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With growing consumer interest in electric vehicles (EVs), the lithium-ion battery market for electric vehicles reached $27 billion in sales in 2021
.
Industry experts say high demand has boosted battery manufacturers' profits and brought fierce competition
to the market.
By 2027, the market is likely to grow further to $127 billion
as consumers embrace more affordable electric vehicles.
In addition to being a major manufacturer of auto parts, Asia is fast becoming a hotbed
of innovation in the battery sector.
The top 10 EV battery manufacturers by market share are headquartered in Asia, with concentrations in China, Japan and South Korea
.
According to SNE Research, the top three battery manufacturers – CATL, LG and Panasonic – together account for 70% of the global EV battery manufacturing market
.
CATL, which supplies lithium iron phosphate (LFP) batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo, rose 160% in 2020, boosting CATL's market capitalization to nearly $186 billion
.
China also has the fourth-largest battery maker, BYD
, which received investment from Warren Buffett.
In addition, the established battery manufacturers LG and Panasonic also have a great competitive advantage, ranking second and third
.
Panasonic has more than 100 years of history, and among its battery buyers are Tesla and Toyota
.
LG pouch batteries are used in electric vehicles
from Jaguar, Audi, Porsche, Ford and General Motors.
With the increasing popularity of new energy vehicles, European and American countries are also investing in the development of the automotive battery industry
.
For example, President Biden's strategy to make the United States an electric vehicle powerhouse includes increasing domestic battery production
.
European countries are also looking to reduce their growing dependence
on China for decades.
Other battery manufacturers in the top ten include Samsung SDI, SK Innovation, AVIC Lithium, Envision AESC, Guoxuan Hi-Tech, PEVE and others
.
With growing consumer interest in electric vehicles (EVs), the lithium-ion battery market for electric vehicles reached $27 billion in sales in 2021
.
Industry experts say high demand has boosted battery manufacturers' profits and brought fierce competition
to the market.
By 2027, the market is likely to grow further to $127 billion
as consumers embrace more affordable electric vehicles.
In addition to being a major manufacturer of auto parts, Asia is fast becoming a hotbed
of innovation in the battery sector.
The top 10 EV battery manufacturers by market share are headquartered in Asia, with concentrations in China, Japan and South Korea
.
According to SNE Research, the top three battery manufacturers – CATL, LG and Panasonic – together account for 70% of the global EV battery manufacturing market
.
CATL, which supplies lithium iron phosphate (LFP) batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen and Volvo, rose 160% in 2020, boosting CATL's market capitalization to nearly $186 billion
.
China also has the fourth-largest battery maker, BYD
, which received investment from Warren Buffett.
In addition, the established battery manufacturers LG and Panasonic also have a great competitive advantage, ranking second and third
.
Panasonic has more than 100 years of history, and among its battery buyers are Tesla and Toyota
.
LG pouch batteries are used in electric vehicles
from Jaguar, Audi, Porsche, Ford and General Motors.
With the increasing popularity of new energy vehicles, European and American countries are also investing in the development of the automotive battery industry
.
For example, President Biden's strategy to make the United States an electric vehicle powerhouse includes increasing domestic battery production
.
European countries are also looking to reduce their growing dependence
on China for decades.
Other battery manufacturers in the top ten include Samsung SDI, SK Innovation, AVIC Lithium, Envision AESC, Guoxuan Hi-Tech, PEVE and others
.
