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Top 10 Lithium-ion Battery Manufacturers in 2024

Top 10 Lithium-ion Battery Manufacturers in 2024

Asia has led in lithium-ion battery capacity growth, followed by the Americas and Europe since 2022. The U.S. and the European Union enacted policies to boost domestic battery industry development, driving expansion into their regions. Capacity release in Europe and America is expected to peak in 2025. China, the U.S., Poland, Sweden, and South Korea dominated lithium-ion battery production capacity, comprising 93% of the total. Lithium-ion batteries are pivotal in home energy storage, robotics, AGVs, medical and industrial equipment, and solar energy storage.

In 2024, the top 10 lithium-ion battery manufacturers globally are poised to continue innovating and shaping the industry.

1. SAMSUNG SDI Co., Ltd. 

Samsung SDI, a prominent lithium battery manufacturer, specializes in prismatic cell packaging, offering enhanced safety despite challenges in standardization. Their commitment to lithium battery technology is evident through plans for a new U.S. plant, focusing on improved energy density and safety features, particularly for electric vehicles (EVs). Collaborating with Stellantis, Samsung SDI aims to meet rising demand, emphasizing sustainability and innovation in clean energy. Their global impact extends beyond the U.S., shaping the future of EVs and renewable energy storage worldwide.

SAMSUNG, Top 10 Lithium-ion Battery Manufacturers in 2024


In 2023, Samsung SDI achieved record-breaking sales and operating profits, driven by significant growth in the automotive battery sector. Despite a slight decline in quarterly profits, the company remains optimistic for 2024, targeting growth in the power battery and energy storage markets. With a focus on high-end products and innovation, Samsung SDI is poised to capitalize on emerging opportunities and evolving market demands, ensuring continued success and leadership in the lithium battery industry.

2. LG Energy Solution, Ltd.

LG Energy Solution, headquartered in Seoul, South Korea, distinguishes itself as one of the top battery companies globally with expertise in chemical materials. Originating from LG Chem, which produced Korea’s first lithium-ion battery in 1999, LG Energy Solution has supplied batteries to leading automakers like General Motors, Ford, Tesla, and others.

LG, 2024 Top 10 Lithium-ion Battery Manufacturers


Their commitment to innovation is evident in their forthcoming next-generation home battery solutions, signaling a focus on advancing residential energy storage technology. Additionally, LG Energy Solution is investing $5.5 billion in U.S. battery plants to meet the surging demand for EV batteries and renewable energy storage solutions.

Partnerships with automotive giants like Tesla underscore LG Energy Solution’s significance in the EV industry. Moreover, expansions in smart factory systems aim to enhance production efficiency, maintaining LG’s leadership in battery manufacturing. Despite a decline in profits due to reduced interest in EVs in Europe, LG remains optimistic about future growth, anticipating increased profits and production capacity, buoyed by anticipated tax breaks in the U.S.

3. Panasonic Corporation 

Panasonic Corporation stands as one of the world’s top three lithium battery manufacturers, renowned for its NCA positive electrode and advanced battery management system, ensuring efficiency and safety. Embracing innovation, Panasonic is pioneering the development of all-solid-state batteries, offering superior energy density, enhanced safety, and faster charging capabilities, aligning with its commitment to reshape the battery industry.

Panasonic, Top 10 Lithium Battery Manufacturers in 2024


With an eye on the burgeoning electric vehicle market, Panasonic plans to construct four additional EV battery plants, solidifying its role in supporting the EV revolution. Partnering closely with Tesla, Panasonic remains a key supplier, slated to commence production of new Tesla batteries in 2023. This partnership underscores Panasonic’s dedication to delivering cutting-edge battery solutions, as showcased at CES 2023, highlighting its presence in the North American battery market. As Panasonic secures its position as the third-largest battery supplier globally, its collaboration with Tesla and the development of advanced battery models ensure continued growth and market prominence, particularly within the burgeoning EV sector.

4. CATL (Contemporary Amperex Technology Co., Limited)

CATL (Contemporary Amperex Technology Co., Limited) stands at the forefront of lithium-ion battery development and manufacturing, particularly for electric vehicles (EVs) and energy storage systems. As the largest lithium-ion battery manufacturer for EVs globally, CATL’s production surged to 96.7 GWh in 2023, reflecting a remarkable 167.5% year-on-year increase.

CATL, Top 10 2024 Lithium-ion Battery Manufacturers, CELL


CATL’s global influence is profound, with partnerships spanning major automakers worldwide, powering diverse electric vehicles from compact cars to commercial trucks. Renowned for innovation, CATL pioneers cobalt-free lithium iron phosphate (LFP) batteries, prioritizing safety and environmental sustainability.

The company’s commitment to sustainability resonates through its products, contributing to reduced greenhouse gas emissions and the adoption of clean energy solutions. Beyond EVs, CATL’s batteries find applications in renewable energy storage systems and stationary energy solutions, facilitating the integration of clean energy sources into the grid. Recognized globally for its contributions, CATL continues to solidify its position as an industry leader, driving innovation and sustainability in the electric vehicle and energy storage sectors.

5. Tesla

Tesla, headquartered in Palo Alto, transcends the automotive realm, embodying sustainable innovation. With a market cap of $1.03 trillion, Tesla leads in electric vehicle (EV) manufacturing, solar panel technology, and energy storage solutions. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla’s vision under Elon Musk aims to accelerate the world’s transition to sustainable energy.

Tesla, Top 10 Lithium-ion Battery factories in 2024


Strategic Collaborations and Aspirations drive Tesla’s global footprint. Discussions with U.S. White House officials signal plans to collaborate with CATL for a U.S. battery plant. With a goal to sell 20 million EVs annually by 2030, Tesla unveiled “Master Plan 3,” envisioning massive energy storage and renewable power scaling.

The 4680 Battery represents the future of EVs. With heightened energy density, superior thermal performance, accelerated charging rates, and cost-efficiency, it promises enhanced EV capabilities. However, challenges include technical novelty, production scalability, and initial investment costs, which Tesla must navigate for widespread adoption.

6. BYD Company Ltd. 

BYD Company Ltd. emerges as a dominant force in rechargeable battery manufacturing, boasting over 24 years of experience and the world’s largest iron-phosphate battery factory under its BYD Energy division.

BYD, Top 10 Lithium Battery Manufacturers


BYD leads in lithium battery technology, producing NCM lithium-ion and lithium iron phosphate batteries. Innovating beyond traditional lithium-ion, BYD ventures into sodium-ion battery production, slated to commence in 2023. These batteries promise cost, safety, and energy density advantages, aligning with BYD’s sustainability goals.

To meet surging demand for electric vehicles (EVs) and clean energy storage, BYD announces a $1.2 billion EV battery plant in central China, highlighting its commitment to expanding production capacity. This strategic move solidifies BYD’s position in the EV market, supporting global efforts toward sustainable transportation.

BYD’s market presence as a top EV battery supplier is reinforced through collaborations and innovative ventures like sodium-ion batteries, demonstrating its commitment to advancing clean energy storage and transportation technologies.

7. SVOLT Energy Technology

SVOLT Energy Technology Co. Ltd. emerges as a leader in the lithium-ion battery sector, focusing on power batteries for new energy vehicles and energy storage systems. Established in 2018 with backing from Great Wall Motor, SVOLT made waves with its IPO on the STAR Market of the Shanghai Stock Exchange in 2022.

SVOLT, Top 10 Lithium Battery cell factories 2024


Under Chairman and President Yang Hongxin’s leadership, SVOLT embarked on collaborations with industry giants like BMW MINI, supplying high-energy density battery cells. Their commitment to quality and safety is underscored by passing international standards tests, ensuring product reliability.

Partnerships with automotive titan Stellantis Group further solidify SVOLT’s position in the market, with significant expansions in production capacity and plans for European expansion. Investments in Europe, including factories in Germany, demonstrate SVOLT’s commitment to global growth and sustainability in the clean energy sector.

8. Toshiba Corporation 

Toshiba Corporation has heavily invested in its R&D department for lithium technology, focusing on manufacturing and selling lithium-ion batteries and storage solutions for automotive and telecommunication sectors. Additionally, the company has diversified its portfolio by producing general logic ICs and flash storages.

Toshiba, 2024 Top 10 Lithium Battery Manufacturers global

Recognizing the global shift towards sustainable energy solutions, Toshiba views lithium batteries as eco-friendly alternatives, offering higher energy density and reduced carbon footprints. With a growing demand for efficient energy storage across various industries, Toshiba leverages its technical expertise and rich history in electronics to innovate and develop cutting-edge lithium battery technology.

Toshiba’s lithium battery production scale includes systems with capacities ranging from 15.4 to 462.2 kWh, catering to diverse applications in automobiles, renewable energy storage, and consumer electronics. Among its major products, Toshiba’s SCiB™ batteries are renowned for their rapid charging capabilities, long lifespan, and high safety standards, serving consumer electronics, electric vehicles, and large grid storage needs.

9. EVE Energy Co., Ltd.

EVE Energy Co., Ltd. stands as a beacon of excellence in the lithium battery industry, boasting a diversified business model catering to consumer, power, and energy storage batteries. With a remarkable financial trajectory, its revenue surged from $0.3 billion in 2009 to a staggering $52.6 billion by 2022, projecting revenues of $144.93 billion by 2024.

EVE, Top 10 Lithium Battery Cell Manufacturer 2024


Across its expansive portfolio, EVE Energy excels in large cylindrical, iron-lithium, and soft pack batteries, earning recognition in power battery markets globally. Noteworthy achievements include securing top spots in China’s New Energy Passenger Vehicle market and significant presence in commercial vehicle sectors.

In the realm of energy storage, EVE Energy’s shipments soared to 1.59GWh in 2022, positioning the company among the top three global energy storage battery suppliers. Recent developments highlight consistent growth, with revenues touching $33.3 billion in 2023, and strategic collaborations like the joint venture with Energy Absolute Public Company Limited in Thailand to establish a battery production base.

EVE Energy’s notable orders, including partnerships with Powin and American Battery Solutions for substantial battery supply, underscore its prominence in the energy storage market. The unveiling of innovative products like the LF560K energy storage battery further solidifies its position as a key player in the industry, offering competitive solutions for the expanding energy storage market.

10. Redway Power

Redway Power is a pioneering energy group dedicated to producing lithium-ion battery products and leading the charge in the realm of new and clean energy. Since its inception, the company has been committed to its mission of “bringing green power to the world” by delivering exceptional energy services. Through a steadfast focus on innovation and a relentless pursuit of excellence, Redway Power aspires to become the most esteemed international clean energy group.

Redway Power, 2024 Top 10 Lithium Battery Manufacturer

With a corporate philosophy rooted in entrepreneurship, innovation, competition, and transcendence, Redway Power has solidified its position in the lithium LiFePO4 and NCM battery industry. Boasting five production bases and one R&D Center across Shenzhen, Dongguan, Huizhou, and Sichuan, the company has established a robust foundation. Redway Power entered the Energy Storage Battery business in 2012, with a comprehensive approach encompassing cell, module, BMS, and PACK systems. From mineral raw materials to battery cells, and extending downstream to electric vehicles, energy storage, and industrial applications, Redway Power has forged an integrated industry chain blueprint.

By leveraging lithium-ion battery energy storage technology, Redway Power serves diverse energy needs in power, network, residential, and portable energy storage sectors. The company is committed to meeting customers’ varied energy demands through integrated solutions, including lithium-ion battery energy storage products, smart hardware solutions, and energy investment and operation services. Through its innovative approach and comprehensive offerings, Redway Power continues to drive the transition towards sustainable energy solutions worldwide.

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