China dominated EV battery production in 2023

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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