From January to November 2022, global power battery installation volume increased by 74.7% year-on-year

Data recently released by SNE Research, a Korean battery market research institution, shows that from January to November 2022, the global installed capacity of power batteries was 446 GWh, a year-on-year increase of 74.7%. CATL and BYD ranked among the top two, accounting for more than half of the total. market share.

Data source: SNE Research

Specifically, CATL, as the world's largest power battery supplier, continues to maintain its absolute advantage in the power battery market. In the first 11 months of 2022, CATL’s total installed battery capacity reached 165.7 GWh, a year-on-year increase of 101.8%. Its market share increased from 32.2% in the same period of 2021 to 37.1%, which is approximately three times the market share of second-place BYD.

BYD has benefited from the rapid growth of its new energy vehicle sales, and its battery supply has also increased significantly. From January to November 2022, BYD's installed capacity reached 60.6 GWh, a year-on-year increase of 168.3%. The market share increased from 8.8% in the same period last year to 13.6%, surpassing the Korean company LG New Energy and ranking second in the world.

LG New Energy's total battery installed capacity from January to November 2022 was 54.8 GWh, a year-on-year increase of only 9.7%. Its market share dropped 7.3 percentage points from 19.6% in the same period in 2021 to 12.3%, ranking third. Panasonic of Japan continues to rank fourth with a market share of 7.7%, but it has dropped 5.1 percentage points from the same period in 2021. It is the only Japanese company among the top ten companies.

Among Chinese companies, Xinxin Aviation, Guoxuan Hi-Tech, Sunwoda, and Yiwei Lithium ranked seventh to tenth respectively. It is worth noting that among the top ten battery installations in the first 11 months of 2022, all Chinese companies have increased their installations by more than 100% year-on-year, with Sunwanda having the largest increase, reaching 287.3%.

In addition, among the top ten in terms of vehicle installation volume, Chinese power battery companies occupy 6 seats, with a total market share of 60.5%, showing strong growth. However, the market share of Korean companies has declined. From January to November 2022, the global market share of LG New Energy, SK On and Samsung SDI was only 23.2%, a decrease of 7.4 percentage points from the same period in 2021.

Looking at the single month of November, global power battery installed capacity was 57.2 GWh, a year-on-year increase of 65.7%. Major markets such as China, the United States, and Europe have maintained a growth trend, especially the Chinese market, which has increased by nearly 1.9 times year-on-year. Among them, CATL's installed vehicle volume reached 23.4 GWh, approximately twice that of the same period in 2021, and its market share in a single month increased to 40.9%, a record high, firmly ranking first. BYD ranks second, with installed vehicle volume reaching 8.9 GWh in November, a year-on-year increase of 147.6%. It is the company with the largest growth rate among the top ten monthly installed vehicles.

As far as the domestic market is concerned, according to data released by the China Automotive Power Battery Industry Innovation Alliance, from January to November 2022, the cumulative installed volume of power batteries in China was 258.5 GWh, a doubling compared to the same period last year. In November, China's power battery installed capacity was 34.3 GWh, a year-on-year increase of 64.5%.

The rapid growth of vehicle installations by Chinese power battery companies is inseparable from the substantial growth in sales of new energy vehicles. According to data from the China Association of Automobile Manufacturers, in the first 11 months of 2022, China's cumulative sales of new energy vehicles reached 6.067 million units, doubling year-on-year. SNE Research pointed out that China accounts for more than 60% of the global new energy vehicle market share and is accelerating its penetration into the global market. SNE Research also pointed out that battery manufacturers must continue to strengthen cutting-edge technology research and development and strengthen cooperative relationships with vehicle companies.