"Domestic Battery Top 3 Market Share Down 1.2% This Year"

Global Total Battery Usage Grows 27% Compared to Same Period Last Year

The market share of the three domestic battery companies continues to decline.

SNE Research announced on the 8th that the total battery usage installed in electric vehicles registered worldwide from January to February reached approximately 92.4 GWh, a 27.0% increase compared to the same period last year.

SNE Research

The market share of the three domestic companies recorded 23.8%, down 1.2 percentage points from the same period last year. LG Energy Solution grew by 13.9% (12.7 GWh) compared to the same period last year, ranking second, while Samsung SDI recorded the highest growth rate among the three domestic companies at 47.4% (5.2 GWh). SK On experienced a negative growth rate of -7.3% (4.2 GWh).

Looking at the battery usage according to electric vehicle sales of the three domestic companies, Samsung SDI showed solid sales in Europe with BMW i4, i5, i7, and Audi PHEV, and continued its high growth trend with strong sales of Rivian R1T, R1S, and EDV in North America.

Samsung SDI, targeting the premium electric vehicle battery market, experienced rapid growth through its high-value battery P5. Following the P5, the P6, which improves energy density by more than 10%, is expected to begin mass production for customers in the Americas and other regions, boosting performance in the premium battery market.

SK On recorded battery usage similar to the same period last year but experienced negative growth due to sluggish sales of Hyundai Ioniq 5 and Kia EV6. However, steady sales of the Mercedes EQ lineup and expanding global sales of the Kia EV9 are expected to turn the trend toward growth. Additionally, SK On signed a battery supply contract worth 590 GWh with Hyundai, and it is known that it will supply batteries for Hyundai's new models to be launched from next year.

LG Energy Solution's sales growth was driven by popular vehicles in Europe and North America such as Tesla Model 3 and Y, Ford Mustang Mach-E, and GM Lyriq. Recently, tensions have risen as CATL is reportedly pursuing a plan to build an LFP battery joint factory with GM through a technology license agreement.

However, with the increase in production at Ultium Cells' second plant and the upcoming launch of GM's new vehicles equipped with the Ultium platform, it is expected to lead the North American market with ternary batteries that meet the IRA requirements.

Panasonic, the only Japanese company to make the top 10, ranked fourth with battery usage of 6.2 GWh this year but experienced an 11.8% decline compared to the same period last year.

China's CATL maintained its global number one position with a 44.9% (35.5 GWh) growth rate compared to the same period last year. In the world's largest electric vehicle market, China, CATL supplies batteries not only to major domestic brands but also to global OEMs such as Tesla Model 3 and Y, BMW iX, Mercedes EQ series, and Volkswagen ID series, recording a market share exceeding 30%, the only supplier to do so.

China's BYD saw a sharp decline in electric vehicle sales due to the Lunar New Year, recording a 3.1% (12.1 GWh) negative growth and ranking third globally.

An SNE Research official explained, "As the growth in demand for the electric vehicle market slows down, several companies that had maintained growth for a long time have started to show negative growth in battery usage compared to the same period last year. However, as deferred demand is resolved and electric vehicle sales increase, battery usage is expected to recover its growth trend."