Korean Battery 3 Companies' Market Share for Electric Vehicles Drops 2.8%P in 1Q

Global Usage 158.8 GWh... 22.0% Increase Year-on-Year

The market share of electric vehicle batteries by the three Korean battery companies in the first quarter stood at 23.5%, down 2.8 percentage points from the same period last year.

According to the global electric vehicle battery usage report for January to March released by SNE Research on the 7th, the total battery usage installed in electric vehicles (EV, PHEV, HEV) registered in 80 countries worldwide was approximately 158.8 GWh, marking a 22.0% growth compared to the same period last year.

Market Share Trends of the World's Top 6 Battery Companies (Provided by SNE Research)

LG Energy Solution (21.7 GWh) recorded a 7.8% growth year-on-year, ranking third. Samsung SDI (8.4 GWh) posted the highest growth rate of 36.3% among the three domestic companies, but SK On (7.3 GWh) experienced an 8.3% decline.

The report analyzed that LG Energy Solution's growth was driven by strong sales of vehicles popular in Europe and North America, such as Tesla Model 3 and Y, Ford Mustang Mach-E, and Hyundai Ioniq 6. It is expected to lead the North American market through increased production at Ultium Cells Plant 2, the launch of GM’s new vehicles equipped with the Ultium platform, and ternary batteries that meet the IRA requirements.

Samsung SDI saw solid sales in Europe with BMW i4, i5, iX, Audi Q8 e-Tron, and PHEVs, while in North America, Rivian R1T and R1S recorded high sales, maintaining a strong growth trend. Targeting the premium BEV and PHEV electric vehicle battery market, it was the only one among the three companies to show stable profitability.

SK On experienced a decline due to decreased sales of Hyundai Ioniq 5 and Kia EV6 in regions other than North America, despite strong sales of Ford F-150 in North America. The report cited steady sales of the Mercedes EQ lineup and the global expansion of Kia EV9 sales as positive factors.

The first and second largest market shares were held by Chinese companies CATL (60.1 GWh) and BYD (22.7 GWh).

CATL recorded a 31.9% growth compared to the same period last year. In China, the world's largest electric vehicle market, it supplied batteries not only to major brands such as ZEEKR and Ideal but also to major automakers including Tesla Model 3 and Y, BMW iX, Mercedes EQ series, and Volkswagen ID series, achieving the only market share exceeding 30%.

BYD showed high sales in March, unlike last month when electric vehicle sales sharply declined due to the Lunar New Year holiday. It is rapidly expanding its global market share outside China by actively operating local factories centered in Thailand.

Japan’s Panasonic ranked fourth with a battery usage of 9.3 GWh, experiencing a 12.6% decline compared to the same period last year. As a major battery supplier for Tesla, Panasonic is expected to expand its market share in the future centered on Tesla with the launch of 2170 and 4680 cells.

The report stated, "As electric vehicle sales in Europe and the United States fell short of expectations, the market share of the three Korean battery companies also declined," and added, "In the second half of the year, new vehicles will be launched in the U.S. and European markets, where competition with China is less intense, and joint ventures of domestic battery companies are planned in the rapidly growing U.S. market, which will gradually resolve uncertainties."

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