In the first quarter of 2023, the market share of the three battery manufacturers in South Korea decreased year-on-year in the total number of newly registered electric vehicle power battery installations worldwide. At the same time, China's BYD surpassed LG New Energy and rose to second place, while CATL continued to rank first. CATL ranks first with a market share of 35%, while BYD's power battery market share has increased to 16.2%, ranking second. The loading volumes of the two companies in the first quarter of 2023 were 46.6GWh and 21.5GWh, respectively, with year-on-year growth of 35.9% and 115.5%.
In recent years, the rapid development of the electric vehicle market has sparked competition in the global power battery industry. In this fiercely competitive market, China's CATL and BYD have become leading global power battery manufacturers, occupying an important share of the global battery market.
CATL has a wide customer base worldwide, including well-known car manufacturers such as Tesla, Ford, and Volvo. In the first quarter of 2023, CATL's market share reached 35%, with an installed capacity of 46.6GWh.
BYD has independently developed lithium titanate battery technology. In the first quarter of 2023, BYD's market share reached 16.2%, ranking second in the world, with an installed capacity of 21.5GWh.
LG New Energy is one of the three major battery manufacturers in South Korea, and its products sold in the global battery market are widely used in various types of electric vehicles, hybrid vehicles, and plug-in hybrid vehicles. However, according to the latest data released by SNE Research, LG's market share decreased year-on-year in the first quarter of 2023, dropping from second place to third place, occupying only 14.5% of the market share.
Except for CATL, BYD, and LG New Energy, other battery manufacturers still have relatively small market shares. However, with the continuous growth of the electric vehicle market, power battery manufacturers are accelerating their technological research and production expansion to meet the needs of the global market.
