Top 10 EV Battery Suppliers in 2024

Major automakers are significantly ramping up investments in electric vehicle (EV) production, backed by global governments drafting supportive policies and incentives to boost EV adoption. Central to this burgeoning growth is the intricate network of EV suppliers worldwide.

At the core of every EV is its battery, making it the heart and soul of the vehicle. Thus, our list of top EV suppliers highlights the giants in the battery market. However, it doesn't stop there; we also spotlight key suppliers of crucial EV components, such as drivetrains, and those pioneering the development of charging infrastructure—a critical element without which the scale-up of EV adoption would be impossible.

Best 10 EV Battery Suppliers in 2023

As of 2023, the following names stood out as leading suppliers in the EV battery sector, marking their prominence within the industry:

CATL

CATL (Contemporary Amperex Technology Co., Limited), based in China, specializes in cutting-edge lithium-ion batteries and energy storage solutions. With a global reputation for sophisticated battery technology, CATL offers innovative EV solutions across various sectors including mining, construction, and mainstream transportation. The company is at the forefront of port electrification and plays a significant role in developing the EV infrastructure across Asia.

LG Energy Solutions

LG Energy Solutions is a South Korean company that supplies batteries to various automakers. The company transcends traditional power solutions by offering advanced technology to manage battery systems and seamlessly integrate them into vehicle frameworks. LG Energy Solutions has forged strategic partnerships with numerous automotive manufacturers, supplying batteries for their EV lineups.

Panasonic

Panasonic is a Japanese corporation that has been a long-time battery supplier for Tesla. This partnership has played a vital role in energizing Tesla's EV lineup, significantly contributing to its market success. Recently, the company celebrated four decades of pioneering battery innovation and leadership across diverse industries.

Samsung SDI

Samsung SDI is another South Korean company that provides batteries for EVs and energy storage systems. Holding a 5% share of the market, this enterprise exemplifies the convergence of automotive excellence and cutting-edge technology by supplying customers with not only vehicle batteries but also a variety of electronic components. It specializes in lithium-ion batteries, celebrated for their high energy density, superior performance, and reliability.

SK Innovation

SK Innovation is also based in South Korea, it has been expanding its EV battery business across multiple industries. As a leading supplier of batteries to the EV market, the company fuels brands like Hyundai and Kia with its innovative products. Engaging in collaborations with other top manufacturers, it anticipates expansion into domains that bolster e-mobility, including Battery-as-a-Service (BaaS) models, and is actively developing solutions for energy storage systems.

BYD

BYD is a Chinese company that not only manufactures EVs but also produces batteries. Renowned for its diverse portfolio of electric vehicles—spanning passenger cars, buses, trucks, and electric forklifts—BYD also excels in manufacturing rechargeable batteries, aiming to revolutionize the Asian market with electrification. The company has now expanded its footprint, establishing operations in both the US and European markets.

Gotion High-Tech

Gotion High-Tech is a Chinese battery producer that has been growing in the EV battery sector. Its contributions have garnered high-profile accolades, such as designation as a national torch program project unit, recognition as a national enterprise technology center, and status as a high-tech enterprise. Distinguished by the Anhui Provincial Government Quality Award, we have also been instrumental in advancing three significant national "863" projects, underscoring our pivotal role in the industry's evolution.

Northvolt

Northvolt is a European company that has been working on establishing large-scale battery production in Europe. It secures a $5 billion investment to fuel expansion of the west's first circular gigafactory.

DENSO

DENSO Corporation specializes in creating a wide array of automotive parts, encompassing components for hybrid vehicles, electric drivetrain elements, battery management systems, and charging infrastructure such as stations and connectors. Furthermore, the company produces advanced thermal management systems designed to maintain optimal temperatures for EV components, alongside heat pumps that enhance the performance and efficiency of electric vehicles.

Bosch

Bosch, an esteemed German multinational in engineering and technology, founded in 1886, excels in a diverse range of products and services including automotive components, power tools, security systems, home appliances, as well as pioneering in engineering, electronics, cloud computing, and the Internet of Things (IoT). Key to the electric vehicle (EV) industry, Bosch delivers essential electric motors, power electronics, and inverters for EV propulsion systems. Additionally, it offers advanced control units and software for electric powertrains, ensuring efficient power distribution.

How Emerging Market Trends Are Shaping the Future of EV Battery Suppliers?

Please note that the EV battery market is highly dynamic, with new players emerging and existing companies expanding their capacities. Let’s explore how emerging market trends are shaping the future of EV battery suppliers.

Growth in EV Sales

The demand for EVs continues to grow, with many countries supporting the transition to electric mobility through incentives and regulations. This growth in EV sales directly increases the demand for batteries, benefiting battery manufacturers with large production capacities and advanced technologies.

Technological Advancements

Battery manufacturers that can innovate and offer batteries with higher energy density, faster charging times, and longer life cycles are likely to gain a competitive edge. For instance, CATL's introduction of the Qilin battery and plans to deliver the Shenxing battery with fast-charging capabilities could solidify its market position.

Expansion and Investment

Companies that are expanding their production facilities and investing in new technologies are poised to improve their rankings. Panasonic's plans to roll out improved battery cells and quadruple production capacity by 2030 indicate a strong push to maintain or improve its market position.

Diversification of Client Base

Battery suppliers that can secure contracts with multiple automakers will have a more stable demand for their products. BYD's expansion into supplying batteries to other manufacturers, including Tesla, indicates a strategic move to diversify its client base.

Supply Chain and Localization

Establishing local production facilities close to automakers can reduce logistics costs and lead times, making suppliers more attractive to EV manufacturers. CATL's decision to build a plant in Beijing to supply Li Auto and Xiaomi is an example of this trend.

Cost Competitiveness

The ability to produce batteries at a lower cost without compromising quality will be crucial. Suppliers that can achieve economies of scale and reduce production costs will be better positioned in the market.

Regulatory Environment

Changes in regulations, such as the EU's push for greener transportation and the US's Inflation Reduction Act, can influence the market dynamics and favor suppliers that can meet these new standards.

Global Expansion

Suppliers that can successfully enter new markets and establish a global presence will have an advantage. BYD's expansion into regions such as Southeast Asia and Europe, although not North America, contrasts with Tesla's global presence, which may affect their respective market values.

Consumer Preferences

The shift towards higher-end models with better performance and features could lead to increased demand for premium batteries, benefiting suppliers that cater to this segment.

Strategic Partnerships

Forming strategic partnerships and alliances can help battery suppliers secure long-term contracts and access new technologies or markets.

Learn how other factors, like trade tensions or resource availability could influence the ranking of EV battery suppliers in 2024.

Wrapping Up

The positioning of electric vehicle (EV) battery suppliers in 2024 is poised to be determined by their capacity to escalate production, advance technological innovation, broaden their customer base, secure robust supply chains, and navigate regulatory shifts. Industry leaders such as CATL, BYD, and Panasonic are actively undertaking significant measures to align with these evolving trends, potentially cementing their market dominance. Nonetheless, the competitive arena remains fluid, with changes in consumer tastes, regulatory frameworks, and technological advancements capable of reshuffling the market hierarchy.