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Ranked: The Top 10 EV Battery Manufacturers

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Top 10 EV Battery Manufacturers

Ranked: The Top 10 EV Battery Manufacturers

With increasing interest in electric vehicles (EVs) from consumers, the market for lithium-ion EV batteries is now a $27 billion per year business.

According to industry experts, high demand has boosted battery manufacturers’ profits and brought heavy competition to the market. And by 2027, the market could further grow to $127 billion as consumers embrace more affordable EVs.

Asian Powerhouses of Battery Production

Besides being a manufacturing powerhouse of vehicle parts, Asia is fast becoming a hotbed for innovation in the battery sector.

No wonder, the top 10 EV battery manufacturers by market share are all headquartered in Asian countries, concentrated in China, Japan, and South Korea.

RankCompany2021 Market ShareCountry
#1CATL32.5%China 🇨🇳
#2LG Energy Solution21.5%Korea 🇰🇷
#3Panasonic14.7%Japan 🇯🇵
#4BYD6.9%China 🇨🇳
#5Samsung SDI5.4%Korea 🇰🇷
#6SK Innovation5.1%Korea 🇰🇷
#7CALB2.7%China 🇨🇳
#8AESC2.0%Japan 🇯🇵
#9Guoxuan2.0%China 🇨🇳
#10PEVE1.3%Japan 🇯🇵
n/aOther6.1%ROW

According to data from SNE Research, the top three battery makers—CATL, LG, and, Panasonic—combine for nearly 70% of the EV battery manufacturing market.

Chinese Dominance

Based in China’s coastal city of Ningde, best known for its tea plantations, Contemporary Amperex Technology Co. Limited (CATL) has risen in less than 10 years to become the biggest global battery group.

The Chinese company provides lithium iron phosphate (LFP) batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo, and shares in the company gained 160% in 2020, lifting CATL’s market capitalization to almost $186 billion.

CATL counts nine people on the Forbes list of global billionaires. Its founder, Zeng Yuqun, born in a poor village in 1968 during the Chinese Cultural Revolution, is now worth almost as much as Alibaba founder Jack Ma.

China also hosts the fourth biggest battery manufacturer, Warren Buffett-backed BYD.

Competition for CATL Outside China

Outside China, CATL faces tough competition from established players LG and Panasonic, respectively second and third on our ranking.

With more than 100 years of history, Panasonic has Tesla and Toyota among its battery buyers. LG pouch cells are used in EVs from Jaguar, Audi, Porsche, Ford, and GM.

U.S. and Europe’s Plans for Battery Production

President Joe Biden’s strategy to make the United States a powerhouse in electric vehicles includes boosting domestic production of batteries. European countries are also looking to reduce decades of growing reliance on China.

As Western countries speed up, new players are expected to rise.

A host of next-generation battery technologies are already being developed by U.S. companies, including Ionic Materials, QuantumScape, Sila Nanotechnologies, Sion Power, and, Sionic Energy.

Any direction the market moves, certainly the forecast is bright for battery producers.

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Electrification

Visualizing the Supply Deficit of Battery Minerals (2024-2034P)

A surplus of key metals is expected to shift to a major deficit within a decade.

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This graphic represents how key minerals for batteries will shift from a surplus in 2024 to a deficit in 2034.

Visualizing the Supply Deficit of Battery Minerals (2024-2034P)

The world currently produces a surplus of key battery minerals, but this is projected to shift to a significant deficit over the next 10 years.

This graphic illustrates this change, driven primarily by growing battery demand. The data comes exclusively from Benchmark Mineral Intelligence, as of November 2024.

Minerals in a Lithium-Ion Battery Cathode

Minerals make up the bulk of materials used to produce parts within the cell, ensuring the flow of electrical current:

  • Lithium: Acts as the primary charge carrier, enabling energy storage and transfer within the battery.
  • Cobalt: Stabilizes the cathode structure, improving battery lifespan and performance.
  • Nickel: Boosts energy density, allowing batteries to store more energy.
  • Manganese: Enhances thermal stability and safety, reducing overheating risks.

The cells in an average battery with a 60 kilowatt-hour (kWh) capacity—the same size used in a Chevy Bolt—contain roughly 185 kilograms of minerals.

Battery Demand Forecast

Due to the growing demand for these materials, their production and mining have increased exponentially in recent years, led by China. In this scenario, all the metals shown in the graphic currently experience a surplus.

In the long term, however, with the greater adoption of batteries and other renewable energy technologies, projections indicate that all these minerals will enter a deficit.

For example, lithium demand is expected to more than triple by 2034, resulting in a projected deficit of 572,000 tonnes of lithium carbonate equivalent (LCE). According to Benchmark analysis, the lithium industry would need over $40 billion in investment to meet demand by 2030.

MetricLithium (in tonnes LCE)Nickel (in tonnes)Cobalt (in tonnes)Manganese (in tonnes)
2024 Demand1,103,0003,440,000230,000119,000
2024 Surplus88,000117,00024,00011,000
2034 Demand3,758,0006,082,000468,000650,000
2034 Deficit-572,000-839,000-91,000-307,000

Nickel demand, on the other hand, is expected to almost double, leading to a deficit of 839,000 tonnes by 2034. The surge in demand is attributed primarily to the rise of mid- and high-performance electric vehicles (EVs) in Western markets.

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Visualizing the EU’s Critical Minerals Gap by 2030

This graphic underscores the scale of the challenge the bloc faces in strengthening its critical mineral supply by 2030.

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This graphic underscores the scale of the challenge the EU faces in strengthening its critical mineral supply chains under the Critical Raw Material Act.

Visualizing EU’s Critical Minerals Gap by 2030

The European Union’s Critical Raw Material Act sets out several ambitious goals to enhance the resilience of its critical mineral supply chains.

The Act includes non-binding targets for the EU to build sufficient mining capacity so that mines within the bloc can meet 10% of its critical mineral demand.

Additionally, the Act establishes a goal for 40% of demand to be met by processing within the bloc, and 25% through recycling.

Several months after the Act’s passage in May 2024, this graphic highlights the scale of the challenge the EU aims to overcome. This data comes exclusively from Benchmark Mineral Intelligence, as of July 2024. The graphic excludes synthetic graphite.

Securing Europe’s Supply of Critical Materials

With the exception of nickel mining, none of the battery minerals deemed strategic by the EU are on track to meet these goals.

Graphite, the largest mineral component used in batteries, is of particular concern. There is no EU-mined supply of manganese ore or coke, the precursor to synthetic graphite.

By 2030, the European Union is expected to supply 16,000 tonnes of flake graphite locally, compared to the 45,000 tonnes it would need to meet the 10% mining target.

Metal 2030 Demand (tonnes)Mining (F)Processing (F)Recycling (F)Mining Target Processing Target Recycling Target
Lithium459K29K46K25K46K184K115K
Nickel403K42K123K25K40K161K101K
Cobalt94K1K19K6K9K37K23K
Manganese147K0K21K5K15K59K37K
Flake Graphite453K16K17KN/A45K86KN/A

The EU is also expected to mine 29,000 tonnes of LCE (lithium carbonate equivalent) compared to the 46,000 tonnes needed to meet the 10% target.

In terms of mineral processing, the bloc is expected to process 25% of its lithium requirements, 76% of nickel, 51% of cobalt, 36% of manganese, and 20% of flake graphite.

The EU is expected to recycle only 22% of its lithium needs, 25% of nickel, 26% of cobalt, and 14% of manganese. Graphite, meanwhile, is not widely recycled on a commercial scale.

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