Top 3 Domestic Electric Vehicle Battery Companies Dominate Global Market Top 10

[Asia Economy Reporter Park So-yeon]Last year, all three domestic battery companies ranked within the top 10 in the global electric vehicle battery usage rankings. Chinese company CATL surpassed Japan's Panasonic to claim the top spot for the third consecutive year.

According to energy market research firm SNE Research on the 10th, the total battery energy capacity of electric vehicles registered worldwide last year was 116.7 GWh (gigawatt-hours), a 17% increase compared to the previous year.

Among them, LG Chem surged 65% year-on-year, overtaking China's BYD to rise to 3rd place, while Samsung SDI increased by 21% during the same period, moving up one spot from 6th to 5th. SK Innovation recorded a 2.3-fold increase to 1.9 GWh last year, entering the 'Top 10' for the first time on an annual basis.

Accordingly, the combined market share of the three domestic battery companies last year rose by 3 percentage points from 12% the previous year to 15%.

SNE Research explained, "LG Chem's usage increased significantly due to the rapid sales growth of the Audi E-tron, Hyundai Kona, and Jaguar I-Pace, Samsung SDI grew rapidly with Volkswagen e-Golf and BMW i3, and SK Innovation expanded sharply thanks to strong sales of Kia Niro and Soul Booster."

However, Chinese CATL's market share increased from 23% in 2018 to 28% last year, nearly double the combined share of the three domestic companies.

SNE Research analyzed that since the combined market share of CATL and Japan's Panasonic (24%) still exceeds half of the total, there is an urgent need for domestic battery companies to strengthen their competitiveness strategies.

This content was produced with the assistance of AI translation services.