Electrification
Ranked: The 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.
Rank | Company | 2021 Market Share | Country |
---|---|---|---|
#1 | CATL | 32.5% | China 🇨🇳 |
#2 | LG Energy Solution | 21.5% | Korea 🇰🇷 |
#3 | Panasonic | 14.7% | Japan 🇯🇵 |
#4 | BYD | 6.9% | China 🇨🇳 |
#5 | Samsung SDI | 5.4% | Korea 🇰🇷 |
#6 | SK Innovation | 5.1% | Korea 🇰🇷 |
#7 | CALB | 2.7% | China 🇨🇳 |
#8 | AESC | 2.0% | Japan 🇯🇵 |
#9 | Guoxuan | 2.0% | China 🇨🇳 |
#10 | PEVE | 1.3% | Japan 🇯🇵 |
n/a | Other | 6.1% | 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.
Electrification
Charted: The Energy Demand of U.S. Data Centers
Data center power needs are projected to triple by 2030.

Charted: The Energy Demand of U.S. Data Centers
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
As the digital economy accelerates and generative AI becomes more deeply embedded in business and daily life, the physical infrastructure supporting these technologies is undergoing a transformative explosion.
In this graphic, we use data from McKinsey to show current and projected energy demand from data centers in the United States. Data is from October 2023.
U.S. Data Centers Could Quadruple Power Demand by 2030
Today, data centers account for roughly 4% of total U.S. electricity consumption. But by 2030, that share is projected to rise to 12%, driven by unprecedented growth in computing power, storage needs, and AI model training.
In fact, U.S. data center energy demand is set to jump from 224 terawatt-hours in 2025 to 606 terawatt-hours in 2030.
Year | Consumption (TWh) | % of Total Power Demand |
---|---|---|
2023 | 147 | 4% |
2024 | 178 | 4% |
2025 | 224 | 5% |
2026 | 292 | 7% |
2027 | 371 | 8% |
2028 | 450 | 9% |
2029 | 513 | 10% |
2030 | 606 | 12% |
Meeting this projected demand could require $500 billion in new data center infrastructure, along with a vast expansion of electricity generation, grid capacity, and water-cooling systems. Generative AI alone could require 50–60 GW of additional infrastructure.
This massive investment would also depend on upgrades in permitting, land use, and supply chain logistics. For example, the lead time to power new data centers in large markets such as Northern Virginia can exceed three years. In some cases, lead times for electrical equipment are two years or more.
A Strain on the U.S. Grid
The U.S. has experienced relatively flat power demand since 2007. Models suggest that this stability could be disrupted in the coming years. Data center growth alone could account for 30–40% of all net-new electricity demand through 2030.
Unlike typical power loads, data center demand is constant, dense, and growing exponentially. Facilities often operate 24/7, with little downtime and minimal flexibility to reduce usage.
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Electrification
Visualizing China’s Battery Recycling Dominance
In 2025, China will hold 78% of pre-treatment and 89% of refining capacity.

Visualizing China’s Battery Recycling Dominance
Battery recycling is expected to become a cornerstone of the global energy transition as electric vehicles (EVs) and other battery-powered technologies become more widespread.
According to exclusive data from Benchmark Mineral Intelligence, China holds a dominant position in both the pre-treatment and refining stages of battery recycling.
Chinese Growing Dominance
Battery recycling involves two major stages. First is pre-treatment, where recycling begins. Scrap batteries are typically shredded and separated to produce a material known as black mass.
The next stage is refining, which processes black mass into valuable lithium-, nickel-, and cobalt-based chemicals for use in battery cathodes.
China’s scale, infrastructure, and early investments in battery supply chains have translated into an outsized advantage in recycling capacity.
As the largest producer and user of lithium ion batteries, the country is expected to process 3.6 million tonnes of scrap batteries in 2025, up from 1.2 million tonnes in 2022. This would account for 78% of global pre-treatment capacity, with total global capacity projected to exceed 4.6 million tonnes.
Region/Tonnes | 2022 | 2023 | 2024 | 2025P |
---|---|---|---|---|
Global | 1.5M | 2.4M | 2.8M | 4.6M |
China | 1.2M | 1.8M | 2.1M | 3.6M |
Asia excl. China | 158K | 231K | 288K | 361K |
Europe | 118K | 133K | 243K | 416K |
North America | 59K | 165K | 129K | 196K |
ROW | 4K | 6K | 6K | 40K |
In second place is the rest of Asia, with 361,000 tonnes, followed by Europe with 416,000 tonnes. While the U.S. attempts to reduce its reliance on China in the mineral sector, North America accounts for just 196,000 tonnes.
The refining stage is even more concentrated.
China’s black mass refining capacity is projected to nearly triple, from 895,000 tonnes in 2022 to 2.5 million tonnes by 2025—representing 89% of global capacity.
Region/Tonnes | 2022 | 2023 | 2024 | 2025P |
---|---|---|---|---|
Global | 960K | 1.4M | 1.7M | 2.8M |
China | 895K | 1.3M | 1.5M | 2.5M |
Asia excl. China | 48K | 101K | 146K | 225K |
Europe | 13K | 23K | 25K | 28K |
North America | 4K | 5K | 5K | 21K |
ROW | 0 | 1K | 1K | 32K |
Refining is critical, as it converts recycled material into high-purity, battery-grade chemicals. The rest of Asia is expected to refine 225,000 tonnes, Europe 28,000 tonnes, and North America only 21,000 tonnes. Between 2022 and 2025, China’s refining capacity is projected to grow by 179%, while North America’s is expected to surge by 425%—albeit from a much smaller base.
As global demand for EVs and battery storage rises, countries looking to build domestic recycling infrastructure must accelerate investment to reduce dependence on Chinese supply chains.
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