Lithium ion batteries - main manufacturers Q1 2022

The China-based CATL was the leading lithium-ion battery maker in the first quarter of 2022 with a market share of 35 percent. The Korean LG Energy Solution ranked second with a market share of 15.9 percent, followed by BYD with a market share of 11.1 percent.

New entrants from China increase competition

CATL (Contemporary Amperex Technology Co. Limited) has become the largest lithium-ion battery manufacturer in 2022, overtaking its main competitor LG Energy Solution. CATL has already announced plans to ramp up its lithium-ion battery production to 100 gigawatt hours or more.

Electric cars are a major factor

In light of tightening environmental regulations, global sales of hybrid and plug-in electric vehicles are predicted to account for some 26 percent of worldwide vehicle sales by 2030. As a result, large-scale electric vehicle production will likely drive lithium demand in the near and medium term. That said, many automakers and battery manufacturers have begun to intensify their research on alternative technologies that do not rely on lithium but other commodities instead. However, it is not very probable that such products will reach market commercialization in the next five years.