Korean Battery 3 Companies' Global Market Share at 24.8%... Down 6.9%p from Last Year
[Asia Economy Reporter Jeong Dong-hoon] The three domestic battery companies accounted for 24.8% of the global electric vehicle battery market share from January to October this year. This is a 7 percentage point decrease compared to last year.
According to energy market research firm SNE Research on the 2nd, the total usage of electric vehicle batteries registered worldwide from January to October this year reached 390.4 gigawatt-hours (GWh), a 75.4% increase compared to the same period last year.
In terms of usage volume by company, LG Energy Solution maintained 2nd place with 53.7 GWh, a 16.1% increase from the same period last year. SK On ranked 5th with 24.1 GWh, an 83.2% increase from last year. Samsung SDI, ranked 6th, recorded 18.9 GWh, a 69.0% increase compared to the same period last year.
Chinese battery companies showed remarkable growth. The global market leader, China’s CATL, with a 35.3% share, doubled its battery usage compared to the same period last year. All Chinese companies in the top 10, including BYD, showed triple-digit growth rates compared to last year. Japanese companies, including Panasonic, mostly showed growth rates below the market average and are on a downward trend.
The combined market share of the three domestic companies from January to October this year was 24.8%, down 6.9 percentage points from 31.7% in the same period last year. SK On’s share rose slightly from 5.9% to 6.2%, an increase of 0.3 percentage points. However, LG Energy Solution’s share fell 7 percentage points from 20.8% to 13.8%, and Samsung SDI’s share dropped 0.2 percentage points from 5.0% to 4.8%.
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SNE Research stated, "In response to the U.S. Inflation Reduction Act (IRA), domestic battery companies have formed alliances to focus investments in North America and Europe," adding, "Attention is focused on the strategies of Korean and other global battery companies to secure stable supply chains."
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