Lithium Ion batteries and EV sector
According to market insights from Benchmark Minerals and prediction by McKinsey& Company we can see that the solid part of lithium is used for the EV batteries sector. On one hand it’s due to growing sales and adoption of EV worldwide, on the other hand a battery in an EV is simply bigger, then in other devices (smartphones, drones, electric boats or even golf carts).
That’s why the biggest names in the lithium ion batteries market are tightly connected to EV production, for example Tesla and BYD. Other ones are from consumer electronic giants: LG, Samsung SDI, Panasonic. But to many surprise the TOP1 position in this market is occupied by CATL – a giant and an actual lithium ion battery manufacturer and lithium ion battery supplier, for instance they cooperate with Tesla (especially for their EVs produced in China) and many other brands. CATL is known for LFP batteries (LiFePO4) – that are stable and safe compared to other chemical types of batteries.
This is not surprising that customers in the B2C sector are not familiar with wholesale brands, this is something we can observe in almost every area. Let’s just ask ourselves: who grows potatoes for McDonalds or produces milk for Dairy Queen? Of course, this is an abstract example, but we believe you understand what we mean.
Lithium ion battery companies – who is leading the world?
Let’s have a look at who produces lithium ion batteries in-house for the world. SNE provided data about TOP10 EV lithium ion battery suppliers in 2024, and compared it with the same companies from 2023, we present it in Table 1. Please, have a look:
| # | EV Lithium ion battery suppliers | Headquarters, Country | Market share by year | Consumption, GWh | Expansion rate | ||
| 2023 | 2024 | 2023, Jan – Apr | 2024, Jan – Apr | ||||
| 1 | CATL | Ningde, China | 35.3% | 37.7% | 62.6 | 81.4 | 30.0% |
| 2 | BYD | Shenzhen, China | 15.8% | 15.4% | 28.1 | 33.2 | 18.3% |
| 3 | LG | Seoul, South Korea | 14.6% | 13.0% | 26.0 | 28 | 7.8% |
| 4 | Samsung SDI | Yongin-si, South Korea | 4.6% | 5.1% | 8.2 | 10.9 | 32.9% |
| 5 | SK ON | Jongno, South Korea | 5.9% | 4.8% | 10.5 | 10.3 | -2.0% |
| 6 | Panasonic | Osaka, Japan | 8.1% | 4.7% | 14.4 | 10.2 | -29.5% |
| 7 | CALB | Changzhou, China | 4.1% | 4.3% | 7.3 | 9.3 | 26.4% |
| 8 | EVE | Huizhou, China | 1.8% | 2.3% | 3.3 | 5.0 | 53.2% |
| 9 | Gotion | Fremont, USA | 2.3% | 2.2% | 4.1 | 4.8 | 15.8% |
| 10 | Sunwoda | Shenzhen, China | 1.6% | 2.0% | 2.8 | 4.4 | 57.7% |
| Other | 5.8% | 8.7% | 10.2 | 18.7 | 83.0% | ||
| Total | 100% | 100% | 177.6 | 216.2 | 100.0% | ||
Table 1. TOP 10 Lithium ion battery suppliers
Let us get some insights from this data. Look at Chart 1. First of all we can see that CATL is the indisputable leader, and we believe it will stay in the front for quite a long time due to its efficient partnership with EV car manufacturers. BYD – is another great example of a success that was earned through car production. Generally speaking, for such enterprises it’s very important to keep production of batteries under control simply because of safety reasons. Yearly reports about supply chains allow us to verify that they indeed produce lithium ion batteries in-house.
A little marketing insight: the smaller the enterprise, producing its tech, is – the relatively less it worries about lithium battery suppliers. And vice versa. We have a feeling that this creates a positive reinforcing loop, where bigger corps tend to cooperate with greater suppliers, hence the biggest money stays within a smaller circle. It means, it’s harder for smaller suppliers to grow, unless their counterpart achieves significant success in the market and stays loyal to former partners.
We can see that market growth helped some companies change their presence in the market significantly, mostly those are smaller companies, that showed higher expansion rate: Sunwoda (57.7%), EVE (53.2%). Bigger companies showed more moderate growth: CATL (30%), BYD(18%), Samsung SDI (32.9%) etc. Some lost their power: SK ON, Panasonic. Especially interesting to see, that minor companies, grouped under the general label “Other”, expanded by 83% (from 10.2 GWh to 18.7Gwh), while the market itself only grew by 21%.
And the location of these TOP10 lithium ion battery companies is quite specific. Look at the Chart 2.
Let’s dive in and see in detail what happened to the leaders in past year.
Market Share Shifts and Dynamics:
CATL
Hard not to notice – the Chinese leader CATL, it dominates the market with a rise in share from 35.3% in 2023 to 37.7% in 2024. This growth highlights their strong position and efficient production scaling. 📈
BYD
Second position in this list belongs to BYD, not surprising, this is also a Chinese lithium ion battery company. Its share is twice smaller then CATL, yet quite big: 15.4%. In past year we can observe a decrease from 15.8% to 15.4%. Bat that’s percentage, in general considering the market growth, BYD continues to show solid growth in consumption. 🔋
LG
For companies outside China this year was more difficult. LG demonstrates a notable drop in market share: 14.6% in 2023 vs. 13% in 2024. Competitive pressures or shifts in supply chain strategies can be the result of what we see here. Having a decline while the market is growing – is not a good sign 📉
Samsung SDI
For another South Korean lithium ion battery company, the year was better, Samsung SDI increased its market share from 4.6% to 5.1%. This success points to an effective expansion strategy with a 32.9% rise in consumption. 🚀 Yes, we call it success! Keep it up, our dear competitors!
Consumption Growth
CATL saw a strong expansion rate of 30.0%, increasing battery consumption from 62.6 GWh to 81.4 GWh. ⚡
EVE from China leads with the highest expansion rate of 53.2%, reflecting aggressive growth and increased demand for its batteries. 📊
Sunwoda, also from China, shows impressive growth with a 57.7% increase in consumption, indicating its rising market influence. 📈
SK ON from South Korea and Panasonic from Japan both faced negative growth, with SK ON showing a slight decline of -2.0% and Panasonic experiencing a significant drop of -29.5%. These declines could suggest challenges in maintaining competitiveness or changes in client relationships. ❌
Regional Insights
China 🇨🇳
Companies with headquarters located in China (e.g., CATL, BYD, CALB, EVE, Sunwoda) dominate Table 1, and the list of lithium ion battery manufacturers in general. One of the reasons – the huge EV lithium ion battery market, EVs production and support from the government. Also, let’s remember: China has its benefits in lithium sourcing.
South Korea 🇰🇷
This team is notably smaller, then Chinese one, still LG, Samsung SDI, SK ON are key players as well. Observing what happens with their market share is not too inspiring, it’s slightly decreasing. But for Samsung SDI, there is a good exception.
Japan 🇯🇵
Japan is only presented by Panasonic. And it’s facing challenges. Panasonic lost some market share and we observe that its consumption also dropped. Let’s hope, leaders of this lithium ion battery company will find their way to get back on track. As people in would China say: “加油, Panasonic!”
USA 🇺🇸
One brave lithium ion battery company fighting for its share with Asian giants – Gotion. But to be honest, Gotion was originally established in China, and later expanded its influence overseas and moved headquarters to Fremont, USA. Being closer to the supply chain and the customers, aligning itself with the domestic market – is a strong strategy, because obviously, Gotion is the only US based company in the TOP10 lithium ion battery suppliers, though its market share decreased by percent.
Growth Strategies and Challenges.
We just mentioned that moving to the USA helped Gotion win its market share, yet we can see that EVE and Sunwoda are expanding quickly. It might be the result of aggressive targeting of new markets. 📈
On the other hand, Panasonic and SK ON’s declines could indicate operational challenges, such as supply chain issues, or the loss of key contracts. 🔍
BAK Technologies (we are talking about us) is growing too, we are not in the TOP10 of the world yet, but we are ready to work hard to prove our place in it. We produce lithium ion batteries of all types. Here are some of our popular models:
https://bak-tech.com/products/lithium-ion-batteries-pack/bakth-523450ar-np60-3-7v-1100-mah-4-07-wh/
Best battery supplier
If you are a startup in the consumer electronic sector, who else can produce lithium batteries for your devices? Especially if you have specific requirements and stock options don’t satisfy your needs. You need a reliable lithium ion battery manufacturer with a professional R&D team. Who is your best battery supplier? A number of smaller lithium ion suppliers offer their service too. One of them is us – BAK Technologies, and we will be happy to be your reliable partner and provide lithium ion batteries for your needs. We have already become the best battery supplier for our partners, and we are ready to work with you. Don’t wait, just give us a call, or drop us an e-mail – we are already waiting to hear from you! Let’s produce something great together! Let’s reach the TOP10 lithium ion battery suppliers of 2025 together!
Have a look at our great LiPo batteries (Lithium Polymer batteries) – they are quite popular in consumer electronics, we can design and produce a lithium polymer battery according to your specifications, or you may choose one of stock options – we have a huge range to choose from:
In our dream we are already your best battery supplier, and you are our best partner! Let’s make it happen!