'Non-China Battery' Korean Top 3 Companies Hold 49% Market Share... LG Maintains 1st Place

The three domestic battery companies recorded a 49.0% share of the global electric vehicle battery market excluding the Chinese market. The total battery usage amounted to approximately 64.2GWh, marking a 45.3% growth compared to the previous year.

Graph of changes in market share by company in the global battery market excluding the Chinese market. Data provided by SNE Research.

All three domestic battery companies ranked within the global top 5. LG Energy Solution maintained its leading position with a 38.8% (18.0GWh) growth compared to the previous year, SK On (the battery subsidiary of SK Innovation) grew by 4.6% (7.0GWh), and Samsung SDI recorded a 54.4% (6.5GWh) growth, ranking 4th and 5th respectively. China's CATL also achieved double-digit growth of 79.6% (15.6GWh) in non-Chinese markets, securing the 2nd place.

Although the domestic three companies’ market share fell by 5.0 percentage points year-on-year to 49.0%, their battery usage increased. The growth in battery usage by the three domestic companies is mainly due to strong sales of models equipped with their batteries. LG Energy Solution continued its growth driven by increased sales of Tesla Model 3 and Y, Volkswagen ID.3 and ID.4, and Ford Mustang Mach-E. SK On showed high growth following the global popularity of Hyundai Ioniq 5 and Kia EV6. Samsung SDI demonstrated strong growth through sales of BMW i4, iX, Fiat 500, and Rivian R1T/S.

Japan’s Panasonic, one of Tesla’s main battery suppliers, saw double-digit growth driven by sales of Tesla Model 3 and Y in the North American market and Toyota’s bZ4X.

Several Chinese companies, including CATL, are also showing high growth rates in non-Chinese markets, gradually expanding their global market share beyond the Chinese domestic market. Among the top 10 battery companies, BYD showed the highest growth rate, rapidly increasing its market share in Asia and Oceania due to its price competitiveness targeting the Chinese domestic market and its well-established quality, while also showing growth in the European market.

SNE Research stated, "Following last year, LG Energy Solution maintains the number one position in the non-Chinese market this year, but Chinese companies including CATL are rapidly expanding their market share. Although the U.S. Inflation Reduction Act (IRA), aimed at reducing dependence on China for key materials, was expected to bring indirect benefits to domestic companies, the global market share of domestic companies is under close watch amid uncertainties such as Chinese companies’ circumvention strategies like joint ventures and Europe’s Critical Raw Materials Act (CRMA)."

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