2023 Global Power Battery List: CATL’s market share will exceed 40% for the first time, BYD surpasses LG Energy for the first time and takes the runner-up spot

With the rapid growth of China's new energy vehicles in 2023, the global power battery market will also rise accordingly.

Although the global installed capacity in December 2023 has not yet been released, according to the installed capacity rankings of each company in the previous 11 months, the top 10 global installed capacity in 2023 is a foregone conclusion. CATL , BYD and LG will be the top three in the global power battery list.

Among them, CATL's installed capacity is expected to exceed 260GWh, and its market share will exceed 40% for the first time, setting a record high. It is still far ahead and dominates the global power battery market.

BYD's installed capacity is expected to exceed 100GWh, surpassing LG Energy for the first time to win the runner-up position, China New Aviation surpassing Samsung SDI to rank sixth, and the largest "dark horse" Yiwei Lithium Energy in 2023 is expected to replace Sunwanda in ninth place.

According to data from South Korean market research institution SNE Research, in November 2023, the global installed capacity of power batteries was 71.6GWh, a month-on-month increase of 7.8% and a year-on-year increase of 25.4%. The global installed capacity of power batteries from January to November was 624.4GWh, a year-on-year increase of 41.8%. Although the installed capacity in December has not yet been announced, based on past experience, there will be a year-end tail-off in December, so the November data is multiplied by 1.2. Calculate the installed capacity in December. For this reason, we calculated that the installed capacity in December is expected to be 86GWh. In 2023, the global installed capacity of power batteries will exceed 6.35 million vehicles, a year-on-year increase of approximately 22.6%.

In mid-November, Chuangxin Airlines once again ranked fourth and Funeng Technology made the list again.

In November, CATL’s installed capacity reached 29.28GWh, a year-on-year increase of 29.8%, and its market share reached 40.9%, a new high and still far ahead. BYD's installed capacity increased by only 0.7% month-on-month in November, and its market share fell by 1.2 percentage points. There is a gap of 18GWh with CATL. Compared with October, the gap has further widened.

Thanks to the increase in Tesla sales, LG Energy's installed capacity increased by nearly 30% month-on-month, and its market share increased by 2.2 percentage points to 12.4%.

It is worth noting that after surpassing Panasonic for the first time in September 2023, in mid-November, Xinhua once again surpassed Panasonic and Samsung SDI to rank fourth in the global power battery list with an installed capacity of 3.23GWh.

Samsung's SDI installed capacity exceeded 3GWh for the first time, a month-on-month increase of more than 10%, and its market share increased by 0.2 percentage points, surpassing Panasonic to rank fifth. Panasonic, which once ranked fourth, saw its installed capacity drop to 3.03GWh in November, a month-on-month increase. It dropped by more than 12%, and its market share also dropped by 1.1 percentage points to 5.3%, and its ranking dropped to sixth on the list.

Although Guoxuan Hi-Tech and Yiwei Lithium Energy still ranked eighth and ninth, they both declined month-on-month, and their market shares also dropped by 0.3% and 0.2% respectively. Thanks to the increase in news about Aian and Mercedes-Benz models, Funeng Technology surged 41% month-on-month, surpassing Sunwanda and ranking 10th on the list.

In November, the global market share of the top 10 power batteries was as high as 92.5%, of which six Chinese companies accounted for 67.5%, accounting for half of the country.

The cumulative market share of CATL and BYD will approach 60% in 2023

Although the global installed capacity in December 2023 has not yet been released, according to the installed capacity rankings of each company in the previous 11 months, the top 10 global installed capacity in 2023 is a foregone conclusion.

In 2023, CATL, BYD and LG Energy will definitely occupy the podium of global power battery installed capacity.

The performance growth momentum of Chinese power battery companies backed by the Chinese market is astonishing.

In the first 11 months of 2023, CATL's installed capacity reached 233.4GWh with countless "harem beauties". It is expected that its installed capacity in 2023 will exceed 2.6 million vehicles, a year-on-year increase of 40%, and its market share will exceed 40% for the first time. A record high.

Thanks to its "surge" sales growth, BYD's installed capacity will exceed 100GWh for the first time in 2023, and its market share is expected to reach 18%, surpassing LG Energy for the first time in the year and becoming the runner-up.

For this reason, the cumulative market share of two Chinese companies, CATL and BYD, will approach 60%, accounting for half of the global power battery market.

Compared with last year, the biggest change in this year's TOP10 global power battery list is that in addition to CATL and BYD, benefiting from the hot sales of models of GAC, Changan , Xpeng, NIO and other brands, the installed capacity of Innovative Aviation will reach 29GWh in mid-2023, approaching 29GWh. SK On is expected to surpass the latter and join the top five in 2024.

Thanks to the hot sales of its models such as Aian and Xiaopeng, Yiwei Lithium Energy is expected to replace Sunwanda and become the largest "dark horse" in the global power battery market in 2023.

The market share of Japanese and Korean companies is expected to exceed 32% in 2023 

The installed capacity of three Korean companies, LG Energy, Samsung SDI and SK On, also achieved year-on-year growth. Among them, the sales of BMW i4/i7, Audi Q8e-Tron and Fiat 500e equipped with Samsung SDI batteries showed an increasing trend in Europe, and the sales of Rivian R1T in North America were increasing. Sales of /R1S and BMW iX also maintained growth momentum. Samsung SDI, which has captured the high-end electric vehicle battery market, is expected to maintain stable performance through stable demand and high profitability.

SK On maintained its growth momentum thanks to strong sales of Hyundai Motor's IONIQ  5, Kia EV6 and Ford F-150 Lightning. SK On has recently completed the development of prismatic and LFP batteries, which are in high demand in the market, and is expected to expand its market share, mainly in North America.

LG Energy has continued the increase in sales of Tesla Model 3/Y, Volkswagen ID. series, Ford Mustang Mach-E and other popular models in Europe and North America. It is expected that its market share will be the highest among the three Korean companies.

Panasonic is the only Japanese company to enter the TOP10. Its installed capacity is expected to be 44GWh in 2023, ranking fourth on the list. Panasonic is one of Tesla's main power battery suppliers and accounts for the vast majority of Tesla's battery usage in the North American market.

It is expected that the market share of the TOP10 will exceed 94% in 2023, among which the power battery market share of Japanese and Korean companies is expected to exceed 32%, which will increase compared with last year.

write at the end

Overall, thanks to the "surge" growth of China's new energy vehicle market, Chinese companies still lead the global power battery market. At present, the global power battery market has gradually evolved from a "three pillars" and "two heroes competing for hegemony" to a pattern of "one company dominates, BYD and LG compete for supremacy".

However, Chinese power batteries are currently under siege by Europe and the United States. Among them, the "Inflation Reduction Act" issued by the United States stipulates that from January 2024, electric vehicles containing battery components made in China will lose the qualification to obtain tax credits in the United States.

The EU is also busy establishing a battery supply chain independent of China, thereby reducing its dependence on Chinese imports. In September 2023, the European Parliament voted to adopt a proposal that by 2030, no more than 65% of its strategic raw material supply should be imported from a single country.

This also means that Chinese power battery companies will not be able to make a big splash in Europe and the United States in 2024. As the new round of battery competition advances, we will wait and see how the global power battery market will undergo earth-shaking changes in 2024.