South Korean firm SNE Research released its global rankings on August 2 of power battery companies by installed capacity during the first half of 2022, showing CATL, LG Energy Solution and BYD in the top three spots.
The share of CATL increased from 28.6% last year to 34.8%, about 20 percentage points higher than second-place LG Energy Solution, whose share dropped from 23.8% in 2021 to 14.4%, which was only 2.6% higher than BYD.
Among the top 10 enterprises, there were six Chinese companies. Besides CATL and BYD, there are also CALB, Gotion High-Tech, Sunwoda and SVOLT ranking seventh to 10th on the list. The total market share of six Chinese enterprises accounted for 56.4%.
A total of three Korean companies entered the top 10. Apart from LG Energy Solution, Samsung SDI and SK On ranked fifth and sixth respectively. Only Samsung SDI’s share increased slightly, while the other two’s shares declined. In the first half of 2022, the total share of these three Korean enterprises was 25.8%, compared with 34.9% in the same period last year.
As the only Japanese company in the top 10, Panasonic’s market share also declined in the first half of the year, from 15% last year to 9.6%.
The substantial increase in installed capacity is the common reason for the rapid increase in the Chinese companies’ market shares. In the first half of 2022, six Chinese companies on the list all have achieved double growth in terms of installed capacity, among which Sunwoda grew the fastest, with an increase of more than six times. Among other companies on the list, only SK On’s installed capacity increased by more than 100%, while LG Energy Solution increased by only 6.9%.
At present, major Chinese battery companies, including Sunwoda, have started to significantly expand their production capacity. The capacity target of CATL in 2025 is about 600GWh. After CALB changed its name in November last year (formerly known as “China Aviation Lithium Battery Technology), it greatly increased its capacity target, raising the target of 300GWh in 2025 to 500GWh. Gotion Hi-Tech and SVOLT have also expanded their production capacity to varying degrees.