Motorcycles & scooters

Amperex Technology Limited (ATL; headquartered Dongguan, Guangdong, China) is the world's largest manufacturer of LCO (lithium cobalt oxide) battery cells for consumer electronics, holding approximately 35-40% of the global smartphone and tablet cell market. ATL was founded in 1999 in Hong Kong and relocated primary operations to Dongguan. The company was acquired by TDK Corporation (Japan; TYO: 6762) in 2005 for approximately ¥10.5B — making a Chinese battery maker a wholly-owned subsidiary of a Japanese electronics conglomerate. ATL is the primary cell supplier for Apple iPhone (jointly with Samsung SDI), Google Pixel, Huawei smartphones, and virtually all major Android OEM devices. ATL's primary LCO cell manufacturing campus is in Dongguan, Guangdong; it also operates a major facility in Ningde, Fujian (the same city whose name gives CATL — Contemporary Amperex Technology Limited — its identity, though ATL and CATL are entirely separate companies). ATL is privately held within TDK and does not publish standalone financials; revenue is estimated at $5-7B+ annually.

World's largest two-wheeler maker by volume (India); emblem of India's dominance of small-displacement motorcycles/scooters that move most of the planet.

Dominant global automotive lighting maker (headlamps/tail lamps).

India's largest tire maker; dominant in two-wheeler/scooter tires.

Conglomerate owning E-ONE (Ocala FL), KME (Nesquehoning PA), Ferrara Fire Apparatus, Spartan Emergency Response, and Smeal Fire Apparatus. Along with Pierce/Oshkosh and Rosenbauer, the three companies control more than 70% of US fire apparatus production — a concentration that triggered antitrust investigation and a Senate hearing in 2023.

Samsung SDI Co., Ltd. (Yongin, Gyeonggi-do, South Korea; KRX: 006400; ~KRW 20T revenue) is the battery manufacturing arm of the Samsung Group, producing cylindrical, prismatic, and pouch lithium-ion cells for consumer electronics (smartphones, laptops, tablets), power tools, and electric vehicles. In the consumer electronics LCO cell segment, Samsung SDI holds approximately 15-18% global market share. Samsung SDI manufactures LCO pouch cells at its Tianjin, China facility (primarily for smartphone applications) and cylindrical cells at Cheonan, South Korea. Samsung SDI is a co-supplier of Apple iPhone battery cells alongside ATL — Apple's dual-sourcing strategy for iPhones is the most sophisticated single-input procurement program in consumer electronics. Samsung SDI's EV battery business (NMC prismatic cells for BMW iX, Rivian, Stellantis) is growing faster than its consumer electronics segment.

Japanese automotive/motorcycle lighting and LED maker.

Norwegian state-controlled industrial company; operates Alunorte (Barcarena, Brazil) — the world's largest alumina refinery (6.3 Mt/yr capacity); also Paragominas bauxite mine (Brazil) and Norwegian aluminum smelters; 2018 Alunorte environmental shutdown caused global alumina price to spike 60%

Largest natural rubber processing company globally by capacity (~3.65M MT/yr stated capacity; ~10-12% global NR market share). Vertically integrated from 7,500 ha plantation through processing and export. Facilities concentrated in southern Thailand rubber belt (Surat Thani, Songkhla, Trang, Nakhon Si Thammarat). SET-listed.

LG Energy Solution, Ltd. (Seoul; KRX: 373220; ~KRW 25T revenue; spun off from LG Chem in 2020, IPO 2022) is one of the world's largest lithium-ion battery manufacturers with ~10% of the global consumer electronics LCO cell market. LGES produces LCO pouch cells at Ochang, North Chungcheong Province, South Korea and at Nanjing, China. Consumer electronics customers include LG Electronics (flagship G and V series smartphones, now discontinued), Google Pixel phones, and various laptop OEMs. LGES is primarily known for its EV battery business (NMC/NCMA cells for GM Ultium, Stellantis, Volkswagen, Honda) — its consumer electronics cell business is smaller and shrinking as the company prioritizes high-margin EV contracts. LGES operates a joint venture with GM (Ultium Cells LLC) building four US battery gigafactories.

Murata Manufacturing Co., Ltd. (Nagaokakyo, Kyoto; TSE: 6981; ~¥2T revenue) is a Japanese electronic components manufacturer that acquired Sony Energy Devices Corporation (Sony's battery division) in 2017 for approximately $142M, inheriting Sony's 18650 cylindrical cell manufacturing expertise. Murata's battery division produces lithium-ion cells and battery packs for professional electronics, wearables, and medical devices. Murata's 18650 cells are used in some professional radio battery packs — the same cell format used in laptop batteries and early Tesla vehicles. Murata's battery manufacturing operates from Koriyama (Fukushima Prefecture), inherited from Sony. Despite the Sony heritage, Murata is a smaller player vs. Chinese Li-ion manufacturers in commodity applications but retains premium positioning in high-reliability professional electronics where Sony's quality legacy matters.

Singapore-based natural rubber trader and processor; 37 processing factories across Indonesia, Malaysia, Thailand, China, Ivory Coast. Annual processing capacity ~1.4M MT (~5-8% of global NR market). H1 2024 sales: 901,780 MT, $1.5B revenue. One of the largest owners of commercially operated rubber plantations globally. SGX-listed.

Panasonic Energy Co., Ltd. (Osaka; subsidiary of Panasonic Holdings; TYO: 6752) manufactures cylindrical, prismatic, and thin lithium-ion cells. In the consumer electronics LCO segment, Panasonic holds approximately 5-7% global market share, primarily supplying laptop and tablet manufacturers including Panasonic's own TOUGHBOOK line. Panasonic's largest battery operation is its EV cylindrical cell joint venture with Tesla (Panasonic Energy of North America; Sparks, Nevada gigafactory) — but this produces NCA (nickel cobalt aluminum) cells for Tesla rather than LCO. Panasonic Energy's Kasai, Hyogo Prefecture Japan facility handles consumer LCO cell production. Panasonic Energy was spun off from the Panasonic Group battery operations as a separate entity in 2022 to enable more agile decision-making.

Major private Thai natural rubber processor and exporter; Surat Thani plant claimed as world's largest natural rubber processing facility. Registered capital ~$700M; ~2,000-2,500 employees. 2011 export: ~500,000 MT, $2.3B sales. Concentrated in southern Thailand (Surat Thani, Chumphon, Trang).

Contemporary Amperex Technology Limited (CATL; Ningde, Fujian; SZSE: 300750; ~CNY 328B revenue) is the world's largest EV battery manufacturer by volume, primarily producing NMC and LFP cells for electric vehicles. CATL also manufactures LCO cells for consumer electronics as a smaller business segment, holding approximately 5% of the global consumer electronics LCO market. CATL's consumer electronics battery division competes with ATL (its corporate sibling — both trace roots to Ningde, and ATL's Ningde facility is in the same city as CATL's headquarters, though they are entirely separate companies spun from different lineages). CATL's LCO consumer cell business is not separately disclosed; it is likely a strategic hedge to maintain customer relationships with consumer electronics OEMs who also source EV batteries from CATL.

Largest crumb rubber processor group in Indonesia; 15 subsidiary processing companies across Sumatra and Kalimantan. ~720,000 MT/yr capacity; ~18% of Indonesian domestic rubber market. Products: SIR-10, SIR-20 (tire grade). Oldest subsidiary (PT Djambi Waras) established 1964. IDX-listed.

Japanese tire conglomerate (TYO: 5108); world's largest tire company by revenue. Agricultural segment: Firestone Ag brand (acquired with Firestone 1988) + Bridgestone ag tires. Primary North American ag tire facility: Des Moines, Iowa (established 1945, "largest farm tire manufacturing facility in the world," 1,400 employees, $77M expansion 2016). DISRUPTION: June 2024, Bridgestone laid off 118 workers (revised to 89) citing 18% YoY decline in North American ag tire demand and 15% global decline; January 2025 additional voluntary separation program at Des Moines. Also a top-3 rubber track manufacturer: confirmed OEM to Kubota, Yanmar, Takeuchi, Case. Also produces non-ag tires across passenger, truck, and specialty markets. Higher natural rubber production costs cited as compounding factor alongside demand decline.

French tire and materials conglomerate (EPA: ML); world's second-largest tire company. Agricultural segment: Michelin ag tires (premium radial) + Camso rubber tracks. Acquired Camso (formerly Camoplast Solideal, Quebec) in 2019 — making Michelin the #1 global agricultural rubber track manufacturer with 26% market share. Camso holds John Deere "Partner-level Supplier" status and is OEM track supplier for all John Deere 8RX series track tractors (factory-installed). Camso's Loadstar operation in Sri Lanka uses local natural rubber. Also supplies CNH, AGCO, Claas, Deutz-Fahr, Versatile, Caterpillar. Michelin-branded ag tires compete in premium radial segment alongside Trelleborg and Vredestein.