Jan-Oct This Year, Korea's Top 3 Battery Companies Hold 45.6% Non-China Market Share

SNE Research Survey Results

From January to October this year, the non-China global market share of the three Korean battery companies was 45.6%.

According to market research firm SNE Research on the 9th, the combined market share of domestic battery companies LG Energy Solution, SK On, and Samsung SDI recorded 45.6%, down 2.7 percentage points (p) compared to the same period last year. Korea's No. 1 LG Energy Solution grew by 6.2% (75.1 GWh) compared to the same period last year, maintaining second place overall with a 25.9% market share. SK On, ranked third, recorded a growth rate of 10.2% (31.0 GWh) and a market share of 10.7%. Samsung SDI grew by 2.5% (26.2 GWh) and showed a 9.0% market share.

The total battery usage installed in electric vehicles (EV, PHEV, HEV) in the global market excluding China was about 290.2 GWh, growing 12.7% compared to the same period last year.

Looking at the battery usage of the three domestic companies according to electric vehicle sales, LG Energy Solution’s batteries were mainly installed in Tesla, Volkswagen, Ford, and Hyundai Motor Group, in that order. SK On’s batteries were installed in Hyundai Motor Group, Mercedes-Benz, Ford, and Volkswagen, in that order. Samsung SDI’s battery usage was led by BMW, Rivian, and Audi, in that order.

China’s CATL showed a growth rate of 7.8% (76.6 GWh) and recorded the highest market share (26.4%) in the global market excluding China. Currently, many major global automakers such as Tesla, BMW, Mercedes, Volkswagen, and Hyundai Motor adopt CATL’s batteries.

The European Union (EU) confirmed that from October 31 this year, differentiated tariffs ranging from 17.8% to a maximum of 45.3% will be imposed on Chinese-made electric vehicles depending on the automaker. Most Chinese OEMs are expected to adjust their margins by the amount of tariff increases to respond to the European market.

SNE Research stated, "Due to the imposition of tariffs on Chinese-made electric vehicles, the growth speed of Chinese battery companies’ market share may slow down," but also noted, "It is difficult to expect benefits for Korean battery companies as the demand for electric vehicles in the European market is cooling."

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