Battery Market Outside China Up 12.5% in Q1-Q3... K-Battery Market Share Down 2.6%

Expansion of Market Share by CATL and BYD in China
"The Three Companies Should Accelerate the Mass Production Timing of LFP"

Up to the third quarter of this year, the global battery market for electric vehicles (including pure electric vehicles, plug-in hybrid vehicles, and hybrid vehicles) excluding China has increased by 12.5%. The market share of the three domestic battery companies slightly declined.

According to market research firm SNE Research on the 11th, the total battery usage installed in electric vehicles in the global market excluding China from January to September this year was approximately 258.7 gigawatt-hours (GWh), a 12.5% increase compared to the same period last year. The market share of the three domestic battery companies?LG Energy Solution, Samsung SDI, and SK On?was 46.0%, down 2.6 percentage points from the same period last year.

By company, LG Energy Solution's battery usage was 66.8 GWh, growing 4.0% compared to the same period last year. Its market share ranked second at 25.8%. Popular models equipped with LG Energy Solution batteries, such as Tesla Model 3 and Model Y, Volkswagen ID.4, Ford Mustang Mach-E, and GM Cadillac Lyriq, maintained steady sales, sustaining growth. Sales of Hyundai Motor Group’s Ioniq 6 and Kona Electric in Europe also increased significantly.

SK On recorded a usage volume of 28.5 GWh, growing 13.3%. Its market share ranked third at 11.0%. Sales of Hyundai Motor Group’s Ioniq 5, EV6, and EV9, which showed sluggish sales early in the year, as well as Mercedes-Benz EQA, EQB, and Ford F-150 Lightning, recovered, resulting in the highest growth rate among the three companies.

Samsung SDI’s battery usage increased by 5.7% to 23.8 GWh. Its market share ranked fifth at 9.2%. Strong sales of BMW and Rivian contributed to high growth rates, and Audi Q8 e-Tron and Jeep Wrangler PHEV maintained steady sales.

Japan’s Panasonic supplied 25.7 GWh up to the third quarter, ranking fourth, but experienced a 20.2% decline compared to the same period last year.

China’s CATL showed a growth rate of 7.4% (68.1 GWh) and held the highest market share of 26.3% in the global market excluding China. Currently, many major global electric vehicle manufacturers such as Tesla, BMW, Mercedes-Benz, Volkswagen, and Hyundai Motor adopt CATL batteries. Especially as oversupply occurs in the Chinese domestic market, CATL is rapidly expanding its market share by diversifying export markets to countries such as Brazil, Thailand, Israel, and Australia.

BYD is also growing rapidly, holding a 4.0% market share outside China. BYD is expanding its market by exporting competitively priced vehicles mainly to emerging countries such as Brazil and Thailand. SNE Research explained, "Global electric vehicle manufacturers are adopting LFP (Lithium Iron Phosphate) batteries, and plans for adoption are increasing," adding, "Advancing the mass production timeline of LFP is expected to be a key challenge for the three companies."