Energy
Ranked: The Top 10 EV Battery Manufacturers in 2023
See this visualization first on the Voronoi app.
The Top 10 EV Battery Manufacturers in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Despite efforts from the U.S. and EU to secure local domestic supply, all major EV battery manufacturers remain based in Asia.
In this graphic we rank the top 10 EV battery manufacturers by total battery deployment (measured in megawatt-hours) in 2023. The data is from EV Volumes.
Chinese Dominance
Contemporary Amperex Technology Co. Limited (CATL) has swiftly risen in less than a decade to claim the title of the largest global battery group.
The Chinese company now has a 34% share of the market and supplies batteries to a range of made-in-China vehicles, including the Tesla Model Y, SAIC’s MG4/Mulan, and various Li Auto models.
Company | Country | 2023 Production (megawatt-hour) | Share of Total Production |
---|---|---|---|
CATL | 🇨🇳 China | 242,700 | 34% |
BYD | 🇨🇳 China | 115,917 | 16% |
LG Energy Solution | 🇰🇷 Korea | 108,487 | 15% |
Panasonic | 🇯🇵 Japan | 56,560 | 8% |
SK On | 🇰🇷 Korea | 40,711 | 6% |
Samsung SDI | 🇰🇷 Korea | 35,703 | 5% |
CALB | 🇨🇳 China | 23,493 | 3% |
Farasis Energy | 🇨🇳 China | 16,527 | 2% |
Envision AESC | 🇨🇳 China | 8,342 | 1% |
Sunwoda | 🇨🇳 China | 6,979 | 1% |
Other | - | 56,040 | 8% |
In 2023, BYD surpassed LG Energy Solution to claim second place. This was driven by demand from its own models and growth in third-party deals, including providing batteries for the made-in-Germany Tesla Model Y, Toyota bZ3, Changan UNI-V, Venucia V-Online, as well as several Haval and FAW models.
The top three battery makers (CATL, BYD, LG) collectively account for two-thirds (66%) of total battery deployment.
Once a leader in the EV battery business, Panasonic now holds the fourth position with an 8% market share, down from 9% last year. With its main client, Tesla, now sourcing batteries from multiple suppliers, the Japanese battery maker seems to be losing its competitive edge in the industry.
Overall, the global EV battery market size is projected to grow from $49 billion in 2022 to $98 billion by 2029, according to Fortune Business Insights.
Energy
Mapped: The Age of Energy Projects in Interconnection Queues, by State
This map shows how many energy projects are in interconnection queues by state and how long these projects have been queued up, on average.
Age of Energy Projects in Interconnection Queues, by State
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
By the end of 2023, more than 11,000 energy projects were in interconnection queues in the United States, waiting for a green-light from regional grid operators to proceed with construction.
This map, created in partnership with the National Public Utilities Council, maps out the average age of active energy projects in interconnection queues by state, using data from Berkeley Lab.
Interconnection Queues, Explained
Interconnection queues are lists of energy projects that have made interconnection requests to their regional grid operators. Once submitted, these requests formally initiate the impact study process that each project goes through before grid connection, forming waiting lists for approval known as interconnection queues.
In recent years, both the number and generation capacity of queued projects have surged in the United States, along with the length of time spent in queue.
According to Berkeley Lab, the amount of generation capacity entering queues each year has risen by more than 550% from 2015 to 2023, with average queue duration rising from 3 years to 5 years the same period.
As a result of the growing backlog, a large proportion of projects ultimately withdraw from queues, leading to only 19% of applications reaching commercial operations.
The Backlog: Number of Projects and Average Wait Times
Of the 11,000 active projects in U.S. queues at the end of 2023, Texas, California, and Virginia had the most in queue; 1,208, 947, and 743, respectively.
When looking at the average ages of these projects, all three states hovered around the national average of 34 months (2.83 years), with Texas sporting 28 months, California 33, and Virginia 34.
Vermont, Minnesota, Wisconsin, and Florida, on the other hand, had the highest average queue durations; 54, 49, 47, and 46 months, respectively.
Average Queue Duration by Project Type
At the end of 2023, more than 95% of the generation capacity in active interconnection queues was for emission-free resources. The table below provides a breakdown.
Project Type | Average Queue Duration (As of 12/31/2023) | Number of Projects in Queue |
---|---|---|
Wind | 40 months | 841 |
Solar | 34 months | 4,506 |
Wind+Battery | 34 months | 76 |
Solar+Battery | 27 months | 2,377 |
Battery | 24 months | 2,818 |
Wind projects had the highest wait times at the end of 2023 with an average age of 40 months (3.33 years). Solar projects, on the other hand, made up more than 40% of projects in queue.
Overall, reducing the time that these renewable energy projects spend in queues can accelerate the transition to a low-carbon energy future.
According to the U.S. Department of Energy, enhancing data transparency, streamlining approval processes, promoting economic efficiency, and maintaining a reliable grid are some of the ways this growing backlog can be mitigated.
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