LG Energy Solution Maintains No.1 Position in Global Electric Vehicle Batteries Excluding China

Source=SNE Research

[Asia Economy Reporter Jeong Dong-hoon] LG Energy Solution maintained its top position in battery usage rankings for global electric vehicles excluding the Chinese market. SK On and Samsung SDI also rose to 4th and 5th place, respectively.

According to battery market research firm SNE Research on the 5th, in the tally of electric vehicle battery usage registered in vehicles worldwide from January to July this year, LG Energy Solution recorded a 14.2% market share, ranking 2nd. The usage amounted to 34.3 GWh, showing only a 9.0% increase compared to the same period last year.

CATL, which ranked 1st, showed a market share of 34.7%. During this period, CATL recorded a global electric vehicle battery usage of 83.6 GWh, an increase of 110.6% compared to January to July last year.

SK On ranked 5th with a market share of 6.6%. Its usage increased by 107.8% compared to the same period last year, marking the highest growth rate among domestic battery companies. Samsung SDI ranked 6th with a market share of 5.1%. Its usage increased by 56.3% to 12.2 GWh compared to January to July last year. 3rd place was taken by China's BYD, and 4th place by Japan's Panasonic.

However, in the tally of global electric vehicle battery usage excluding the Chinese market from January to July this year, LG Energy Solution maintained 1st place with a market share of 29.5%. This share decreased by 5.6 percentage points compared to the same period last year.

During the same period, SK On's market share rose by 4.8 percentage points to 14.7%, and Samsung SDI's increased by 1.2 percentage points to 11.4%.

In the tally of global electric vehicle battery usage excluding the Chinese market, Panasonic ranked 2nd with 19.5%, and CATL ranked 3rd with 18.6%.

Notably, CATL expanded its market share by 6.7 percentage points compared to the same period last year, continuing its rapid growth even outside the Chinese market.

SNE Research stated, "Following last year, LG Energy Solution maintained 1st place in markets outside China from January to July this year, but with CATL and others growing rapidly, pressure on the three Korean battery companies remains strong," adding, "In particular, strategic responses by the three domestic battery companies aligned with the implementation of the U.S. Inflation Reduction Act and growth in the Chinese domestic market will likely be necessary."

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