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In 2024, the global market for electric passenger cars experienced a significant surge, growing by 26.1%. This growth was mirrored in the electric vehicle (EV) battery manufacturing sector, where the top 10 players primarily consisted of Asian companies, with several Chinese firms leading the charge.
The world’s largest EV battery manufacturer, Contemporary Amperex Technology Co., Limited (CATL), accounted for about 34–35% of global capacity, producing approximately 245 GWh or more in 2024. CATL's closest competitors trailed behind, with LG Energy Solution producing around 200 GWh and BYD holding about 16–18% market share, with an estimated capacity of 115–130 GWh.
Samsung SDI, Panasonic, SK Innovation, CALB, Farasis Energy, SVOLT Energy Technology, and EVE Energy rounded out the top 10, each with capacities exceeding 20 GWh. Notably, a new entrant to the top 10 was Gotion, which ended the year with a cell output of 13.7GWh, up 66.2% compared to 2023.
Among the top 10, Sunwoda produced the best year-on-year increase, with 124.9% more output in 2024. BYD, which took second place in EV battery production for the third year in a row, saw a year-on-year increase of 27.5%, producing 156.8GWh. LG Energy Solution, which announced a plan with GM to jointly develop prismatic battery-cell technology in December 2024, maintained third place with 108GWh of cells produced.
CATL, a Chinese battery supplier, produced the most EV batteries in 2024 with a total of 300.8GWh, a 24.8% increase compared to 2023. Gigafactories worldwide achieved a total of 867.8GWh cell output for EV batteries in 2024, an increase of 21.2% compared to 2023. One GWh of EV battery cells can supply approximately 20,000 battery-electric vehicles.
Tesla aims to produce 100 GWh of 4680 batteries annually by 2024, contributing significantly to the overall EV battery supply landscape. Meanwhile, Group14 Technologies is building large US battery material factories to support silicon battery technology with a potential 20 GW (~20 GWh equivalent in energy capacity) production capability, indicating growing diversification but still smaller scale compared to leaders.
The dominance of Chinese manufacturers, particularly CATL and BYD, reflects their extensive capacity, partnerships with automobile makers globally, and R&D investments. In 2024, CATL announced a joint venture with Stellantis for a large-scale LFP battery plant in Spain, expected to begin production in 2026.
Here's a summary of the top 10 EV battery manufacturers in 2024, ranked by estimated capacity (in GWh):
| Rank | Manufacturer | Approx. Capacity (GWh) | |-------|----------------------------|----------------------| | 1 | CATL | 245+ | | 2 | LG Energy Solution | ~200 | | 3 | BYD | 115–130 | | 4 | Samsung SDI | 50–70 | | 5 | Panasonic | 50–70 | | 6 | SK Innovation | 40–60 | | 7 | CALB | 40–50 | | 8 | Farasis Energy | 30–40 | | 9 | SVOLT Energy Technology | 30–40 | | 10 | EVE Energy | 20–30 |
These figures are based on the latest available data from 2023 and 2024 announcements and reports.
- The surge in the global market for electric passenger cars in 2024 led to a significant expansion in the EV battery manufacturing sector, with Asian companies, especially Chinese firms, dominating the top 10 manufacturers.
- CATL, a Chinese EV battery manufacturer, was the world's largest producer in 2024, accountable for about 34–35% of global capacity, and producing around 245 GWh or more.
- The top 10 EV battery manufacturers in 2024 also included South Korean companies Samsung SDI and LG Energy Solution, Japanese Panasonic, and several other Asian firms such as BYD, SK Innovation, CALB, Farasis Energy, SVOLT Energy Technology, and EVE Energy.
- The growth in these sectors is evident in the increasing focus on technology, such as the joint venture between CATL and Stellantis for a large-scale LFP battery plant in Spain, expected to begin production in 2026.
- Diversification in the EV battery market is also visible, with companies like Tesla focusing on producing 100 GWh of 4680 batteries annually by 2024, and Group14 Technologies building large US battery material factories to support silicon battery technology with a potential 20 GW (~20 GWh equivalent in energy capacity) production capability.
