Electric vehicles (EVs) have been the largest driver of the battery market in the 21st century, with EV-related battery demand accounting for 75% of the total 1.6 TWh of demand tracked in 2025. However, the dynamics of the market are constantly changing. To celebrate International Battery Day, Benchmark presents a past, present, and future view of key players within the EV market.

Past - 2020

Just over 3.2 million EVs were sold worldwide in 2020, with ~42% of these sold in China. Tesla was by far the largest EV maker worldwide, with the Model 3 being the best-selling EV on the market. VW Group and SAIC were the next largest EV makers, accounting for 13% and 11% of total vehicles produced. These were followed by Hyundai Kia Automotive Group and BMW Group, each accounting for 6% of the total vehicles produced that year.

In total, these top five producers accounted for 51% of the total EV production market in 2020.

Present - 2025

Five years down the line, the top five EV makers have flipped as global EV sales reached 20.7 million units. BYD took the top position, accounting for 20% of all EVs made that year. Geely Group also entered the space, accounting for 10% of total production, while Tesla, VW Group, and SAIC dropped to third, fifth, and fourth respectively, each accounting for between 6 and 7% market share.

In total, these top five producers accounted for 51% of the total EV production market, the same as in 2020.

Future - 2030

Looking to the future, with the EV market now firmly established, we will see less change within the top makers. Notably, Tesla is forecast to fall out of the top five, to be replaced by Changan Automobile. However, it will still remain a major player within the EV market.

Over this period, the market is expected to become more diversified, with more players gaining market share as overall EV sales continue to grow expected to reach 39.6 million units by 2030. BYD's and Geely's dominance will remain entrenched, but their share of the overall market is expected to decline as smaller players gain ground.

In 2030, the dominance of the top five players will fall to 43% down from 2020 and 2025. Similarly, the top 10 EV producers are forecast to account for 63% of production, down from 67% in 2025 and 78% in 2020.

This data came from Benchmark's EV & Battery Service, for more information get in touch with the team using the form below: