Europeans and Americans were not represented in Top 10 battery manufacturers.

All ten largest manufacturers of EV batteries last year were located in Asia and six of them were Chinese. A report by EV-Volumes says the Chinese producers of EV batteries dominated the industry by a margin of 57%, with Contemporary Amperex Technology Co. Ltd (CATL) and BYD Auto Co. Ltd accounting for as much as 40% of the total battery deployment and a combined 358,617 megawatt-hours.

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CATL’s and BYD’s market share stood at 34% and 16%, respectively.

Image: VisualCapitalist

LG Energy Solution from South Korea was the third largest with 15% of the market and 108,487 MWh. Other major Korean manufacturers in the Top 10 are SK On and Samsung SDI. Japan’s Panasonic is on the fourth position.

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The ten largest manufacturers of EV batteries accounted for more 92% of MWh in 2023, the remaining producers claiming a share of just 8% or 56,040 MWh.

Overall, the global EV battery market size is projected to grow from $49 billion in 2022 to $98 billion by 2029, according to the business analytical consultancy Fortune Business Insights.

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