Chinese companies, including and , saw explosive growth in the power battery market, while South Korean and Japanese manufacturers were not performing as brightly.

Chinese battery makers' installed base grew significantly in 2022, as the country's electric vehicle (EV) industry continued to expand, according to a new report.

Chinese companies, including CATL and BYD, saw explosive growth in the power battery market last year, while Korean and Japanese manufacturers were not performing as brightly, according to a report today by South Korean market research firm SNE Research.

For the full year 2022, total battery consumption for EVs registered in each country, including BEVs, PHEVs and HEVs, was 517.9 GWh, up 71.8 percent from 301.5 GWh the previous year, according to the report.

CATL's installed power battery volume in 2022 was 191.6 GWh, up 92.5 percent year-on-year, and continues to rank first in the world with a 37.0 percent share.

LG Energy Solution of South Korea had an installed base of 70.4 GWh in 2022, up 18.5 percent year-on-year, ranking second in the world with a 13.6 percent market share.

BYD had 70.4 GWh of power batteries installed in 2022, up 167.1 percent from 26.4 GWh in 2021, ranking third in the world with a 13.6 percent share of the global total.

Amid CATL's solo run, LG Energy Solutions and BYD are in a tight race for second place, the report said.

Japan's Panasonic has an installed base of 98.0 GWh in 2022, up 4.6 percent year-on-year, and ranked fourth with a 7.3 percent market share.

South Korea's SK On has an installed base of 27.8 GWh and occupied fifth place with a 5.4 percent market share.

Samsung SDI had an installed base of 24.3 GWh in 2022, occupying sixth place with 4.7 percent market share.

China's CALB, Gotion High-tech, Sunwoda, and Farasis Energy had 20.0 GWh, 14.1 GWh, 9.2 GWh, and 7.4 GWh of installed capacity in 2022, with shares of 3.9 percent, 2.7 percent, 1.8 percent, and 1.4 percent, ranking 7th-10th.

CATL's growth was driven by increased sales of Model 3, Model Y, Y and 001, the SNE Research report noted.

BYD's high growth was driven by high sales of BEVs and PHEVs in the Chinese domestic market, including the Yuan, Han and Qin Plus models.

Farasis, which is new to the top 10 with high triple-digit growth, experienced explosive growth in 2022 thanks to strong sales of the Mercedes-Benz EQ series in Europe, the report said, adding that it is expected to show steady growth in the next year.

The global power battery market had continued to grow since the third quarter of 2020, with battery consumption in 2023 expected to be about 749 GWh, SNE Research said.

The three South Korean companies continued to grow their battery usage in 2022, but their share declined 6.5 percentage points to 23.7 percent from 30.2 percent in the previous year.

The Japanese companies had relatively low growth rates and their market shares declined from the previous year. Panasonic grew by 4.6 percent compared to the previous year, and its market share fell by 4.7 percentage points.