China's Electric Vehicle Battery Market Share Significantly Increases
Last month at the Shanghai Auto Show in China, a visitor is examining the displayed vehicles.
[Asia Economy Reporter Choi Dae-yeol] This year, the market share of Chinese electric vehicle battery companies has significantly increased. The market shares of South Korean and Japanese battery companies have decreased.
According to data released on the 3rd by market research firm SNE Research, which compiled battery usage based on electric vehicle sales in 79 countries worldwide in the first quarter of this year, the number one is China's CATL. In the first quarter of last year, this company's battery usage was 3.6 GWh, ranking third after LG Energy Solution and Panasonic, but this year it increased more than fourfold to 15.1 GWh. Its market share also rose from 17.0% to 31.5%.
LG Energy Solution, which was first in the first quarter of last year, increased its battery usage from 5.2 GWh to 9.8 GWh, but its market share fell from 24.6% to 20.5%. Japanese company Panasonic also saw a slight increase in usage, but its market share shrank from 26.0% to 16.7%.
Chinese battery companies all showed strong growth with triple-digit increases in usage. This is interpreted as due to increased electric vehicle sales within their domestic market. Looking at the market share of the top 10 companies, Chinese battery companies including CATL accounted for 42.9%, nearly doubling compared to the same period last year. On the other hand, South Korean battery companies (LG Energy Solution, Samsung SDI, SK Innovation) held nearly half of the market share (47.8%) in the first quarter of last year but dropped to 30.9% this year.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Man in His 40s Who Kept Girlfriend's Body for a Year After Murder Sentenced to 30 Years in Prison Again on Appeal
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
SNE Research explained, "Despite holding their ground during the COVID-19 pandemic, the three domestic companies have somewhat faltered this year facing a large-scale offensive from Chinese companies. As the Chinese market continues to recover and Chinese companies including CATL expand their presence in non-Chinese markets, the global market position of the three domestic companies is likely to become increasingly unstable."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
