufacturing companies:
- CATL (34 percent) – China
- LG Energy Solutions (14 percent) – Korea
- BYD (12 percent) – China
- Panasonic (10 percent) – Japan
- SK On (7 percent) – Korea
- Samsung SDI (5 percent) – Korea
- CALB (4 percent) – China
- Guoxuan (3 percent) – China
- Sunwada (2 percent) – China
- AceVolt (1 percent) – China
Another 8 percent of EV battery producers are from companies from different countries.
The next era will be the era of electric vehicles. Electric vehicles are powered by battery power. EV battery development will also take a big leap in the coming decade. Extensive research is being done to increase the power storage capacity of batteries.
Battery manufacturers are also striving to increase the recycling and life cycle of batteries. In addition to electricity, solar and wind technology will also be used to charge EV batteries.