All three major South Korean battery makers – LG Energy Solution, Samsung SDI, and SK On – secured positions within the top five in the global electric vehicle battery market. (Image courtesy of Yonhap)
SEOUL, Apr. 16 (Korea Bizwire) — Last year, all three major South Korean battery makers – LG Energy Solution, Samsung SDI, and SK On – secured positions within the top five in the global electric vehicle battery market, according to a recent report.
According to SNE Research, an energy market research firm, the total electric vehicle battery shipments in 2023 amounted to 865 gigawatt-hours (GWh), with overall battery pack sales reaching approximately $132 billion (182.6 trillion won).
In terms of revenue market share, China’s CATL maintained its leading position with 30.6%, followed by LG Energy Solution at 16.4% in second place. Samsung SDI and SK On claimed the fourth and fifth spots with 7.8% and 7.5% shares, respectively.
BYD, a Chinese automaker expanding its global footprint beyond the domestic market, secured the third position with a 10.6% market share.
When measured by shipment volume, CATL (35.6%) and BYD (15.6%) ranked first and second, respectively. Among South Korean companies, LG Energy Solution (14.9%) took third place, followed by SK On (6.6%) in fourth and Samsung SDI (5.7%) in fifth.
Japan’s Panasonic ranked sixth in both revenue market share (3.6%) and shipment volume (4.7%).
From the seventh to the tenth positions, Chinese battery makers such as CALB, Eve Energy, Gotion, and Farasis engaged in a competitive race for market share.
The top 10 battery companies collectively accounted for 94% of global electric vehicle battery shipments, with the top five players alone representing a staggering 78.4% share, underscoring the dominant market power of these top-tier companies.
SNE Research predicted, “As major electric vehicle markets worldwide are expected to experience steady growth in 2024, establishing a stable supply chain in Europe and North America within the next two to three years, and securing a pricing competitiveness advantage, will be the most significant factor in the future battery market.”
Kevin Lee (kevinlee@koreabizwire.com)
