10/11/2022
RawNews1st – The global electric vehicle (EV) battery market is expected to grow from $17 billion to more than $95 billion between 2019 and 2028.
With increasing demand to decarbonize the transportation sector, companies producing the batteries that power EVs have seen substantial momentum.
Visual Capitalist’s Bruno Venditti and Sabrina Lam have updated their previous infographic to show the world’s biggest battery manufacturers in 2022.
Despite efforts from the United States and Europe to increase the domestic production of batteries, the market is still dominated by Asian suppliers.
The top 10 producers are all Asian companies. Currently, Chinese companies make up 56% of the EV battery market, followed by Korean companies (26%) and Japanese manufacturers (10%).
Electric vehicles are here to stay, while internal combustion engine (ICE) vehicles are set to fade away in the coming decades. Recently, General Motors announced that it aims to stop selling ICE vehicles by 2035, while Audi plans to stop producing such models by 2033.
Besides EVs, battery technology is essential for the energy transition, providing storage capacity for intermittent solar and wind generation.
As battery makers work to supply the EV transition’s increasing demand and improve energy density in their products, we can expect more interesting developments within this industry.
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