DUBLIN--(BUSINESS WIRE )--The "Global Electric Vehicle Battery Manufacturer Profiles and Growth Opportunities" report has been added to ResearchAndMarkets.com's offering

Six battery manufacturers dominate the global EV battery market: BYD, CATL, LG Chem, Panasonic, Samsung SDI, and SK Innovation. They accounted for approximately 87% of the global installed battery capacity in 2020 and 2021.

Automotive sales in 2021 continued the seismic shift to electric vehicles (EV) that began in 2020, defying even the most bullish estimates as global EV sales grew by more than 100% year over year (YoY) with close to 6.7 million units sold to achieve 8.9% penetration in the passenger car market.

China and Europe led the way, closely followed by the United States. The rapid EV growth sent shock waves throughout the lithium-ion (Li-ion) battery industry, alerting established and new battery manufacturers to incoming demand. The EV battery market is estimated to reach $100 billion in value by 2025.

Of the 6.7 million EVs sold in 2021, 70% were battery electric vehicles (BEV). BEV sales grew from 2.1 million in 2020 to more than 4.5 million in 2021, achieving a 114% YoY growth rate. This figure reflects the jump in battery demand and expected growth trajectory. EVs mainly use Li-ion batteries with varying amounts of cathode elements, such as nickel, cobalt, aluminum, and manganese.

Cobalt is a scarce resource procured from conflict regions, and battery manufacturers are actively moving away from these chemistries. Lithium iron phosphate batteries have shown the highest potential in cost, performance, and safety and use abundantly available cathode materials. Sodium is another alternative cathode chemistry that battery manufacturers are exploring.

Safety is a critical consideration in EV batteries. Unlike fuel for internal combustion engine vehicles, EV batteries and battery packs are not one-size-fits-all solutions.

Battery packs and battery management systems (BMS) are customized to various factors, including the EV platform, vehicle model specifications, and regional weather. Any error during production or quality assurance checks can cause faulty batteries or battery packs, resulting in disastrous mass recalls affecting thousands of EVs.

The study also includes a SWOT analysis of each battery manufacturer before rounding out with a discussion on key growth opportunities in the global EV battery market.

This study profiles these leading battery manufacturers, shedding light on their:

5. Company Profile - LG Chem

7. Company Profile - Samsung SDI

8. Company Profile - SK Innovation

For more information about this report visit https://www.researchandmarkets.com/r/n86aor

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900