Top 10 Lithium-Ion Battery Companies: A Competitive Overview

In January 2024, researchers at MIT (Massachusetts Institute of Technology) made big news by unveiling a sustainable method of powering electric cars through the development of a lithium-ion battery material. The battery has been claimed to have an organic materials-based cathode instead of nickel or cobalt and can conduct electricity at rates similar to those depicted by cobalt-containing batteries. In addition, the solution can be produced at low costs, as cited by researchers. The heightened development of such technologies and the mounting regulatory support for electric vehicle adoption are poised to open doors to a host of avenues for lithium-ion battery companies.

Furthermore, the soaring launch of renewable energy projects is anticipated to augment battery adoption for energy storage applications. Various regions have recorded an increased emphasis on wind energy projects, nuclear power plants, and solar power plants to fulfill their energy needs. As per a study by Fortune Business Insights, the global lithium-ion battery industry is slated to hit a valuation of USD 446.85 billion by 2032 up from a value of USD 79.44 billion in 2024, exhibiting a CAGR of 23.33% over 2024 to 2032. In 2023, the market size touched USD 64.84 billion. Lithium-ion battery brands are establishing robust distribution networks and consolidating their supply chains to increase their product reach. They are also developing and unveiling new solutions and forging collaborations to outpace their rival companies.

The top 10 companies and the endeavors undertaken by them to bolster their industry foothold are as follows:

1. LG Energy Solution:

LG Energy Solution is known for the production of batteries for electrical devices, laptops, mobile phones, mobility, and energy storage systems. The company is the third-largest manufacturer of batteries for electric vehicles. In January 2024, LG Energy Solution announced an equity investment in the U.S.-based Sion Power. The latter holds essential patents associated with lithium metal battery technology.

2. BYD Company:

BYD is a key manufacturer in the development, design, and production of NEVs or new energy vehicles. The company operates in the photovoltaics, rechargeable battery, and mobile phone components and assembly services businesses. In November 2023, the company exported a Chinese-made lithium-ion battery pack by air to Europe. The 300 kilogram FinDreams battery was shipped by SF Airlines from Huahu Airport in Ezhou, Hubei, to Frankfurt Airport, Germany.

3. Contemporary Amperex Technology Co. Ltd (CATL):

Contemporary Amperex Technology Co. Ltd (CATL) is focused on the manufacturing and development of energy storage systems and lithium-ion battery products for electric vehicles. The company is the largest manufacturer of electric vehicle batteries across the globe and leads in the development of advanced technology for achieving ultra-fast charging, longer battery life, and higher energy density and safety. In April 2024, CATL presented its latest LFP (Lithium Iron Phosphate) battery at the Beijing Auto Show. The company’s energy density (205 Wh/kg) is almost 8% higher than the existing technology.

4. Samsung SDI:

Samsung SDI offers cylindrical batteries for consumer electronics products such as rechargeable polymer batteries and laptops. The company is one of the key manufacturers of rechargeable Li-ion batteries, making the company one of the top lithium-ion battery brands. In June 2023, the company hit the headlines for becoming the first lithium battery manufacturer to receive Carbon Trust’s carbon footprint labels. A carbon footprint measures the GHG (greenhouse gas) emissions throughout the life cycle of a product from raw material to manufacturing, distribution, usage, and disposal.

5. Panasonic Holdings Corporation:

Panasonic Holdings Corporation operates across five main business divisions: automotive (cockpit systems), lifestyle (white appliances and housing products), industry (FA products, electronic materials, and equipment), connect (B2B businesses), and energy (rechargeable batteries). In December 2023, Panasonic Energy shared plans to increase its current level of production of high-capacity lithium-ion battery products by 2031 with a surge in the demand for battery EVs (electric vehicles) in markets worldwide.

6. BAK Power:

BAK Power’s services and products comprise polymer, prismatic, and cylindrical batteries, battery solutions, and battery packaging. The solutions are extensively used in backup energy storage, consumer products, and new energy vehicles. In March 2024, BAK Battery published a new generation of continuous tab series of low-power batteries with configurations that offer both high capacity and high power. The product explores a new way for enhancing the performance of lithium-ion batteries.

7. Clarios:

Clarios is a major advanced battery solutions company at the global level. In May 2024, Clarios struck an exclusive JDA (Joint Development Agreement) with Altris for low-voltage applications. Back in November 2022, the company also hit the headlines for the launch of ORANGETOP, a 12-volt lithium-ion battery, by its brand OPTIMA Batteries. The solution is equipped with features such as POWERLINK system that offers status charging and battery control and OPTIMA CPR to stop dead batteries.

8. Toshiba Corporation:

Toshiba Corporation is the second-largest diversified industrial conglomerate and the largest semiconductor manufacturer in Japan. The company is known for offering infrastructure systems and solutions, energy systems and solutions, building solutions, storage and electronic solutions, retail and printing solutions, and digital solutions. In November 2023, Toshiba introduced a new lithium-ion battery that has claimed to significantly bring about a reduction in performance-deteriorating gases from side reactions with a cobalt-free 5V class high-potential cathode material. The battery can work in several applications ranging from electric vehicles to power tools.

9. Hitachi High-Tech Corp:

Hitachi High-Tech Corp is known for the development of high-tech solutions by integrating its manufacturing and trading functions. The key offerings of the company comprise electron microscopes, social infrastructure inspection, process equipment, and industrial components and materials. In July 2022, Hitachi High-Tech Corporation expanded its service for the remote diagnosis of the degradation status for onboard automotive lithium-ion batteries.

10. BMZ Group:

The BMZ Group produces and develops high-tech battery systems. The solutions have been installed in a range of products offered by reputed brands. In September 2023, the company acquired the Hawk Bikes brand and Nox Cycles Australia and its sister companies in Switzerland and Germany. The move consolidates BMZ’s position in the e-bike sector with a special emphasis on “Made in Austria”.

Burgeoning Consumer Electronics and Automotive Sectors to Spur Battery Adoption

The coming years are anticipated to foresee a range of profitable opportunities for industry’s leading lithium-ion battery brands with thriving automotive sector and elevated awareness regarding the numerous benefits of using battery-powered vehicles. Enhanced safety and reduced pollution are among the key aspects touted to foster lithium-ion battery adoption. Furthermore, the consumer electronics sector is also set to embrace a mounting usage of these batteries for various applications.