The U.S. and European Union have been scrambling to enlarge and secure domestic supplies of electric vehicle (EV) batteries. These efforts represent a drive to nowhere, as all major EV battery manufacturers remain based in Asia, as reflected in 2023 data.
Measured in terms of megawatt-hours, the leader in battery output is Contemporary Amperex Technology Co. Limited (CATL) with a 34% share of the market. CATL supplies a range of China-made EVs, including the Tesla Model Y, SAIC’s MG4/Mulan and various Li Auto models.
Second place is assigned to BYD, which surpassed LG Energy Solution in 2023. This growth was driven by demand from its own models and expanded third-party deals, including providing batteries for the Tesla Model Y, Toyota bZ3, Changan UNI-V, Venucia V-Online, as well as several Haval and FAW models.
As the top three battery manufacturers, CATL, BYD and LG collectively accounted for 66% of total battery deployment during 2023.
The global EV battery market size was valued at $59 billion in 2023 and is projected to grow from $49 billion in 2022 to $98 billion by 2029.
