CATL Wins Fifth Consecutive Title as World’s Largest Power Battery Manufacturer

According to the latest statistics released on Monday by SNE, a Korean market research institution, Contemporary Amperex Technology Co., Limited (CATL) remains the single largest supplier of automotive batteries with a global market share of 32.6% as of 2021, ranking first once again.

CATL has been the largest power battery enterprise in the world for five consecutive years. Compared with 2020, its market share last year increased by eight percentage points. According to SNE statistics, the total amount of power in the worldwide supply of automotive batteries as of 2021 was 296.8 GWh, double that of 2020.

In January this year, CATL released a performance forecast saying that the net profit of the company last year was expected to be between 14 billion and 16.5 billion yuan, up 150%-195% year-on-year. This is the highest profit level since it went public in 2018.

LG Energy Solution, the biggest competitor of CATL, ranked second in this list. The Korean company loaded 60.2 GWh of power batteries in automobiles last year, with a market share of 20.3%.

According to Reuters, at a press conference held in January, Kwon Young Soo, CEO of LG Energy Solution, said that he expected the company’s market share to surpass CATL in the future, but did not disclose a specific timeline.

In the top ten list, a total of six Chinese-funded enterprises were shortlisted, such as BYD, China Lithium Battery Technology, Gotion Hi-Tech, Envision AESC Group and Svolt. BYD ranked fourth, with a market share of 8.8%. The other four Chinese-funded enterprises ranked seventh to tenth respectively, with a total market share of 7.2%.

SEE ALSO: Battery Giant CATL Expects 2021 Net Profits of Up to $2.59 Billion

Among Chinese-funded enterprises, Envision AESC Group’s automotive power batteries increased by single digits last year. The other five companies all increased by more than 100%, in which Svolt increased by more than 430% year-on-year.