Korean 3 Companies Hold 25.2% Market Share in Cumulative Battery Usage This Year

Source=SNE Research

[Asia Economy Reporter Jeong Dong-hoon] In the cumulative electric vehicle battery usage rankings for this year, CATL and LG Energy Solution took first and second place, respectively.

According to SNE Research on the 3rd, the total battery usage of electric vehicles registered worldwide from January to September this year reached 341.3 GWh, a 75.2% increase compared to the same period last year. Electric vehicle battery usage has been on the rise since the third quarter of 2020.

Chinese battery companies drove the overall market growth. Chinese companies such as CATL, BYD, and CALB, all ranked within the top 10 in global battery usage, showed triple-digit growth rates.

On the other hand, Japanese companies, including Panasonic, mostly showed growth rates below the market average and continued to decline.

The market share of the three domestic companies fell by 7.3 percentage points from 32.5% in the same period last year to 25.2%, but they showed steady growth. LG Energy Solution maintained second place with 48.1 GWh, a 14.1% increase compared to the same period last year. SK On recorded 21.2 GWh, up 92.0%, and Samsung SDI recorded 16.6 GWh, up 65.1%.

The growth of the three domestic companies is mainly due to the sales of models equipped with their batteries. SK On maintained steady sales of the Hyundai Ioniq 5 and Kia EV6, and expanded its growth further with the new release of the Ioniq 6. Samsung SDI's growth was driven by steady sales of the Audi e-tron, BMW iX, and others. LG Energy Solution maintained double-digit growth thanks to the high popularity of Tesla’s Model 3 and Model Y, as well as strong sales of the Volkswagen ID.4 and Ford Mustang Mach-E.

In September, global electric vehicle battery usage reached 54.7 GWh, more than 1.6 times higher than the same month last year. While major markets such as China and the United States all showed growth, the growth rate in the Chinese region stood out, with many Chinese companies leading market growth. Despite the COVID-19 situation, weakened consumer sentiment, and raw material supply difficulties, the electric vehicle battery market has shown steady growth for 27 consecutive months, with market share continuing to rise centered on Chinese companies.

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