Market breakdown of main manufacturers of EV batteries 2023
China-based CATL was the leading EV battery maker as of June 2024, with a market share of almost 38 percent. The Chinese company BYD ranked second with a market share of 15.8 percent, followed by South Korean LG Energy Solution with a market share of 13.6 percent.
New entrants from China increase competition
CATL (Contemporary Amperex Technology Co. Limited) was the largest battery manufacturer, having overtaken its main Chinese, South Korean, and Japanese competitors. CATL has several battery production bases in China, Germany, and Hungary.
Electric cars are a major factor
Considering the tightening environmental regulations, global sales of battery-electric vehicles increased 10-fold between 2017 and 2022. As a result, large-scale electric vehicle production drove a lithium-ion battery demand up to around eight terawatt-hours.
