Slowly but surely, electric vehicles are gaining momentum, gradually in some markets, like the United States, and significantly quicker in other countries, including China. Of course, the heart of every single EV is the battery. These energy-storage reservoirs are massive, heavy, and the most expensive component in just about any electric vehicle. Fueling all of this sales growth, one country, and a few companies are leading the field in
lithium-ion battery
production. Here they are.
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Not Surprisingly, China Is No. 1 In This Area
According to a recent report from consultancy services company Rho Motion, China was the leading manufacturer of lithium-ion batteries in 2024, accounting for some 80 percent of global production, 80 percent. According to a report from the International Energy Agency, globally, in 2023, 60 percent of new electric car registrations were in China. This represents 8.1 million sales, far outpacing deliveries in Europe, and the U.S.
Interestingly, demand for these energy storage devices exceeded 1 terawatt-hour for the first time ever in 2024, after narrowly missing this milestone the prior year. “Lithium-ion battery demand across all end-use markets increased 27 percent compared to 2023,” noted Iola Hughes, the head of research at Rho Motion in a report published by the organization. Not surprisingly, electric vehicles accounted for the majority of this unprecedented demand, though the battery energy storage systems (BESS) market is on fire, too, so to speak (nobody wants a battery fire!), more than doubling between 2020 and 2024, jumping from 7 percent to 15 percent during that four-year period.
Who Manufactured The Most Batteries Last Year?
Of the top 15 lithium-ion battery manufacturers, one firm leads the way: Contemporary Amperex Technology Co., Limited, or CATL for short. This Chinese firm manufactured more batteries for both EVs and stationary energy storage systems than any of its rivals. Automaker BYD came in a distant second place followed by LG Energy Solution, and then CALB (China Aviation Lithium Battery), which actually jumped in Rho Motion’s ranking, moving ahead three spots compared to the prior year. Rounding out the top five is Samsung SDI, and then Panasonic.
Overall, CATL, BYD, and LG Energy Solution accounted for more than 60 percent of battery production in 2024. CALB, however, appears to be a real mover and shaker. The company’s year-over-year growth was more than 60 percent. BYD’s battery deployments increased by 42 percent, matching the sales growth of its electric vehicles.
Naturally, the BESS space is a little different than the automotive business. Here, CATL leads the field, but it’s followed by EVE Energy, and then Hithium. The former company builds batteries for both vehicles and stationary energy storage, but its BESS business grew significantly last year. Hithium, in comparison, only builds batteries for stationary applications, and its deployments increased by a whopping 138 percent compared to the preceding year.
