Market breakdown of main manufacturers of EV batteries S1 2025
China-based CATL was the leading EV battery maker as of March 2025, with a market share of over ** percent. The Chinese company BYD ranked second with a market share of **** percent, followed by South Korean LG Energy Solution with a market share of **** percent.
New entrants from China increase competition
CATL (Contemporary Amperex Technology Co. Limited) was the largest battery manufacturer, having overtaken its main Chinese, South Korean, and Japanese competitors. CATL has several battery production bases in China, Germany, and Hungary.
Electric cars are a major factor
Considering the tightening environmental regulations, global sales of battery-electric vehicles increased *****-fold between 2018 and 2024. As a result, large-scale electric vehicle production drove the lithium-ion battery demand up to around *** terawatt-hour in 2024.