The world’s 10 largest producers of EV batteries, or how Europe destroyed its industry
Car chassis with electric engine isolated on white background. Side view. 3D illustration
The global market for electric vehicle (EV) batteries is expected to grow from $ 17 billion to over $ 95 billion between 2019 and 2028.
As the demand for decarbonisation of the transport sector increases, companies that manufacture the batteries that power electric vehicles have seen significant momentum. Too bad that this type of development is one-way, with a transfer of industrial capacity and considerable power from one part of the world to another.
Visual Capitalist's Bruno Venditti and Sabrina Lam updated their previous infographic to showcase the world's largest battery manufacturers in 2022.
Here is the full list:
Despite the efforts of the United States and Europe to increase domestic battery production, the market is still dominated by Asian suppliers: in fact, the top 10 manufacturers are all Asian.
Currently, Chinese companies account for 56% of the electric vehicle battery market, followed by Korean companies (26%) and Japanese manufacturers (10%).
Leading battery supplier CATL has expanded its market share from 32% in 2021 to 34% in 2022. One third of the world's EV batteries come from the Chinese company. CATL supplies lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo.
And Europe? He uses? They disappeared. The European car industry is absent, as if it had decided to completely sell its engines abroad. A choice driven by green and totally self-destructive policies, but still applied, despite everything. We have voluntarily deindustrialized ourselves by ceding to the East an essential industrial sector which has contributed to creating European development.
Despite having undergone stringent scrutiny after EV battery recalls in the US, LG Energy Solution remains the second largest battery manufacturer. In 2021, the South Korean supplier agreed to reimburse General Motors $ 1.9 billion to cover the 143,000 Chevy Bolt EV recalled due to fire risks from faulty batteries.
BYD took third place from Panasonic, having nearly doubled its market share in the past year. The Warren Buffett-backed company is the third largest automaker in the world by market capitalization, but it also produces batteries that are sold worldwide. Recent sales figures indicate BYD will overtake LG Energy Solution in terms of market share in the coming months or years. and we want to stop manufacturing internal combustion engines by 2035.
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The article Top 10 world producers of EV batteries, or how Europe destroyed its industry comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/i-10-maggiori-produttori-mondiali-di-batterie-per-ev-ovvero-come-leuropa-ha-distrutto-la-propria-industria/ on Fri, 07 Oct 2022 08:00:04 +0000.