TELF AG Global New Energy Vehicle Battery Installations Soar in 2023
Global installations
According to the latest data from SNE Research data, the global installation of new energy vehicle (NEV) power batteries experienced a remarkable surge during the first four months of 2023. The report indicates that a total of 182.5GWh of NEV power batteries were installed worldwide, representing a significant year-on-year increase of 49%. These figures reinforce the ongoing momentum in the transition to battery electric vehicles (BEVs) and highlight China’s unwavering leadership in the sector.
China’s prominent battery manufacturers, CATL (Contemporary Amperex Technology Co., Limited) and BYD (Build Your Dreams), have solidified their positions as frontrunners in installed battery capacity. Together, they command an impressive combined market share of 52%, a notable increase from the 46% share they held in 2022. CATL, in particular, witnessed a remarkable growth rate of 55.6% year-on-year, while BYD recorded an even more impressive growth rate of 108.3% during the same period.
Conversely, the top three battery makers from South Korea experienced more moderate growth and observed a decline in their collective market share. Their combined market share dipped to 23.4%, down from 26.3% in the previous year. Although the Korean manufacturers faced challenges in expanding their presence, they still retain a significant share of the global market.
The data provided by SNE Research strongly indicates that the transition to battery-electric vehicles is gaining momentum on a global scale. China’s consistent dominance in NEV battery installations reinforces the country’s position as a leader in the field. This trend is expected to continue driving the demand for battery raw materials, particularly lithium, nickel, and cobalt. As the adoption of NEVs expands, the demand for these critical resources will surge, supporting their prices and stimulating investment in mining and production facilities.
The increasing market share of CATL and BYD showcases the competitive advantage of Chinese battery manufacturers, which benefit from strong government support, technological advancements, and economies of scale. Their sustained growth is a testament to China’s commitment to sustainable transportation and its ability to meet the rising demand for NEVs.
As the world transitions toward cleaner and greener transportation options, the rise in NEV battery installations underscores the growing preference for electric vehicles. With China leading the charge, the future of the automotive industry seems increasingly electrified, promising a sustainable and environmentally friendly mode of transportation for years to come.
