Top Companies in EV Battery Industry

The EV battery market is predicted to reach from USD 91.93 billion in 2024 to USD 251.33 billion in 2035 at a CAGR of 9.6%. The EV battery market is experiencing rapid growth due to several key factors. Increasing consumer demand for sustainable transportation options and the push for zero-emission vehicles are driving significant interest in EVs. Technological advancements, particularly in lithium-ion and solid-state batteries, are improving energy density, reducing costs, and enhancing charging speeds, making electric vehicles more attractive to consumers. Additionally, supportive government policies and incentives aimed at promoting electric mobility further bolster market expansion.

Key players dominating the EV battery market include Contemporary Amperex Technology Co., Limited (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), CALB (China), and SK Innovation Co., Ltd. (South Korea). These industry leaders develop innovative products, implement expansion strategies, and foster collaborations, partnerships, mergers, and acquisitions to establish a strong foothold in the dynamically growing EV battery market. The organic and inorganic strategies have helped the market players expand globally by providing EV Battery products and solutions.

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Top Companies in EV Battery Industry 

Contemporary Amperex Technology Co., Limited (China) is one of the key players in the EV battery market, providing various products such as EV battery, Battery Cells, as well as large scale energy storage. The company has grown from being a domestic battery supplier to a significant EV battery provider to many auto giants worldwide. It has augmented its global presence by creating alliances and partnerships with automakers like Tesla (US), Toyota Motor Corporation (Japan), Ford Motor Company (US), Mercedes-Benz (Germany), and others, thus providing them with advanced batteries. The company works closely with key OEMs on production of various batteries. For instance, in December 2024, Stellantis and CATL have announced a joint venture to invest up to USD 4.2 billion in a large-scale lithium iron phosphate (LFP) battery plant in Zaragoza, Spain. The facility, aiming for 50 GWh capacity and set to begin production by the end of 2026, will support Stellantis' strategy to produce more affordable electric vehicles while contributing to sustainability goals in Europe.

BYD Company Ltd. (China) is one of the notable players in the EV battery market, investing heavily in R&D and vertical integration of EV batteries. The company has a widespread reach with presence in Asia Pacific and Europe as well as in North America. The company is constantly updating its offerings to maintain its competitive edge in the market. For instance, in November 2024, the company announced that it will launch its next-generation blade battery in 2025. Similarly, In September 2024, BYD announced that Lithium Australia has signed a new battery recycling agreement with BYD.

LG Energy Solution Ltd. (South Korea) is at the forefront of lithium-ion battery technology. The company has a diverse portfolio and supplies battery packs to various OEMs such as Ford, Polestar, GM, and more. The company uses its brand recognition and forms close ties with different OEMs. For instance, in November 2024, LG Energy Solution announced a supply agreement with Rivian (US). Under the contract, LG Energy Solution will provide next generation 4695 cylindrical batteries to Rivian’s R2 model in North America. The total capacity of the batteries is 67GWh, and the contract will run for five years.

CALB (China) is one of the notable players in the EV battery market. CALB has demonstrated a commitment to expanding its product portfolio by launching innovative solutions tailored to the automotive industry. For instance, in June 2024, the company introduced OS (One-Stop) Lithium Iron Phosphate (LFP) battery pack designed for BAIC electric vehicles. The company is also expanding its presence in European market through various projects. For instance, in January 2024, CALB announced plans to build a lithium-ion battery factory in Portugal. The company announced that the factory is set to be operational by the end of 2025. CALB is investing around USD 2.2 billion for the project.

SK Innovation Co., Ltd. (South Korea) has a significant presence in the EV battery market, with features such as Energy Storage Systems as well as EV battery offerings, alongside Top Companies in EV Battery Industry. SK Innovation is committed to maintaining its technological leadership in the EV battery market. In November 2024, SK On signed a three-year agreement with POSCO’s Lithium Solution division to acquire up to 15,000 tons of lithium hydroxide. Also, SK Innovation is focused on reducing the cost of its batteries. The company has a number of initiatives in place to achieve this, including vertical integration and the development of new manufacturing processes.

Related Reports:

EV Battery Market by Battery Type (Li-ion, NiMH, SSB), Vehicle Type (PC, Vans/Light Truck, MHCV, Bus & OHV), Propulsion, Battery Form, Material Type, Battery Capacity, Method, Li-ion Battery Component, and Region - Global Forecast to 2035

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