LG Chem, First Global Leader in Electric Vehicle Battery Market (Comprehensive)

[Asia Economy Reporter Park So-yeon] LG Chem has surpassed Japan's Panasonic and China's CATL to become the global leader in electric vehicle battery usage.

According to energy market research firm SNE Research on the 7th, LG Chem batteries accounted for 27.1% of the battery usage in electric vehicles registered worldwide in the first quarter of this year.

The market share more than doubled compared to 10.7% in the first quarter of last year, surpassing Panasonic (25.7%), which had held the top spot until February, for the first time since the data was compiled.

SNE Research explained, "The rapid increase in LG Chem battery installations was driven by strong sales of Chinese-made Tesla Model 3, Audi E-tron, and Renault Zoe."

It is analyzed that this record was made possible by portfolio diversification and supply to Tesla's Gigafactory in Shanghai (上海), China.

On the other hand, Panasonic's market share declined due to reduced supply to Tesla's U.S. factory amid the COVID-19 pandemic.

China's CATL and BYD were also hit hard by COVID-19, recording market shares of 17.4% and 4.9% respectively in the first quarter. In particular, BYD's share was about one-third of 15.1% recorded in the same period last year.

The combined market share of the three domestic battery companies in the first quarter was 37.5%, more than doubling from 16.4% in the same period last year.

Samsung SDI recorded 6.0%, and SK Innovation recorded 4.5%, ranking 4th and 7th respectively.

SNE Research explained that Samsung SDI continued its growth thanks to strong sales from Volkswagen and BMW, while SK Innovation benefited from strong sales of Hyundai and Kia vehicles.

However, SNE Research forecasted, "Going forward, the domestic battery three companies will face challenges as the U.S. and European markets, their major regions, are impacted by COVID-19, while the Chinese market, where competitors are concentrated, recovers."

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