The market for EV battery manufacturers is predicted to increase from a net worth of $17 billion to $95 billion in a decade. In the last few years, owing to different reasons, the EVs battery industry has become significantly more developed than ever.
EV battery manufacturer’s stocks
People are taking a keen interest in purchasing EVs worldwide due to the increasing gasoline prices and advancements in EV batteries and technology. The global volume for EVs will expand by 350 million by 2030, and the US alone sets the target of having more than 190 million EVs by this time.
EVs are daily becoming more accessible and user-friendly as a result of the recent induction of innovations and technological betterments. Manufacturing lithium-ion batteries(bearing more efficiency) with more mileage, fast charging, and an extended life span has minimized range anxiety among EV owners.
Tesla is considered the forerunner of technological innovations in EVs and their batteries and claims to introduce the million-mile battery, which will later be upgraded to the 4-million mile.
EV battery market
The growth rate of the electric car market has recently reached an all-time high, and the battery industry will expand exponentially accordingly.
According to reports, EV sales increased twice from 2020 to 2021, reaching 6.6 million. For the first half of 2022, the Chinese manufacturer CATL remained the top seller in the global market for batteries for electric and hybrid cars.
Similar to the previous point, increasing demand has increased the earnings of battery manufacturers and given rise to market competition.
top EV battery manufacturers
In this article, you will find a list of the top manufacturers of EV batteries in the global market. The world abounds with manufacturers of EV batteries. However, the top manufacturers can be seen in China, Korea, the United States, and Japan. These countries are now playing the role of the biggest participants in the industry.
Let us look at a few of them.
1: CATL
2: LGES
3: BYD
4: Panasonic
5: SK On
6: Samsung SDI
1: CATL (Contemporary Amperex Technology Company Limited)
Is China’s world’s most reliable battery manufacturing company for EV and hybrid car batteries. It was established in 2011. It is well-known for producing lithium-ion and solid-state batteries for electric cars.
CALT In 2021, for the 5th consecutive year, it has been the largest manufacturer of EV batteries in the market. Contemporary Amperex Technology Co Limited., well known as CATL, the world’s top energy technology company and the dominant EV battery manufacturer in China, increased its global market share from 2% to 32% in 2021 and 34% in 2022. It expanded significantly after the installation of power battery capacity in 2021, which increased to 96.7 GWh from the recent year.
BYD, the third largest battery manufacturer, is right behind CATL and is known as a reliable Chinese battery manufacturer, with a market share of 12%. These two companies are at the forefront of Chinese dominance, accounting for 56% of the global market for EV batteries.
For well-known EV brands in the automobile industry, such as Honda, Volvo, Volkswagen, and Hyundai, CATL manufactures lithium-ion and solid-state batteries. Additionally, Tesla also receives CALT batteries for its manufacturing factory in Shanghai.
2: LG Energy Solution
LG Energy Solution is the second largest manufacturing industry of electric vehicle batteries in South Korea in terms of installed battery capacity with 60.2 GWh. It is previously called LG Chem, with a 14% share in the global market. In 2021, it had a 20.3% share. It intends to increase its worldwide battery sales by 8% in 2022.
Despite being subject to intense investigation following EV battery recalls in the United States, LG Energy Solution is still the second-largest battery maker. The supplier from South Korea agreed to pay General Motors $1.9 billion in 2021 to cover the cost of 143,000 Chevy Bolt EVs that were recalled due to associated fire risks from defective batteries. It provides battery components to automotive brands such as Porsche, Lucid, and Tesla. It contributes to some of its success in sales. LGES batteries of Tesla Model 3 and Model Y are being sold in China and Europe at a high ratio.
It is a significant stakeholder in Ultium Cells–a joint venture between Energy Solution and General Motors with complete manufacturing in Warren, Ohio. In addition, its factories are currently being built in Lansing, Michigan, Tennessee, and Spring Hill.
3: BYD (Build your Dreams)
Build Your Dreams has replaced Panasonic from the 3rd position, the battery manufacturer. It is because it has doubled its share in the market from the previous year. Due to the rising demand for batteries in the EV industry, it has started producing batteries in large quantities.
In China, there are 11 factories of BYD, which mostly produce batteries in the range of 200 kWh. From a local news source, it has been found out that BYD will soon start supplying batteries to Tesla. It has been providing batteries to Toyota and other automakers for a long time.
Unlike lithium-ion batteries, which use cobalt or nickel as their main component and are famous for more range, although, at a higher price, BYD has produced a product known as the “Blade Battery.” It is made of lithium-ion phosphate (LEF) and has the qualities of thermal stability and stronger impact resistance.
4: Panasonic
It is a Japanese Multinational Conglomerate company found in Kadoma, Osaka. It provides batteries to hybrid, plug-in, and battery electric vehicles. It has been supplying batteries to US companies. It ranked fourth in terms of installed battery capacity with 36.1 GWh. Its global market share is around 12.2%.
In 2015, it provided batteries to Tesla, with its market share. In 2023, it plans to produce lithium-ion batteries for the world’s top auto manufacturing unit, The Tesla. It is also looking to invest almost $705 million in Japan to produce batteries.
It produced the 4680 format battery ( 80 millimeters long and 46 millimeters wide), and in Western Japan, it will produce 4680 batteries at an industrial plant in Wakayama. It will produce less than 10 GWh of energy annually or around 150,000 automobiles.
5: SK Innovation
It is the 5th biggest EV battery manufacturing company in the world. SK Innovation is with the ambition to make it the largest battery producer for electric vehicles by 2030. In an interview, Jee said, we will undoubtedly stand out as the world’s top manufacturer with products that will excel in terms of performance, safety, and affordability.
It is making LFP (lithium-ion phosphate) batteries for EVs. It has a 5.6% battery market share with an installed battery capacity of 17 GWh. It had hit $13.2 billion in sales, reported by South Korea’s SNE Research.
6: Samsung SDI
Samsung SDI, in 2022 lost its fifth rank at the hands of SK Innovation, and now, it is the 6th largest enterprise for manufacturing EV batteries. With 5% of the global market share, It has an installed battery capacity of 23 GWh, and its planning to soon increase it to 33 GWh.
EVP Son Michael, Head of the Automotive & ESS battery Strategic Marketing Team, announced that it produces the best quality batteries to give rise to the EV industry.
With the rise in the popularity of electric vehicles, a need to install superior batteries in EVs emerges. We have examined the above six top producers of EV batteries. The market for lithium-ion batteries is still growing at a steady rate. On the contrary, a growing number of companies are found every year.
It has been predicted, by 2040, 70% of all personal cars will be electric-powered. Battery manufacturers play an all-important part in this shift from gas to electric.
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