From Jan to Mar 2023, Non-Chinese Global[1] EV Battery Usage[2]
Posted 64.2GWh, a 45.3% YoY Growth
- The K-trio recorded 49.0% M/S combined, with LGES Keeping No. 1 Position
Battery
installation for global electric vehicles (EV, PHEV, HEV) excluding the Chinese
market sold from January to March 2023 was approximately 64.2GWh, a 45.3% YoY
growth.
(Source: Global Monthly EV & Battery
Forecast – April+ 2023, SNE Research)
In the ranking of
battery usage for electric vehicles, the three Korean battery makers all safely
entered in top 5 on the list. LG Energy Solution stayed on top of the list with
a 38.8% YoY growth (18.0GWh), while SK-On ranked 4th with a 4.6% YoY
growth (7.0GWh) and Samsung SDI ranked 5th with a 54.4% YoY growth (6.5GWh).
CATL from China kept the 2nd position on the list, recording a
double-digit growth rate of 79.6% (15.6GWh) even in the non-Chinese market.
(Source:
Global EV and Battery Monthly Tracker – April 2023, SNE Research)
Although
the combined market shares of the K-trio recorded 49.0%, a 5.0%p decline from
the previous year, the total usage of their battery actually increased. Their growth trend was mainly affected by strong sales of
electric vehicle models equipped with batteries of each company. LGES kept
its growth momentum thanks to the increasing sale of Tesla Model 3/Y, VW ID.3/4,
and Ford Mustang Mach-E. SK-On showed a high growth following its sweeping popularity
of Hyundai IONIQ 5 and KIA EV6 in the global market. Samsung SDI was also in an
upward trend based on the sale of BMW i4, iX, Fiat 500, and Rivian R1T/S.
Panasonic,
as one of the major battery suppliers to Tesla, managed to keep a double-digit
growth which was mainly led by the sales of Tesla Model 3/Y and Toyota bZ4X.
Together
with CATL, some of the Chinese companies have also expanded their market shares
in the global market beyond the Chinese domestic market, showing a high growth
even in the non-Chinese market. CATL ranked 2nd in the non-China
market thanks to strong sales of Tesla Model 3 (made in China and exported to Europe, North America, and
Asia), Volvo C40/XC40
Recharge, KIA Niro, and MG-4. As it has been known that CATL’s battery may be
installed to a new KONA model made by Hyundai, it is expected that CATL’s share
in the non-China market would further expand. BYD, exhibiting the highest
growth among the top 10 companies, has seen a rapid increase in its share in
the markets of Asia and Oceania based on its price competitiveness and decent
quality targeting the Chinese domestic market. BYD started to see a growth even
in the European market. Farasis has also continued a steady growth in 2023
thanks to the favorable sales of Mercedes EQ line-up, exported to Europe, which
is very popular among the global customers.
(Source:
Global EV and Battery Monthly Tracker – April 2023, SNE Research)
Following
2022, LG Energy Solution maintained No. 1 position in the non-Chinese market in
2023, but the Chinese companies including CATL have been rapidly expanding
their shares in the market. With the implementation of the US Inflation Reduction
Act (IRA), it’s fair to say that the Korean battery makers have expected to
benefit from the Act which was designed to reduce the dependence on China
regarding key battery materials. However, amidst detour measures taken by the
Chinese companies like joint investment ventures and another looming uncertainty,
CRMA in Europe, attentions should be paid to possible changes in the global
market shares of K-trio in future.
[2] Based on battery installation for xEV registered during the relevant period.