Korean Media: Not a Match for China, "Big Three Korean Battery Makers" See Shrinking Market Share!

On April 18, Korean media outlet The Korea Economic Daily published an article stating that the winter for South Korea's three major battery manufacturers—LG Energy Solution, Samsung SDI, and SK On—appears to be continuing. Some attribute the current crisis to a temporary stagnation in demand for electric vehicles. However, looking solely at market indicators, the reality is quite the opposite. Despite the continuous growth in global electric vehicle battery usage, the market share of these three domestic South Korean companies has been declining.

According to data from SNE Research, a market research firm specializing in energy, the total battery capacity used in pure electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles registered globally in January this year reached 71.9 gigawatt-hours, a 10.7% increase compared to the same period last year.

Yet, the combined market share of the three South Korean battery companies dropped by 4.3 percentage points year-on-year to 12%.

Meanwhile, Chinese battery manufacturers continued their growth momentum. Contemporary Amperex Technology Co. Limited (CATL) maintained its leading position with a market share of 45.2%, up 5.3 percentage points from the previous year.

During the same period, BYD’s market share declined by 1.8 percentage points but still held the second position with a 13.8% share.

Even excluding the Chinese market, the global picture remains similar. As of January, the combined market share of South Korea’s three major battery companies in the global electric vehicle battery market outside China was only 25.5%, down 10.4 percentage points from the same period last year.

On the other hand, CATL ranks first in overseas markets with a 34.2% share, while BYD ranks third with a 11.3% share.

Original Article: toutiao.com/article/1862773921027273/

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