CATL Expands Battery Market Share Lead in 2023
ALTERNATIVE POWER REPORT
CleanTechnica’s 2023 provisional report shows a 40% growth in demand for lithium-ion batteries in the automotive sector, reaching 712 GWh. CATL and BYD lead the market, with CATL holding a 34% share due to its successful partnerships and innovative battery technologies. BYD moved into second place with 16% share, up from 14% in 2022, replacing LG, which slid to third place with a 15% share. It had 17% in 2022. BYD grew 59% YoY.
CATL produced 243,000 units in 2023, up from 164,000 units in 2022. BYD produced 116,000 units in 2023, an increase from 73,000 in 2022.
LG lost share in 2023 due to the lack of new orders, GM’s troubled ramp-up of its new EVs, the end of life of some important volume models, and also the fact that volume from some clients, like Mercedes or Ford, is being diverted to the competition.
