Top 3 Domestic Battery Companies Lose 9%P Electric Vehicle Market Share Amid Chinese Offensive

Battery Usage for Electric Vehicles in the First Half of 2022 (SNE Research)

[Asia Economy Reporter Oh Hyung-gil] The market share of the three domestic battery companies in the global electric vehicle battery market fell by nearly 10% in the first half of the year.

SNE Research announced on the 2nd that among the total battery usage of 203.4GWh for electric vehicles registered worldwide from January to June, the market share of the three domestic companies was 25.8%. This is a decline of 9.1 percentage points compared to 34.9% in the same period last year.

China's CATL ranked first with 70.9GWh, while LG Energy Solution maintained second place with 29.2GWh.

Following were BYD (24GWh) and Panasonic (19.5GWh), and SK On and Samsung SDI ranked 5th and 6th with 13.2GWh and 10.0GWh respectively.

SNE Research explained that led by Chinese companies CATL and BYD, many companies drove market growth, and all Chinese companies ranked in the top 10 showed triple-digit growth rates. On the other hand, Japanese companies including Panasonic mostly showed growth rates below the market average and continued to decline.

Additionally, the growth of the three domestic companies was mainly due to the sales of models equipped with their batteries. SK On benefited from strong sales of Hyundai Ioniq 5 and Kia EV6, Samsung SDI from increased sales of Fiat 500, Audi E-Tron, and BMW iX. LG Energy Solution saw increased battery usage due to the surge in sales of Tesla Model 3 and Model Y.

SNE Research pointed out, "While domestic battery cell makers continue joint investments in North America and Europe, threats such as skepticism toward electric vehicles in Europe and limited subsidy policies in various countries are increasing," adding, "To respond to the increasingly strengthened Chinese domestic market, the three domestic companies need to establish flexible strategies."