By Li Panpan

(JW Insights) Jul 5 -- The amount of energy held by batteries for electric vehicles (EV, PHEV, HEV) registered worldwide in the first five months of 2023 was approximately 237.6GWh, a 52.3% year on year growth. Chinese suppliers CATL and BYD ranked first and second in market shares, said the South Korean research agency SNE Research on July 5.

Lithium batteries for electric vehicles around the world have maintained a rapid growth trend since 2017, with a total capacity of 518GWh in 2022.

With a 59.6% YoY growth to 86.2GWh in battery shipments, CATL accounted for 36.3% of market share in the first five months of 2023, making it as the only battery supplier in the world to take up such high market share.

Driven by the increasing shares in the Chinese market, BYD continued to rank 2nd with a triple-digit growth compared to the last year, reported SNE Research.

The combined market shares of K-trio companies (LG Energy Solution, SK-On and Samsung SDI) were 23.3%. LG Energy Solution took the 3rd position, exhibiting a 56.0%(33.0GWh) YoY growth.

Panasonic, the only Japanese company in the top 10 on the list, recorded 19.1GWh, a 37.1% YoY growth.

In 2023, in preparation for a possible gradual growth decline in the Chinese domestic market, which is the world’s largest EV market, the Chinese battery suppliers are expected to enter overseas markets such as Europe. Furthermore, with the Chinese battery makers entering the European market in earnest, the installation rate of LFP battery in Europe is also expected to increase in future, said the SNE Research report.