From Jan to September in 2023, Non-Chinese Global[1] EV Battery Usage[2] Posted 228.0GWh, a 54.9% YoY Growth
- K-trio accounted for 48.3% M/S
Battery installation for
global electric vehicles (EV, PHEV, HEV) excluding the Chinese market sold from
January to September 2023 was approximately 228.0GWh, a 54.9% YoY
growth.
(Source:
Global EV and Battery Monthly Tracker – October 2023,
SNE Research)
In the ranking of battery usage for electric vehicles, the K-trio battery makers all ranked within the top 5. LG Energy Solution maintained the top position with a 49.2%(64.1GWh) YoY growth. While SK On took the 4th place with 13.7%(24.4GWh), Samsung SDI followed right behind with a 41.4%(21.6GWh) growth. CATL in China rapidly expanding its market share, recording a trip-digit growth of 104.9%(64.0GWh) for consecutive months.
The
combined shares of K-trio recorded 48.3%, a 5.8%p decline from the same period
of last year, but their battery usage was in an upward trajectory. Their growth
was mainly affected by favorable sales of electric vehicle models equipped with
batteries of each company. Samsung SDI kept its growth momentum
based on the increasing sales of BMW i4/i7 and Audi Q8 e-Tron as well as a decent
sales of Rivian R1T/R1S/EDV and FIAT 500. SK On posted a growth thanks to solid
sales of Hyundai IONIQ 5, KIA EV6, and Mercedes EQA/B. Recently, as it has been
reported that SK On reached a decent level of accomplishment in developing
prismatic and LFP battery, which is highly sought after in the market, the
company is expected to see a growth in its market share mainly in the North
American region. LG
Energy Solution posted the highest growth among the K-trio, driven by favorable
sales of Tesla Model 3/Y, VW ID. Series, and Ford Mustang Mach-E that are highly
popular in Europe and North America. GM, continuously
witnessing a slowdown in sales, is reported to have a plan to expand its EV
line-up and production volume in earnest, based on battery produced by Ultium
Cells, its joint venture with LG Energy Solution. As GM is going to launch
electric vehicles such as Blazer EV sold at affordable prices, it is expected
to be leading the growth of LG Energy Solution.
Panasonic
registered the battery usage of 33.6GWh, 33.2% up from the same period of last
year. 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. Tesla
Model Y of which sales rapidly soared compared to the same period of last year
has driven the growth of Panasonic.
(Source: Global EV and Battery Monthly Tracker – October 2023, SNE Research)
One of the major reasons for recent slowdown
in the global EV market is pointed out as high interest rate and high price of
electric vehicles. Coupled with the sentiment of consumers who seek for
cost-effective vehicles, a recent tendency to move toward LFP battery with
price competitiveness is expected to increase the ratio of entry-level EVs sold
among the entire EV sales. Particularly in Europe, where the usage of LFP battery
is low, attentions should be drawn to changes in the market shares of Chinese cell
makers, having a strong will to enter overseas markets, and possibly
consequential changes in the usage of LFP battery.
[2] Based on battery installation for xEV registered during the relevant period.