LG Chem Leads Electric Vehicle Battery Market Share in July... Korean Top 3 Companies Show High Growth Trends

Achieved No.1 Cumulative Market Share in July This Year
Samsung SDI and SK Innovation Maintain 4th and 6th Places Respectively

[Asia Economy Reporter Hwang Yoon-joo] LG Chem was ranked first in the global electric vehicle (EV, PHEV, HEV) battery market share for batteries installed in vehicles sold in July this year. Additionally, it maintained its strong performance by recording the highest cumulative market share from January to July this year. Samsung SDI and SK Innovation also firmly held 4th and 6th places respectively, showcasing the stature of all three major Korean battery companies.

According to SNE Research on the 1st, LG Chem recorded a 26.8% market share in the global electric vehicle battery market in July this year. It was followed by China's CATL (25.4%), Japan's Panasonic (13.0%), Samsung SDI (7.3%), BYD (5.6%), and SK Innovation (4.5%).

In particular, all three Korean companies demonstrated double-digit growth, significantly increasing their market shares and greatly enhancing their market positions. LG Chem surged 97.4% to 13.4 GWh, jumping from 4th place in the same period last year to 1st place. Samsung SDI rose one rank to 4th with a 52.6% increase to 3.4 GWh, and SK Innovation climbed three ranks with an 86.5% surge to 2.2 GWh.

Most major Japanese and Chinese companies, including 2nd place CATL and 3rd place Panasonic, failed to escape a downward trend. However, CALB was the only Chinese company to show rapid growth.

The growth of the three Korean battery companies is attributed to increased sales of models equipped with their batteries. LG Chem showed continuous growth mainly due to strong sales of Tesla Model 3 (China-made), Renault Zoe, and Porsche Taycan EV.

Samsung SDI's growth was driven by increased sales of the Audi E-tron EV (71kWh), Ford Kuga PHEV, and BMW 330e, while SK Innovation saw a surge in usage thanks to strong sales of the Hyundai Porter 2 Electric, Kia Niro EV, and Soul Booster.

In terms of market share, all three Korean companies saw a significant surge, with their combined share more than doubling from 15.9% in the same period last year to 35.6%. Conversely, the Japanese companies' overall share declined due to a drop in Panasonic's market share.

Among Chinese companies, CATL, BYD, and Guoxuan saw their shares fall as their decline rates exceeded the market average. However, AESC and CALB experienced either lower decline rates than the market average or rapid increases in usage, resulting in a rise in their market shares. Amid these mixed trends, the total combined market share slightly decreased.

Global electric vehicle battery usage in July reached 10.5 GWh, a 20.9% increase compared to the same period last year. After experiencing four months of negative growth due to market demand contraction caused by the COVID-19 pandemic, the market finally returned to growth. All regions, including China, the United States, and Europe, saw increases, with many companies, led by the three Korean firms, achieving triple-digit growth and driving the market rebound.

Meanwhile, the total battery energy capacity of electric vehicles registered worldwide from January to July was 53.3 GWh, a 16.8% decrease compared to the same period last year. This decline was due to reduced electric vehicle demand amid the impact of the COVID-19 pandemic, especially in major markets such as China and the United States during the first and second quarters.

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