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On May 9, 2023, BYD has surpassed LG Energy Solution and rank second with a 16.2% market share, according to a latest report released by South Korean market research firm SNE Research.

According to the report, Contemporary Amperex Technology Co., Limited (CATL) continues to hold the top position in the electric vehicle battery industry by supplying Tesla Model 3, Model Y and other passenger car models, with a market share of 35%.

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This means that China’s Contemporary Amperex Technology Co., Limited (CATL) and BYD occupy the top two spots in the global list of electric vehicle battery suppliers, with a combined market share of more than 50%. The report showed that total global electric vehicle battery consumption was 133.0 GWh in the first quarter, up 38.6% from 95.9 GWh in the same period last year.

The data indicates Contemporary Amperex Technology Co., Limited (CATL) installed 46.6 GWh of batteries in the first quarter, up 35.9% from 34.3 GWh in the same period last year. BYD installed 21.5 GWh of power batteries in the first quarter, up 115.5% from 10.0 GWh in the same period last year.

LG Energy Solution’s power battery installation volume was 19.3 GWh from January to March, up 37.5% year on year. Ranked third in the world with a 14.5% share, down from 14.6% one year ago.

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