CATL Expands Global Presence with Impressive Battery Usage Growth
Chinese battery manufacturer CATL is rapidly expanding its global presence, according to a recent report by Korean firm SNE Research. From January to September 2023, CATL's worldwide battery usage outside of its home market reached approximately 64 gigawatt-hours, marking a significant 104.9% improvement compared to the same period in 2022. Additionally, CATL's global market share has increased by 7 percentage points within this timeframe.
The remarkable results achieved by CATL have placed the company on par with South Korean manufacturer LG Energy Solutions, which currently holds a 28.1% market share. LG Energy Solutions reported a growth of 49.2% in battery usage during Q1-Q3 2023, although its global market share experienced a slight decrease. The fourth and fifth largest battery manufacturers globally, SK On and Samsung SDI, also witnessed an increase in their worldwide battery usage, reaching 24.4GWh and 21.6GWh, respectively.
Despite CATL's rising profile, South Korea still accounts for 48.3% of the global market share, representing a decrease of 5.8 percentage points from the previous year. The SNE Research report also revealed that global battery installations in electric vehicles reached 228GWh from January to September 2023, reflecting an impressive 54.9% increase compared to the previous year. This significant growth in battery installations indicates a corresponding increase in electric vehicle sales. Chinese EV maker BYD emerged as the world's largest EV manufacturer, recording a battery usage of 4.1GWh. Another Chinese company, Farasis Energy, also demonstrated impressive growth with a battery usage of 3GWh.
The outlook for CATL remains positive as the company continues to supply battery products to a wide range of EV makers. Among CATL's prominent customers are Tesla, Mercedes, BMW, and Volvo, among others. The company has also expanded its reach by securing Hyundai and Kia as its most recent customers. CATL's influence has rapidly expanded both locally and globally.
