Posted on 21 Feb 2024
EV battery installation in non-Chinese, global markets increased 43.2% in 2023 to 319.4 gigawatt-hours, according to data from South Korea’s research and consultancy firm SNE Research.
South Korean battery major LG Energy Solution (LGES) topped this usage ranking with 88.6 GWh of cells deployed in the period. This corresponds to a 32.9% annual increase and a 27.8% share in the non-Chinese, global market.
Chinese giant CATL was just 0.8 GWh behind LGES, ranking second. During the reporting period, usage of its EV power batteries reached 87.8 GWh, an on-year increase of 72.5%, accounting for a market share of 27.5%.
Meanwhile, Japan’s Panasonic took third position with a total power battery deployment of 44.6 GWh, up 26.8% on-year. The manufacturer held a 14% market share in 2023. Yet, as a major battery supplier for Tesla, it still has the potential for a further market share boost with its adjusted 2170 and 4680 cylindrical power batteries.
Last month, Panasonic’s chief technology officer Shoichiro Watanabe said the company expects to launch updated and improved versions of these batteries “as early as this year, and Tesla may offer cheaper EVs in the near future.”
According to SNE Research, Chinese companies, including CATL, have experienced higher growth rates in the global battery market outside China than in the domestic Chinese market, rapidly expanding their global market shares.
“CATL’s batteries are installed on vehicles of major automakers such as BMW, MG, Mercedes-Benz and Volvo, including Tesla Model 3 and Model Y (made in China and exported to Europe, North America and Asia),” the consultancy notes. “Recently, batteries from CATL have been installed in Hyundai’s new Kona and Kia Ray cars. The influence of Chinese companies in the South Korean market is also gradually expanding.”
Source:Kallanish
