From Jan to May in 2023, Global
EV Battery Usage
Posted 237.6GWh, a 52.3% YoY Growth- K-trio’s M/S recording 23.3%, with LGES ranked 3rd
From January to May 2023, the amount of energy held by
batteries for electric vehicles (EV, PHEV, HEV) registered worldwide was
approximately 237.6GWh, a 52.3% YoY growth. Driven by the increasing shares in
the Chinese domestic market, BYD continued to be ranked 2nd with a
triple-digit growth compared to the last year.
(Source: 2023
June Global Monthly EV and Battery Monthly Tracker, SNE Research)
The combined
market shares of K-trio companies were 23.3%, declined by 2.5%p compared to the
same period of last year, but all of them witnessed an increase in terms of
battery usage. LG Energy Solution took the 3rd position, exhibiting
a 56.0%(33.0GWh) YoY growth, while SK-On ranked 5th
with a 9.0%(12.4GWh) growth and Samsung SDI ranked 7th
with a 28.8%(9.9GWh) growth.
(Source: 2023 June Global Monthly EV and Battery Monthly Tracker, SNE Research)
Such upward trend in the
growth of K-trio was mainly affected by strong sales of electric vehicle models
equipped with batteries of each company. Samsung SDI remained in an upward trajectory,
thanks to steady sales of Rivian’s pick-up truck R1T, BMW i4/X, and Piat 500electric.
SK On’s growth was mainly driven by the increasing sale of Hyundai Ionic 5, KIA
EV6, and Hyundai’s e-truck model Porter 2 Electric, and Ford F-150. KIA’s EV9,
whose pre-order exceeded 10k units after its official release, is reportedly to
have the 99.8kWh high-capacity battery from SK On, leading to an expectation for
SK On’s continuous growth. LG Energy Solution recorded the highest growth among
K-trio companies based on a strong sale of Tesla Model 3/Y, Volkswagen ID. 3/4,
and Ford Mustang Mach-E.
Panasonic,
the only Japanese company in the top 10 on the
list, recorded 19.1GWh,
a 37.1% YoY growth. Panasonic, who is one of the major battery suppliers to
Tesla, has most of its battery usage installed in Tesla models in the North
American market. The sale of Model 3 Long Range, which was temporarily halted, has
resumed recently in the States. As it has been reported that LGES battery is
installed in the Long-Range model, it becomes noteworthy whether there would be
possible changes in the market share of Panasonic.
With a 59.6% YoY growth, CATL from China accounted
for more than 30% of market share, making it as the only battery supplier in
the world to take up such high market share. It still remained at the top
position in the global battery usage ranking. CATL’s battery has been installed
in Tesla Model 3/Y as well as Chinese commercial vehicles and major electric
passenger vehicle models in the Chinese domestic market such as SAIC’s Mulan, GAC
Group’s Aion Y, and NIO’s ET5, fueling the continuous growth of the battery
maker. BYD has been very popular in the Chinese domestic market based on its
price competitiveness through vertical SCM integration such as
in-house battery supply and vehicle manufacturing. Recently, BYD has been
enjoying an explosive growth by expanding its market share in Europe and the Asian region
except China with its Atto3
model.
(Source: 2023 June Global Monthly EV and Battery Monthly Tracker, SNE Research)
In 2023, in preparation for a possible
gradual decline in the growth of Chinese domestic market, which is the world’s
largest EV market, the Chinese battery suppliers are expected to enter overseas
markets such as Europe. Especially, Europe – regarded as the 2nd
largest EV market next to China – is highly likely to become the most
competitive area for battery and EV companies as the region has been active in
adopting and implementing the green policy. In addition, as there are less volatile
political issues in Europe compared to the US, the region has drawn an attention
from key market players as a strategic base to start the diversification of
battery supply chain. Furthermore, with the Chinese battery makers entering the
European market in earnest, the installation rate of LFP battery in Europe is
also expected to increase in future.
Based
on battery installation for xEV registered during the relevant period.
