According to data from SNE Research, the top 10 EV battery manufacturers by market share are all headquartered in Asian countries, concentrated in China, Japan, and South Korea. The top three battery makers—CATL, LG, and Panasonic—combine for nearly 70% of the EV battery manufacturing market.
Asia is not only a manufacturing powerhouse of vehicle parts but also a hotbed for innovation in the battery sector. The top 10 EV battery manufacturers by market share are all headquartered in Asian countries, primarily in China, Japan, and South Korea.
Asia dominates this ranking of the world's largest EV battery manufacturers in 2023. See which battery makers feature in the top 10.
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. CATL (Contemporary Amperex Technology Co. Limited) was the largest battery manufacturer, having overtaken its main Chinese, South Korean, and Japanese competitors.
This was driven by demand from its own models and growth in third-party deals, including providing batteries for the made-in-Germany Tesla Model Y, Toyota bZ3, Changan UNI-V, Venucia V-Online, as well as several Haval and FAW models. The top three battery makers (CATL, BYD, LG) collectively account for two-thirds (66%) of total battery deployment.
Contemporary Amperex Technology Co. Limited (CATL), based in China's coastal city of Ningde, has risen in less than 10 years to become the biggest global battery group. Best known for its tea plantations, Ningde is the location of this battery manufacturing giant.