Leading the pack is China’s Contemporary Amperex Technology Co. Limited (CATL), which has rapidly ascended to become the world’s largest battery supplier in less than ten years. In 2023 alone, CATL captured a whopping 34% of the global market share, deploying 242,700 megawatt-hours of battery power. This substantial output supports a variety of vehicles made in China, such as the Tesla Model Y, SAIC’s MG4/Mulan, and various models from Li Auto.
Trailing CATL, BYD, another Chinese powerhouse, has overtaken South Korea’s LG Energy Solution to secure second place with 115,917 megawatt-hours, constituting 16% of the market. BYD’s surge in production has been fuelled by both the demand from its own line-up of electric vehicles and several high-profile third-party agreements, including battery provisions for the Tesla Model Y manufactured in Germany, and models from Toyota, Changan, Venucia, Haval, and FAW.
LG Energy Solution from South Korea ranks third, accounting for 15% of the market with 108,487 megawatt-hours. The top three companies combined—CATL, BYD, and LG—make up two-thirds of the total global battery deployment.
Formerly a key player, Japan’s Panasonic now finds itself in fourth place. With a market share of 8%, down from 9% the previous year, Panasonic’s decline is notable as Tesla, its main client, diversifies its battery suppliers, thereby reducing its reliance on the Japanese firm.
Other significant contributors to the market include South Korea’s SK On and Samsung SDI, alongside China’s CALB, Farasis Energy, Envision AESC, and Sunwoda. These companies, while smaller in individual output, collectively push forward the technological envelope in the battery sector.
As the global EV battery market is projected to double in size, growing from $49 billion in 2022 to an estimated $98 billion by 2029, the strategic importance of these manufacturers cannot be overstated. The ongoing dominance of Asian manufacturers underlines the critical challenges Western nations face as they strive to build up their domestic battery production capabilities in a rapidly evolving industry landscape.
Source: Visual Capitalist
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