Top 10 EV Battery Manufacturers in 2023

 Top 10 EV Battery Manufacturers in 2023

Initially published on Elements. Join the free mailing list to receive stunning visualisations of natural resource megatrends every week in your email.

Between 2019 and 2028, it is anticipated that the worldwide electric vehicle (EV) battery market will increase from $17 billion to more than $95 billion.

Companies that make the batteries that power EVs have experienced significant growth in response to the growing demand to decarbonize the transportation sector.

Here, we update our earlier graph of the top 10 EV battery manufacturers and present the largest battery producers in the world as of 2023.

1.CATL -  China 🇨🇳

2.LG Energy Solution - Korea 🇰🇷

3.BYD - China 🇨🇳

4.Panasonic - Japan 🇯🇵

5.SK - Korea 🇰🇷

6.Samsung SDI - Korea 🇰🇷

7.CALB - China 🇨🇳

8.Guoxuan - China 🇨🇳

9.Sunwoda - China 🇨🇳

10. SVOLT - China🇨🇳

LG Energy Solution is still the second-largest battery maker despite being subject to intense investigation following EV battery fire recalls in the US. The supplier from South Korea agreed to pay General Motors $1.9 billion in 2021 to cover the cost of the 143,000 Chevy Bolt EVs that were recalled owing to fire concerns from defective batteries.

BYD replaced Panasonic in third place after nearly doubling its market share in the previous 12 months. The company, which is funded by Warren Buffett, makes batteries that are sold in marketplaces all over the world while ranking as the third-largest automaker in the world by market worth. Recent sales data indicate that BYD will surpass LG Energy Solution in market share within the next few months or years.

The Age of Battery Power

Internal combustion engine (ICE) vehicles are predicted to become less common in the future decades whereas electric vehicles are here to stay. Audi expects to stop making such models by 2033, while General Motors just declared its intention to stop selling ICE vehicles by 2035.

Battery technology, which offers storage capacity for sporadic solar and wind power, is crucial for the energy shift in addition to EVs.

We may anticipate more intriguing innovations in this area as battery manufacturers strive to meet the rising demand brought on by the EV transition and increase the energy density of their goods.