'K-Battery' Global Market Share More Than Doubled

[Asia Economy Reporter So-yeon Park] LG Chem and the three major domestic electric vehicle battery companies continue to achieve strong performance in the global market.

According to market research firm SNE Research on the 5th, the combined market share of the three domestic battery companies from January to July this year was 35.6%, more than double compared to the same period last year (15.9%).

LG Chem's electric vehicle battery usage accumulated to 13.4GWh by July, showing a remarkable growth of 97.4% compared to the same period last year. In the ranking of battery usage installed in globally sold electric vehicles (EV, PHEV, HEV), LG Chem held the world’s number one position with a cumulative market share of 25.1%, fending off the pursuit of China's CATL.

Samsung SDI and SK Innovation recorded market shares of 6.4% and 4.1%, ranking 4th and 6th respectively. The battery usage of both companies increased by 52.6% and 86.5% compared to the same period last year.

The total battery energy of electric vehicles registered worldwide from January to July this year was 53.3GWh, a 16.8% decrease compared to the same period last year, but domestic battery companies are showing remarkable growth this year.

China's CATL, ranked 2nd with a 23.8% market share, and Japan's Panasonic, ranked 3rd with 18.9%, experienced a decline in growth rates by 25.5% and 30.9% respectively due to decreased electric vehicle demand caused by the COVID-19 pandemic.

The three domestic electric vehicle battery companies, including LG Chem, have recently expanded their supply to major global automakers, increasing their market share.

LG Chem continues its growth trend thanks to strong sales of Tesla Model 3 (China-made), Renault Zoe, and Porsche Taycan electric vehicles (EV).

Samsung SDI saw a surge in usage supported by strong sales of Audi E-tron EV (71kWh), Ford Kuga plug-in hybrid (PHEV), BMW 330e, while SK Innovation’s usage rapidly increased due to strong sales of Hyundai Porter 2 Electric, Kia Niro EV, and Soul Booster.

The global electric vehicle battery usage in July this year totaled 10.5GWh, a 20.9% increase compared to the same month last year.

This marks a turnaround to growth this month after four consecutive months of decline due to COVID-19.

In July, LG Chem also ranked first with a 26.8% market share in electric vehicle battery usage, followed by CATL (25.4%), Panasonic (13.0%), Samsung SDI (7.3%), BYD (5.6%), and SK Innovation (4.5%).

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