Korean Battery Big 3 Surpass 40% Global Market Share in February for the First Time

LG Chem ranks 2nd, Samsung SDI 5th, SK Innovation 6th

[Asia Economy Reporter Hwang Yoon-joo] Last month, the three domestic electric vehicle (EV) battery companies in Korea surpassed a 40% share of the global EV battery market for the first time.

SNE Research announced on the 31st that in the ranking of battery usage installed in global electric vehicles (EV, PHEV, HEV) sold in February this year, the combined market share of LG Chem (29.6%), Samsung SDI (6.5%), and SK Innovation (5.9%) reached 41.0%.

Panasonic recorded the highest market share at 34.1%. Korea's LG Chem, Samsung SDI, and SK Innovation ranked 2nd, 5th, and 6th respectively, with all three companies maintaining positions in the TOP 10.

LG Chem rose to 2nd place with 1.7 GWh, nearly 2.6 times higher than the same month last year. Samsung SDI increased by 54.8% to 372 MWh, climbing two spots to 4th place, while SK Innovation surged 2.7 times to 342 MWh, jumping three ranks.

The total battery energy of electric vehicles registered worldwide in February 2020 was 5.8 GWh, a 16.5% increase compared to the same month last year. Despite the continued stagnation in the Chinese market, the US and European markets saw significant growth.

Panasonic, ranked first, grew 74.0% year-on-year, driven by a surge in Tesla Model 3 volumes centered in the US. In contrast, many other Japanese companies saw a decrease in usage, showing a stark contrast, while most Chinese companies, including CATL and BYD, also struggled due to the stagnation of the Chinese market.