LG Chem Ranks First in Electric Vehicle Batteries for H1... Two-Digit Growth for Korea's Top 3 Companies

Electric Vehicle Battery Market Size Down 23% Year-on-Year
China's CATL and Japan's Panasonic Experience Negative Growth

[Asia Economy Reporter Hwang Yoon-joo] Despite the global electric vehicle (EV) battery market shrinking by more than 20% in the first half of this year compared to last year due to the impact of the novel coronavirus disease (COVID-19), LG Chem surpassed China's CATL to claim the top market share for the first time on a half-year basis. Not only LG Chem but also other Korean battery companies showed significant growth.

According to energy market research firm SNE Research on the 3rd, LG Chem ranked first in the global EV battery market share from January to June this year with 24.6%. It was followed by CATL (23.5%), Panasonic (20.4%), Samsung SDI (6.0%), BYD (6.0%), and SK Innovation (3.95%).

Compared to the same period last year, LG Chem's usage increased by 82.8%, and its ranking rose from 4th to 1st. In cumulative market share, LG Chem rose to first place in April and maintained the top position for three consecutive months. However, in terms of monthly usage for June, China's CATL was ranked first.

Samsung SDI recorded a cumulative market share of 6.0% (usage of 2.6 GWh) from January to June, with usage increasing by 34.9% compared to the same period last year, and its ranking rose one notch to 4th place. SK Innovation had a cumulative market share of 3.9% (usage of 1.7 GWh), increasing by 66.0% compared to the same period last year, and its ranking jumped three places to 6th.

Even when narrowed down to June alone, the three Korean companies and CALB showed double-digit growth rates. The reason why these three Korean companies are showing particularly strong growth is due to increased sales of vehicles equipped with their batteries.

According to SNE Research, LG Chem's growth continued mainly due to strong sales of Tesla Model 3 (China-made), Renault Zoe, and Audi E-tron EV (95kWh).

Samsung SDI's growth was driven by increased sales of Audi E-tron EV (71kWh), BMW 330e, Volkswagen e-Golf, and SK Innovation grew due to increased sales of Hyundai Porter 2 Electric, Kia Bongo 1T EV, and Soul Booster, SNE Research explained.

Meanwhile, the total energy capacity of EV batteries was 42.6 GWh, down 23.0% compared to the same period last year. This decline is attributed to reduced EV demand as economic downturns continued in major markets such as China and the United States due to the impact of COVID-19.

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