Apr. 29, 2024
In this article, we will be taking a look at the 12 biggest battery manufacturers in the world. To skip our detailed analysis of the battery market, you can go directly to see the 5 Biggest Battery Manufacturers in the World.
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With the increasing shift towards electric vehicles (EVs), the global demand for batteries has seen major amounts of growth. According to the Wall Street Journal, the global sales of electric vehicles reached around 7.8 million which accounted for around 10% of the total auto sales for the year. The number of electric vehicles sold in 2022 saw a 68% increase from 2021 according to research from LMC Automotive and EV-Volumes.com. Meanwhile, the market share of electric vehicles was 11% of total car sales in Europe and 19% of total car sales in China. However, when plug-in hybrid vehicles which also have a small combustion engine are taken into account, the market share of electric vehicles in Europe increases to 20.3%. While the share of completely electric vehicles in the United States was lower at 5.8% in 2022, it was still a major jump from 3.2% in 2021.
The increase in market share for electric vehicles is projected to continue. According to a report prepared by BloombergNEF, the market share of electric vehicles is projected to reach 40% by 2030. This rise is directly correlated with a projected increase in battery manufacturing. Atlas Public Policy has estimated that the investments in battery manufacturing in the United States alone reached $73 billion in 2022 which was three times as high as the investments in 2021. BloombergNEF also pointed out this trend in the rise of battery manufacturing, citing a 38% rise in battery manufacturing capacity since 2021.
While the investments in battery manufacturing have been global, the market is still dominated by China. The New York Times estimates that China produces about 75% of all electric vehicle battery cells and does more refining of the major raw inputs than every other country in the world combined. It also had more electric vehicles sold than the rest of the world combined along with exports of electric vehicles rising to $3.2 billion in worth by November 2022. The country has 5 of the largest EV battery makers in the world according to market share.
These battery manufacturers dominate the market, with the top 10 battery manufacturers accounting for more than 90% of the market share while the top 5 battery manufacturing companies account for around 75% of the total market share. According to a report by Goldman Sachs, the top six players in the cell manufacturing market will continue to dominate the market shares through 2030, when they will have a projected 61% market share despite a much larger market with more producers. The report also predicts that the total addressable market for batteries will grow to 2.8 TWh by 2030. While the production of batteries increases, it is also projected that battery prices will decrease due to the introduction of battery innovations that aim on reducing the costs of production via more efficient processes as well as cheaper outputs. Like other battery and automotive manufacturers such as Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), and General Motors Company (NYSE:GM), the battery manufacturers listed below are revolutionizing the automotive industry today.
12 Biggest Battery Manufacturers in the World
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Let's now take a look at the 12 biggest battery manufacturers in the world.
Our Methodology
In order to shortlist these companies, we took a look at all the major battery manufacturing companies in the world. Next, we looked at the latest market share numbers for each of these companies according to a press release by SNE Research. We shortlisted two other companies based on their market shares in 2021.
Market share as of July 2022: NA (1% in 2021)
Farasis Energy (Gan Zhou) Co., Ltd. is a battery manufacturing company focused primarily on the research, development, and commercialization of lithium-ion power batteries for electric vehicles based in China. It also provides integrated solutions for new energy vehicle manufacturers.
The company is the designated battery supplier of Jiangling Motors Electric Vehicle and was the second main supplier for GAC Aeon, providing batteries for the Aion S and Aion V along with a few other models. In 2021, it ranked 10th with 2.91 GWh of power battery installed and accounted for 1% of the global market share. It has also released its new sodium-ion batteries in order to diversify its products and cater to different consumers. For the first 9 months of 2022, it generated a revenue of $1.2 billion.
While Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), and General Motors Company (NYSE:GM) are more conventional names investors are interested in when it comes to the automotive and battery industries, Farasis Energy (Gan Zhou) Co., Ltd. is a rising player worth taking a look at.
Market share as of July 2022: NA (2% in 2021)
Envision AESC is another manufacturer of lithium-ion batteries for electric vehicles and was a joint venture of Nissan Motor Company, Ltd., NEC Corporation, and NEC Tokin Corporation and is based in Zama, Japan.
The company is one of Benchmark's Tier One battery suppliers and became Renault's strategic partner for full electrification in June 2021 with a five-year purchase order of 40GWh to 120GWh power batteries. It is also the battery supplier for Nissan Motor Co., Ltd.'s EVs and has begun construction of its second battery factory in the United Kingdom. Its first plant operates 1.9 GWh since 2012 while the second plant is expected to have an annual capacity of 12GWh once it is on stream in 2025 and is forecasted to expand up to 25GWh by 2030. Envision AESC announced that its latest generation batteries will have 30% higher energy density and plan to provide enough batteries for 100,000 EVs annually. It has also announced to build gigafactories in Douai, France, the United States, Japan, and Spain with an aim to reach a capacity of 300GWh by 2026.
Market share as of July 2022: 1.3%
Svolt Energy Technology Co., Ltd. is a manufacturer and distributor of electric vehicle batteries based in Jiangsu, China. It also produces cathode materials and energy storage systems in its 12 global manufacturing bases.
In 2021, Svolt Energy Technology Co., Ltd. had a capacity of 2.42GWh but has announced an annual capacity target of 600 GWh by 2025. Currently, the company supplies a number of automobile manufacturers including Dongfeng Motor Group Co., United New Energy, XPeng Inc., and Geely Automobile Holdings, and has partnered alongside Sunwoda Electronic Co., Ltd. to set up dedicated production lines to manufacture Li Auto's self-developed battery packs. It has also announced plans to build a lithium-ion cell factory in Germany by the end of 2023. The company was given the go-ahead to go public on the Shanghai Stock Exchange's Star Market in November 2022 with an expectation of raising $2.1 billion and plans to invest the proceeds to expand its production capacity in 3 projects alongside an expansion of its research and development. The company announced its new battery technology, the Dragon Armor battery packs, with an expected range of up to 1,000 km. In the first half of 2022, it generated a revenue of $516.7 million.
Market share as of July 2022: 1.5%
Sunwoda Electric Vehicle Battery is a subsidiary of Sunwoda Electronic Co., Ltd. and is based in Shanghai, China. The company provides electric vehicle battery pack solutions through its advanced lithium battery integration technology and supplies its products to automobile manufacturers including Volvo Car AB, Dongfeng Motor Group Co., and XPeng Inc.
It has recently also partnered with the Dongfeng Motor Group to build a battery factory in Yichang with a production capacity of 30GWh and has also announced battery factories in Zhuhai and Shifang cities with annual capacities of 30GWh and 20GWh respectively. Sunwoda Electric Vehicle Battery also raised around $870 million (6 billion Yuan) from funds in August and had a revenue of around $1.14 billion in 2022.
Market share as of July 2022: 2.9%
Gotion High-tech Co., Ltd. is another developer and manufacturer of lithium-ion batteries based in Anhui, China. It also specializes in energy storage applications, power transmission, and distribution equipment and became the first publicly traded power battery company in China in 2015.
It provides batteries for a number of major original equipment manufacturers including Volkswagen AG, Changan Automobile, Great Wall Motors, and Geely Automobile Holdings. The company had a revenue of around $1.99 billion in the first three quarters of 2022, a year-on-year growth of 152%. In the third quarter, it had an operating income of around $840 million and a net profit attributable to shareholders of around $120 million which was a 355% increase compared to last year. The company has also signed an MoU with a Slovakian company to co-establish a battery factory with an annual capacity of 40GWh by 2025.
Market share as of July 2022: 4.1%
CALB Group Co., Ltd. is a producer of lithium-ion power batteries, energy storage systems, battery management systems, and related products based in Jiangsu, China. The company is also known as China Aviation Lithium Battery Technology and was founded in 2007.
The company recently became an official supplier to Japan's Honda Motor Co. and already has major automotive customers including XPeng Inc.m GAC Toyota, Geely Automobile Holdings, and NIO Inc. CALB Group Co., Ltd. has seen an enormous growth of 321% between 2016 and 2020 and produced 11.9GWh in 2022. The company also had a $1.7 billion listing in the Asian financial hub according to Bloomberg. According to its chief executive, the company will expand its capacity to 100 GWh in 2023 and it aims to reach a total capacity of 500 GWh in 2025.
Market share as of July 2022: 4.9%
Samsung SDI Co., Ltd. is a division of Samsung Electronics Co., Ltd. and is a manufacturer of energy storage systems, electronics, and renewable energy technologies based in South Korea since 1970. It has a number of EV battery plants in South Korea, China, Malaysia, and Hungary.
The company supplies a number of major automotive manufacturers including Bayerische Motoren Werke Aktiengesellschaft, Ford Motor Company, Volkswagen SA, Hyundai Motor Company, and Volvo Car AB. In its 2022 annual report, the company reported a record revenue of around $15.4 billion and an operating profit of nearly $1.4 billion. The company plans to expand its capacity to 60 GWh by the second half of 2030 and has partnered with Stellantis N.V. to build a $2.5 billion battery plant in the United States with an annual capacity of 23 GWh when it kicks off in 2025.
Like Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), and General Motors Company (NYSE:GM), Samsung SDI Co., Ltd. is a more renowned name making its way in the battery and automotive industries today.
Click to continue reading and see the 5 Biggest Battery Manufacturers in the World
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Disclosure: None. 12 Biggest Battery Manufacturers in the World is originally published on Insider Monkey.
The global lithium-ion battery market reached US$ 51.0 Billion in 2023. The market is primarily driven by the rising product applications across numerous industries due to the enhanced energy density, lightweight, environment-friendly nature, long operating life, and high-power capacity of lithium-ion batteries. Additionally, the escalating sales of electric vehicles (EVs) that employ Li-ion batteries as energy storage devices for powering EVs owing to their energy efficiency and longer life cycle have catalyzed the market growth. Moreover, the growing utilization of consumer electronics, including smartphones, tablets, laptops, wearables, and digital cameras, has augmented product demand. Besides this, governments of various countries are taking favorable initiatives to encourage the uptake of EVs to reduce the consumption of fossil fuels and control pollution levels. This, coupled with the increasing adoption of li-ion batteries for sustainable energy distribution and extensive investments in the renewable energy sector, is driving the market toward growth.
As per the analysis by IMARC Group, the top lithium-ion battery companies are focusing on developing and designing technologically advanced product variants. They are also making heavy investments in research and development (R&D) activities to introduce miniaturized lithium-ion batteries with improved efficiency. Furthermore, continual product innovations by leading players, such as the launch of nanobot tungsten lithium batteries, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market value to reach US$ 139.6 Billion by 2032, growing at a CAGR of 11.5% during 2024-2032.
Learn about opportunities, challenges, and trends in the global lithium-ion battery Manufacturing market with IMARC’s market research report. Try a free sample today!
The global lithium-ion battery market has several major players, including A123 Systems LLC, Envision AESC Limited, LG Chem Ltd., Panasonic Corporation, SAMSUNG SDI Co., Ltd., Toshiba Corporation, Amperex Technology Limited, BAK Group, Blue Energy Limited, BYD Company Ltd., CBAK Energy Technology, Inc., Tianjin Lishen Battery Joint-Stock CO., LTD. Lithion Battery Inc., SK innovation Co., Ltd, and Hitachi, Ltd. More information about these companies has been provided below.
Establishment:
2001
Headquarters:
Michigan, United States
Website:
http://www.a123systems.com/
A123 Systems LLC is a global leader in lithium-ion energy storage solutions that manufactures nano phosphate lithium iron phosphate batteries and energy storage systems. It is a subsidiary of Wanxiang America Corporation that specializes in low-voltage battery production, starter batteries, and 48V systems, offering excellent brake energy recuperation and an extended life cycle. Currently, the company is focused on developing a diverse portfolio of solutions for fully electrified vehicles to meet existing and future market demands.
Establishment:
2007
Headquarters:
Zama City, Japan
Website:
https://www.envision-aesc.com/en/
Envision AESC Limited is a leading global battery technology company that develops, manufactures, and markets lithium-ion batteries for automotive applications. It has a broad product portfolio comprising lithium-ion cells, modules, laminated cells, lithium manganese batteries, and battery packs. The company mainly offers lithium-ion cells, 4-cell modules, and 48-module packs of high-energy batteries for electric vehicle (EV) applications and lithium-ion cells, 8-cell modules, and 12-module packs of high energy batteries for hybrid electric vehicle (HEV) applications.
Establishment:
1947
Headquarters:
Seoul, South Korea
Website:
https://lgchem.com/
LG Chem Ltd. is a leading science-oriented corporation and chemical company that offers the world’s most advanced batteries. It has continuously achieved growth through relentless challenges and innovations since its establishment. It has a diversified, balanced, and globally competitive business portfolio comprising petrochemicals, advanced materials, life sciences, and subsidiaries specializing in batteries. Under Advanced Materials, the company develops top-quality materials for rechargeable batteries, the IT industry, and the automotive industry.
Establishment:
1918
Headquarters:
Kadoma, Japan
Website:
https://www.panasonic.com/
Panasonic Corporation is a global leader in the development of diverse electronics technologies and solutions. It produces, markets, and sells a range of lithium-ion batteries to meet the growing requirements of consumers, such as the main battery for small devices and a backup battery for emergencies. With its unique technologies, the company has made the batteries thinner and lighter for use in a wide variety of devices, such as notebook computers, laptops, and mobile phones. These batteries also find extensive use in EVs, backup base stations for mobile telephones, electricity storage systems with solar power generation, and other industrial applications.
Establishment:
1970
Headquarters:
Yongin-Si, South Korea
Website:
sinopoly are exported all over the world and different industries with quality first. Our belief is to provide our customers with more and better high value-added products. Let's create a better future together.
https://www.samsungsdi.com/index.html
SAMSUNG SDI Co., Ltd. specializes in the development of batteries across the globe. The company primarily operates via three segments: chemicals, electronic materials, and energy. It offers a wide range of small-sized lithium-ion batteries used in a variety of consumer electronics, including laptops, tablets, mobile phones, wearable devices, power banks, power tools, garden tools, vacuum cleaners, e-bikes, e-scooters, and ignition products.
Establishment:
1875
Headquarters:
Tokyo, Japan
Website:
https://www.global.toshiba/ww/top.html
Toshiba Corporation is a leading manufacturer of electronic devices and products across the globe. It offers infrastructure-as-a-service systems, including power, transmission and distribution, industrial, railway transportation, security and automation, broadcasting and network, photovoltaic, water and environmental, building, and POS systems. The company also develops, produces, and sells the “SCiB™,” a rechargeable lithium-ion battery that is highly safe, has a prolonged lifetime, recharges fast, and operates in low temperatures. The SCiB™ is employed in numerous fields, such as automobiles, railways, industrial equipment, including automated guided vehicles, and even in large-scale stationary power storage systems. Toshiba produces high-energy and high-powered batteries at the Kashiwazaki Operations in Niigata Prefecture in Japan.
Establishment:
1999
Headquarters:
Tsuen Wan, Hong Kong
Website:
https://www.atlbattery.com/en/index.html
Amperex Technology Limited is a worldwide leader in the production and innovation of lithium-ion batteries. It offers high-quality rechargeable lithium-ion battery cells, packs, and system integration solutions and is committed to delivering advanced technologies, production capacities, and high-quality services. The company works closely with world-renowned brands of smartphones, battery chargers, tablets and notebook OEMs, drones, robots, and power tools specialists, VR/AR vanguards, and other wearable and smart technologies, helping the world connect better.
Establishment:
1979
Headquarters:
Guangdong, China
Website:
https://bakgroup.net/
BAK Group offers innovative solutions to companies and clients in various sectors, including technology, security, business training, and construction. In addition, the company has ventured into a new energy enterprise with lithium-ion batteries, EVs, and battery recycling as its main business lines. It owns upstream and downstream industry clusters in China that comprise research and development (R&D), production, and sales of lithium batteries and EVs, such as Shenzhen BAK Power and Zhengzhou BAK Battery.
Establishment:
2009
Headquarters:
Fukuchiyama, Japan
Website:
https://www.blue-energy.co.jp/en/
Blue Energy Co., Ltd. is a subsidiary of GS Yuasa Corporation that specializes in the manufacturing, sales, and research and development of high-performance lithium-ion batteries. The company also offers EH4 cells and civic hybrid carried EH4 battery systems. Moreover, Blue Energy is one of the world’s top and most advanced manufacturers in terms of full-scale production and vehicle-mounted quantity in the field of lithium-ion batteries for HEV.
Establishment:
11995
Headquarters:
Shenzhen, China
Website:
https://en.byd.com/
BYD Company Ltd. manufactures and sells rechargeable batteries, including NiMH, lithium-ion, and NCM batteries. The company mainly serves the electronics, automobiles, new energy, and rail transit industries and has established over 30 industrial parks across six continents globally. From energy generation and storage to its applications, BYD offers zero-emission energy solutions.
Establishment:
2001
Headquarters:
Guangdong, China
Website:
https://en.cbak.com.cn/
CBAK Energy Technology, Inc. is a leading high-tech company involved in the development, manufacturing, and sales of new energy high-power lithium batteries. It has a broad product portfolio comprising the LFP, NMC, high-rate, all-tab, and ultra-low temperature series. The company offers a range of battery solutions for light electric vehicles, electric vehicles, communications, consumer electronics, energy storage, electric tools, uninterruptible power supply (UPS), and smart applications. It is also the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market.
Establishment:
1997
Headquarters:
Tianjin, China
Website:
http://en.lishen.com.cn/
Tianjin Lishen Battery Joint-Stock CO., LTD. is a high-tech enterprise offering total energy solutions, including six product categories for a wide range of applications, including customer electronics, new energy transportation, and energy storage systems. Its extensive product portfolio consists of cylindrical batteries, prismatic batteries, power batteries, polymer batteries, photovoltaic, ultra-capacitor, and nearly a thousand models. With independent intellectual property rights and core technology and holding over 1,800 patents, Lishen Battery has become a world-class domestic leader in lithium-ion battery manufacturing.
Establishment:
1989
Headquarters:
Texas, the United States
Website:
https://www.lithionbattery.com/
Lithion Battery Inc. is a vertically integrated manufacturer of primary and secondary battery cells, rechargeable and non-rechargeable battery packs, and battery modules. The company boasts a full range of in-house engineering, design, and testing capabilities – offering one-stop, comprehensive energy and power solutions. It provides highly differentiated lithium iron phosphate and lithium-ion battery cells, modules, and battery packs. The company’s power and energy-optimized battery solutions serve a variety of critical applications and meet the requirements of numerous markets, including battery energy storage, UPS, marine, military/defense, commercial electric vehicles, materials handling, industrial, medical, and robotics.
Establishment:
1962
Headquarters:
Seoul, South Korea
Website:
https://www.skinnovation.com/
SK Innovation Co., Ltd is a leading global intermediate holding company in the field of energy, petrochemical, e-mobility battery, and information electronic materials businesses. It mainly operates through 6 subsidiaries: SK Energy, SK Geocentric, SK Lubricants, SK Incheon Petrochem, SK Trading International, and SK IE Technology. The company manufactures lithium-ion batteries for automobiles and ESS (Energy Storage System). It also produces LiBS, a core material for lithium-ion batteries, and FCW (Flexible Cover Window), a key material to replace glass in flexible displays.
Establishment:
1920
Headquarters:
Tokyo, Japan
Website:
https://www.hitachi.com/
Hitachi, Ltd is a Japanese multinational corporation that offers a wide range of products and solutions under digital systems & services, green energy & mobility, connective industries, and automotive systems business. It develops lithium-ion batteries with long service life, high output, energy density, and reliability, that has been adopted as the battery for eco-friendly cars due to their distinctive feature of better charging efficiency than the Nickel-metal hydride battery and memory-effect-free performance. At present, the company is focusing on manufacturing batteries for extended operating life, high durability, safety, and low cost for automotive applications in hybrid electric small-sized trucks, buses, and hybrid railway motorcars.
About Author:
Aditi Kumar
Senior Content Writer at IMARC Services Private Limited
Aditi is a content writer and editor at IMARC Services Private Limited with over two years of experience in market research, covering diverse sectors from information technology to healthcare, automotive, oil and gas, food and beverage, and electronics. She actively works on numerous predictive and exploratory research projects and has hands-on experience analyzing and writing about macro and micro markets. Besides writing, Aditi loves baking and reading novels.
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