Korean Battery Big 3 Hold 17.2% Global Market Share in 3Q... Down from Previous Quarter

Sales Revenue-Based Market Share Also Declines

In the global electric vehicle battery market for the third quarter, the market share of the three Korean battery companies declined compared to the previous quarter.

According to market research firm SNE Research on the 2nd, LG Energy Solution ranked 3rd with a shipment-based market share of 11.2%, Samsung SDI ranked 7th with 3.1%, and SK On ranked 8th with 2.9%. The combined market share of the three companies was 17.2%, slightly down from 19.9% in the second quarter.

Chinese companies CATL and BYD took 1st and 2nd place respectively, with market shares of 35.2% and 17.0%. The combined market share of the two companies was 52.2%.

The market size of the electric vehicle battery industry in the third quarter was recorded at a total revenue of $28.74 billion and total shipments of 258.5 GWh (gigawatt-hours).

Based on revenue, LG Energy Solution held 2nd place with a 14.1% market share, down from 14.7% in the previous quarter. Samsung SDI maintained 4th place with 5.7%, and SK On held 5th place with 3.6%.

The combined market share of the three companies decreased by 2.7 percentage points from 26.1% in the second quarter to 23.4% in the third quarter.

During the same period, Chinese CATL’s market share slightly declined from 31.6% to 28.5% but retained 1st place, while BYD increased from 11.9% to 12.3%, maintaining 3rd place.

Below 7th place in revenue rankings, except for PPES which handles Panasonic’s prismatic batteries, most companies are Chinese, and competition among them is intensifying. It is expected that battery companies expanding not only in the Chinese domestic market but also in emerging countries will see significant growth in market share.

SNE Research stated, "Recently, as Europe has strengthened carbon regulations, sales in Europe are likely to increase, but since AMPC (Advanced Manufacturing Production Credit) is not available in Europe, there is significant short-term uncertainty regarding profitability. It is an increasingly important time for the three companies to strengthen strategic partnerships with OEMs (Original Equipment Manufacturers) in the US, Europe, and emerging markets and to secure new customers."

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