LG Chem Rises to No.1 in Electric Vehicle Battery Market Share from January to August

Samsung SDI and SK Innovation Maintain 4th and 6th Positions, Continuing Strong Performance
Korean Battery Top 3 All Show High Growth... CATL and Panasonic Decline

[Asia Economy Reporter Hwang Yoon-joo] LG Chem maintained its top position in the global electric vehicle (EV, PHEV, HEV) battery usage rankings for sales from January to August this year, continuing its high growth trend. Samsung SDI and SK Innovation also held steady at 4th and 6th place respectively, demonstrating the continued strong performance of the domestic battery industry.

According to SNE Research on the 5th, LG Chem's market share in the electric vehicle battery market from January to August this year rose by 13.9 percentage points year-on-year to 24.6% (15.9 GWh), securing first place. Following were Chinese company CATL at 24.0%, Japanese Panasonic at 19.2%, Samsung SDI at 6.3%, Chinese BYD at 5.8%, and SK Innovation at 4.2%.

Most major Japanese and Chinese companies, led by CATL and Panasonic, remain in a state of decline. However, CALB was the only Chinese company to show nearly double rapid growth.

On the other hand, all three Korean companies recorded double-digit growth, further solidifying their market positions. Samsung SDI rose one rank from the same period last year with a 57.5% increase to 4.1 GWh, while SK Innovation more than doubled to 2.7 GWh, jumping three ranks.

The growth of the three companies is attributed to increased sales of models equipped with their batteries. LG Chem's continuous growth was driven by strong sales of Tesla Model 3 (China-made), Renault Zoe, and Porsche Taycan EV. Samsung SDI showed steady growth supported by increased sales of Audi E-tron EV, Ford Kuga PHEV, and BMW 330e. SK Innovation's usage surged due to strong sales of Kia Niro EV, Hyundai Porter 2 Electric, and Soul Booster.

With the market shares of all three domestic battery companies soaring, the Korean battery industry's market share more than doubled from 16.2% in the same period last year to 35.1%. In contrast, the Japanese companies saw a decline in overall market share as Panasonic and PEVE both experienced decreases.

Although CALB's market share increased, the Chinese companies overall could not avoid a decline in total market share due to decreases among other firms.

Industry-wide, the combined market share of the TOP 6 companies, including the three Korean firms, reached 84.1%. This is a 4.1 percentage point increase compared to January to August 2019 (80.0%: CATL, Panasonic, BYD, LG Chem, Samsung SDI, AESC), indicating a widening gap between the top-tier companies and the rest.

The total battery energy capacity for electric vehicles worldwide was 64.7 GWh, down 9.9% from 71.8 GWh in the same period last year. The COVID-19 pandemic led to reduced EV demand in major markets such as China and the United States during the first half of the year. However, the rate of decline has gradually lessened since the third quarter.

Kim Kwang-joo, CEO of SNE Research, stated, "The market dominance of certain top companies in the global electric vehicle battery market is increasingly intensifying polarization across the industry. It will become even more difficult for non-mainstream or new entrants to establish a foothold in the market going forward."

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