China and South Korea will account for the highest proportion of the global power battery market in 2030

Recently, South Korean energy market research institution SNE Research released a forecast that by 2030, Chinese and Korean companies will still dominate the global power battery market, with their market shares reaching 63% and 20% respectively. The agency said that the production capacity of global manufacturers of lithium-ion batteries for electric vehicles will increase nearly eightfold to 8,247GWh by 2030 from 994GWh in 2021. The average annual growth rate is expected to reach 27%.

The agency also expects that Chinese companies such as CATL and BYD will have a 63% share of the global power battery market, while Korean companies such as LG Energy Solutions, SK On and Samsung SDI will have a 20% share. In terms of enterprise production capacity, CATL will rank first with 1,285GWh, and South Korea's LG Energy Solutions will rank second with 778GWh. The agency also said that within 10 years, more power battery manufacturers will enter the electric vehicle market. However, the top manufacturers in China, Japan and South Korea have rich experience in mass production, which will put a lot of pressure on the production and operation of manufacturers in other regions.