Decline in Market Share by Revenue, ‘In the global electric vehicle battery market in the third quarter, the market share of the three major Korean battery companies declined compared to the previous quarter.’,
According to market research firm SNE Research on the 2nd, LG Energy Solution’s market share based on shipment volume was 11.2%, ranking 3rd, Samsung SDI ranked 7th with 3.1%, and SK On was 8th with 2.9%. The combined market share of the three companies was 17.2%, a slight decrease from 19.9% in the second quarter.
Chinese companies CATL and BYD took the first and second positions with 35.2% and 17.0% market shares, respectively, totaling 52.2%.
The market size for electric vehicle batteries in the third quarter was recorded as $28.74 billion in revenue and a total shipment volume of 258.5 GWh (gigawatt-hours).
Based on revenue, LG Energy Solution maintained the 2nd position with a 14.1% share, down from 14.7% in the previous quarter. Samsung SDI held the 4th position with 5.7%, and SK On was 5th with 3.6%.
The combined market share of the three companies dropped by 2.7 percentage points from 26.1% in the second quarter to 23.4% in the third quarter.
During the same period, Chinese company CATL saw its market share slightly decrease from 31.6% to 28.5% but retained the top spot. BYD increased its share from 11.9% to 12.3%, maintaining the 3rd position.
Below the 7th rank by revenue, excluding PPES, which is responsible for Panasonic’s prismatic batteries, most competitors are Chinese companies, intensifying the competition among them. It is expected that the market share of battery companies venturing into not only the domestic Chinese market but also emerging countries will greatly increase.
SNE Research stated, “Recently, with Europe tightening carbon regulations, sales in Europe might increase, but because advanced manufacturing tax credits (AMPC) cannot be received there, there is significant uncertainty regarding the profit structure in the short term. Strengthening strategic partnerships with OEMs in the US, Europe, and emerging countries and securing new customers have become more critical for the three companies.”