Global EV Battery Usage Up 19.7% from January to August... Market Share of Top 3 Korean Companies Down 3.9%p

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From January to August this year, global battery usage for electric vehicles grew by 19.7% compared to the same period last year. However, the combined market share of the three major Korean battery companies declined by 3.9 percentage points.

According to secondary battery market research firm SNE Research, the total battery usage installed in battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV) registered worldwide from January to August reached approximately 844.2 gigawatt-hours (GWh), an increase of 19.7% compared to the same period last year.

By supplier, China’s CATL maintained its top position with 333.0 GWh, up 25.2% year-on-year. Its market share rose from 37.7% to 39.4%, an increase of 1.7 percentage points.

BYD, ranking second, delivered 127.9 GWh, marking a 6.2% increase in volume. However, its market share dropped from 17.1% to 15.1%, a decrease of 2.0 percentage points. The combined market share of these two companies was 54.6%, remaining nearly unchanged from 54.8% in the same period last year.

Among Korean companies, LG Energy Solution remained in third place with 68.3 GWh, up 0.9% year-on-year. Although supplies to key automakers such as Tesla, General Motors, Hyundai Motor Group, and Volkswagen continued, growth lagged far behind the overall market; as a result, its market share declined from 9.6% to 8.1%, a drop of 1.5 percentage points. Battery usage increased in Europe and Asia, but a sharp reduction in North America—from 25.2 GWh to 14.6 GWh, a 42.3% decrease—offset most of these gains.

SK On remained in eighth place with 24.9 GWh, representing a 14.5% decrease. Its market share fell from 4.1% to 2.9%, down 1.2 percentage points. SK On supplies batteries to Hyundai Motor Group, Ford, Volkswagen, and Mercedes-Benz, but a significant drop in North American usage—from 11.7 GWh to 6.8 GWh, a fall of 41.8%—greatly affected the results.

SNE Research reported, "The combined market share of the top seven Chinese companies reached 73.3%, an increase of 3.6 percentage points year-on-year, while the three Korean companies’ share fell by 3.9 percentage points to 12.7%."

Japan’s Panasonic ranked sixth with 29.7 GWh, up 1.8%. Although the company benefitted from North American shipments to Tesla, its growth rate was significantly below the market average, resulting in a market share decrease from 4.1% to 3.5%, down 0.6 percentage points.

There were significant regional differences. EV battery installations in China grew by 16.9%, while Europe (29.2%), Asia excluding China (76.0%), and South America (179.9%) all saw substantial increases. In contrast, North America declined by 23.7%. In the United States, the expiration of the federal EV tax credit has created a demand gap, prompting battery manufacturers to convert EV battery production lines for use in energy storage systems (ESS).

By technology, lithium iron phosphate (LFP) batteries increased their share from 52.2% to 57.3%, up 5.1 percentage points. The average installed battery capacity per vehicle also rose by 11.9%, from 35.1 kilowatt-hours (kWh) to 39.2 kWh.

SNE Research also predicted, "From September, China began imposing a 2% consumption tax on domestically sold lithium-ion batteries, and starting in January next year, it will abolish the VAT rebate for battery exports. These changes are expected to impact the pricing strategies and overseas production expansion of Chinese companies, and could reshape the competitive landscape by the end of the year."

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