With consumer interest in electric vehicles increasing, the global market for EV batteries has grown to the size of $27 billion in 2021 and is expected to continue expanding.
In addition to having become a major hub for the manufacture of automotive parts, Asia is also a pioneer in the production of batteries for electric vehicles. At present, the ten manufacturers with the highest market share in terms of battery capacity newly registered in 2021 are all headquartered in Asian countries, mainly China, South Korea and Japan. As data from SNE Research shows, the industry's top five manufacturers - CATL, LG, Panasonic, BYD and Samsung - together account for over 80 percent of global automotive battery production.
Chinese company Contemporary Amperex Technology (CATL) took first place in the 2021 manufacturers' rankings, in part due to strong demand in its home market. Outside of China, CATL faces stiff competition from LG and Panasonic, which rank second and third in the world, respectively. Europe and the United States meanwhile have fallen behind in this strategic industrial sector. Several initiatives trying to change the status quo now have some catching up to do.
