Three South Korean EV Battery Manufacturers Grab Share
This article appeared in the March 2020 issue of PowerTALK™ News
Based on the capacity of EV-equipped batteries sold in January 2020, the three largest Korean battery companies (LG Chem, Samsung SDI and SK Innovation) have a combined share of 30.8%, exceeding 30% for the first time. In the ranking of total power consumption of EV batteries, China’s CATL is in the top place for the third consecutive year, LG Chem is in third place, Samsung SDI is in fifth place, and SK Innovation is in tenth place. For the first time, SK Innovation has joined the Top 10.
However, first place CATL and second place Panasonic recorded growth rates that far exceeded the market average. Currently, CATL and Panasonic account for more than half of the global EV battery market, and Korean manufacturers are required to have competitiveness and market strategies to overcome the momentum of these two companies.
Source: KBSWORLD
PSR Analysis: LG Chem has GM, Samsung SDI has BMW, and SK Innovation has Hyundai as major customers. The growth of EVs of these brands is driving the growth of three Korean EV battery manufacturers. However, in the world, CATL is supplying Chinese Car brands and Panasonic is supplying TESLA, and these two companies are market leaders. Many battery manufacturers have already built battery production plants for EVs around the world, and competition will intensify in near the future. PSR
