BYD Surpasses LG Energy Solution in Installed Battery Capacity of Electric Cars Globally

Between January 2022 and November 2022, BYD surpassed LG Energy Solution to achieve third place in the ranking of installed battery capacity for all electric cars sold globally (BEV, PHEV, and HEV). During this period, 446.0 GWh, or 74.7% more energy than the previous year, was stored in the batteries of electric cars. Since the third quarter of 2020, the market has been continuously growing.


CATL, China’s top battery maker, has seen its revenue more than double over this time. The top ten Chinese manufacturers, including BYD, have also grown by triple digits. Japanese manufacturers, including Panasonic, are continuing to decrease, with the majority of them growing at rates lower than the industry average.

Despite their consistent expansion, the Korean market trio’s share fell by 7.4%, from 30.5% to 23.1%. LG Energy Solution came in third place with 54.8 GWh, a 9.7% rise year on year. Samsung SDI achieved 22.1 GWh, an increase of 74.9%, while SK-On produced 26.1 GWh, an increase of 72.0%.

The sales of electric car models with batteries from each manufacturer were a major driver of the K-market trio’s expansion. The successful introduction of the KIA EV6 and the Hyundai Ionic 5 and 6 aided SK-ON’s expansion. Rising sales of the FIAT 500, BMW i4, and Audi E-Tron supported the rise of Samsung SDI. The sales of the Ford Mustang Mach-E and Volkswagen ID.4 aided the rise of LG Energy Solution.

Tesla’s Model 3 and Y, which employ the most batteries made by CATL, LGES, and Panasonic, have led the three manufacturers’ increase, with strong sales in November. BYD’s expanding market share in China’s fast developing market supported the company’s growth. LG Energy Solution, on the other hand, recently lost a portion of its European market battery installation contract for various Volkswagen and Volvo vehicles. Furthermore, the amount of LGES batteries installed in Tesla vehicles delivered in China has decreased.

In November 2022, global EV battery utilisation was 57.2 GWh, or nearly 1.7 times what it was the previous year. All key markets in China, the United States, and Europe are expanding, with the Chinese market expanding by more than 1.9 times. China, whose total number of electric vehicles on the road already exceeds 60% of all EVs globally (BEV+PHEV), has stopped its EV subsidy programme as of this year. This may provide OEMs with a favourable opportunity to compete in the market based on vehicle performance.

To remain competitive, cell manufacturers must obtain cutting-edge technologies and strengthen their relationships with OEMs.

Source: SNE Research

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battery market share nov22
battery market share nov22


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