Chinese Battery Companies Continue Expansion, South Korean Top Three Manufacturers See Market Share Decline

Korean Media: South Korean Batteries Crushed by Chinese Companies!

On February 2, the Korean newspaper "Korea Economic Daily" published an article stating that although there is a temporary period of demand stagnation in the electric vehicle market, the global usage of electric vehicle batteries still shows an upward trend. However, the market share of the three major South Korean battery companies - LG Energy Solution, SK On, and Samsung SDI - has declined.

Data released by SNE Research shows that from January to November last year, the total usage of electric vehicle batteries registered globally was approximately 104.6 gigawatt-hours (GWh). This represents an increase of 32.6% compared to the same period last year.

However, the combined market share of the three South Korean battery companies fell by 3.5 percentage points to 15.7%.

LG Energy Solution maintained the third position with a market share of 9.3%. The battery usage increased by 11.1% year-on-year to 96.9 GWh.

During this period, SK On ranked sixth, with battery usage increasing by 14.1% to 40.6 GWh. Samsung SDI was the only company among the top ten whose battery usage decreased, down 5.1%.

An analysis indicates that weak sales of its client Rivian negatively impacted Samsung SDI's battery supply.

On the other hand, Chinese battery manufacturers have continued to grow and dominate the market.

Contemporary Amperex Technology (CATL) saw its battery usage increase by 34.5% to 400 GWh, maintaining the leading position with a 38.2% market share.