CATL 30.3%, LG Energy Solution 24.5%... Both Companies Expand Market Share
SK Innovation Secures Global 5th Place
[Asia Economy Reporter Hwang Yoon-joo] Chinese CATL and South Korean LG Energy Solution continue to maintain a duopoly as their battery market shares account for more than half of the global market. SK Innovation has solidified its position in the global top 5.
SNE Research announced on the 29th that the total electric vehicle battery capacity registered worldwide from January to August this year reached 162.0 gigawatt-hours (GWh), a 139.3% increase compared to the same period last year.
In terms of market share, CATL ranked first with 30.3%, growing 210.8% year-on-year and surpassing LG Energy Solution. Following were LG Energy Solution at 24.5%, Panasonic at 13.3%, BYD at 7.7%, SK Innovation at 5.4%, and Samsung SDI at 4.9%.
The combined market share of the three domestic companies was 34.8%, down 0.2 percentage points from 35.0% during the same period last year.
For LG Energy Solution, strong sales of Tesla Model Y (China-made), Volkswagen ID.4, and Ford Mustang Mach-E contributed to the growth in battery supply.
SK Innovation showed a sharp increase driven by rising sales of Kia Niro, Hyundai Ioniq 5, and Mercedes-Benz GLE. Samsung SDI experienced growth due to increased sales of Fiat 500 and Audi e-tron, but the sharp decline in Volkswagen e-Golf sales offset the overall growth.
Chinese companies recorded triple-digit growth rates mostly due to the rapid expansion of their domestic market. BYD and CALB’s market shares grew by 216.1% and 288.1%, respectively, while Guoxuan posted a growth rate of 165.7%.
Limiting the data to August this year, global electric vehicle battery usage reached 25.2 GWh, a 120.6% increase compared to the same month last year, continuing a 14-month recovery trend in market demand that had been depressed by COVID-19 last year. The markets in China, the United States, and Europe all surged.
An SNE Research official said, "The offensive of Chinese companies does not seem likely to subside anytime soon, so the future of the three domestic companies does not look very bright. It will be crucial for the domestic three companies to actively pioneer new paths by strengthening their foundational competitiveness and reorganizing growth strategies."
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