Electric Vehicle Battery Market Doubled Last Year... LG Energy Solution 2nd, Chinese CATL 1st

Global Market Research Firm SNE Research
Annual Electric Vehicle Battery Usage Survey for Last Year

Last year's growth rates of major battery manufacturers. Source=SNE Research

[Asia Economy Reporter Jeong Dong-hoon] In last year's global electric vehicle battery rankings based on usage, China's CATL secured the top spot. LG Energy Solution maintained its second place, SK On (a subsidiary of SK Innovation) ranked fifth, and Samsung SDI came in sixth, with the 'K-battery' market share standing at around 30%.

According to global market research firm SNE Research on the 7th, the total annual energy capacity of electric vehicle batteries last year was 296.8 gigawatt-hours (GWh), a 102.3% increase compared to the previous year (146.8 GWh). Despite the shortage of vehicle semiconductors and the spread of COVID-19 last year, the usage of vehicle batteries more than doubled.

The combined market share of the three domestic battery companies was recorded at 30.4%, down 4.3 percentage points (p) from 34.7% in 2020. Looking at each company, LG Energy Solution ranked second with a 20.3% market share, following CATL's 32.6%.

LG Energy Solution saw a surge in volume mainly from Tesla Model Y (China-made), Volkswagen ID.4, and Ford Mustang Mach-E, increasing by 75.5% year-on-year to 60.2 GWh, maintaining its second place. SK On, benefiting from strong sales of Hyundai Ioniq 5, Kia Niro EV, and EV6, recorded a 107.5% increase to 16.7 GWh, rising one rank from sixth to fifth compared to the previous year. Expectations have grown that it will securely settle in the top five going forward. Following this, increased sales of Fiat 500, Jeep Wrangler PHEV, and BMW iX contributed to Samsung SDI's 56.0% year-on-year growth, securing sixth place.

LG Energy Solution Electric Vehicle Battery Poland Factory Exterior View

Chinese companies including CATL drove the overall market with triple-digit growth rates in usage. BYD, which ranked eighth last year with an 8.8% market share, rose 2.1 percentage points from 6.7% the previous year, with usage increasing by 167.7% over the year. CALB and Guoxuan, ranked seventh and eighth respectively, recorded growth rates of 130.5% and 161.3%.

SNE Research evaluated that "amid the large-scale offensive by Chinese companies, all three domestic companies managed to maintain a steady growth trend and performed well," but added, "As Chinese companies accelerate their overseas expansion and issues such as semiconductor shortages remain, it will be noteworthy to see whether the three domestic companies can continue to perform well against various threats this year."

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