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From Jan to Oct in 2023, Global[1] EV Battery Usage[2] Posted 552.2GWh, a 44.0% YoY Growth

- From Jan to Oct in 2023, K-trio’s M/S recorded 23.4%

 


From January to September 2023, the amount of energy held by batteries for electric vehicles (EV, PHEV, HEV) registered worldwide was approximately 552.2GWh, a 44.0% YoY growth.

 

 


 

 

 

(Source: 2023 Nov. Global Monthly EV and Battery Monthly Tracker, SNE Research)

 

The combined market shares of K-trio companies were 23.4%, declined by 1.1%p compared to the same period of last year, but all of them stayed in the upward trend in terms of battery usage. LG Energy Solution took the 3rd place, posting 47.2%(76.1GWh) YoY growth. While SK On ranked 5th with a 13.8%(27.9GWh) growth, Samsung SDI ranked 7th with 42.1%(25.1GWh) growth. 

 




(Source: 2023 Nov. Global Monthly EV and Battery Monthly Tracker, SNE Research)

 

The growth trend of K-trio was mainly affected by strong sales of electric vehicle models equipped with batteries of each company. Samsung SDI remained in a growth trend based on the increasing sales of BMW i4/i7 and Audi Q8 e-Tron as well as decent sales of Rivian R1T/R1S/EDV and FIAT 500. Samsung SDI, who decided to target the premium EV battery market, is expected to maintain stable performance based on continuous demands and high profitability as the portion of high-value-added battery P5 is increased even when the xEV market has recently been affected by concerns about a possible slowdown in growth. SK On also recorded growth thanks to solid sales of Hyundai IONIQ 5, KIA EV6, Mercedes EQA/B, and Ford F-150 Lightning. 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 especially focusing on the North American region. LG Energy Solution posted the highest growth among the K-trio, propped up with favorable sales of Tesla Model 3/Y, VW ID. series, and Ford Mustang Mach-E that are highly popular in Europe and North America. These days, OEMs such as Tesla, Ford, and GM have been expanding the installation ratio of LFP battery and uncertainties have risen due to concerns about a slowdown of demand for EV. However, despite the current circumstances, the launch of new models such as GM’s Blazer EV, to which Ultium platform is adopted, is expected. This leads to an expectation that any uncertainties facing SK On and Ultium Cells would be cleared off with the usage of battery made by Ultium Cells increasing in future.  

 

Panasonic, the only Japanese company in the top 10 on the list, recorded 37.3GWh, a 30.8% 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. While the sale of Tesla Model 3 slowed down a bit as its facelift model is about to be in the market soon, Tesla Model Y with a YoY growth in sales has driven the growth of Panasonic.

CATL posted 51.1%(203.8GWh) YoY growth, taking up more than 35.0% of the global market share, which made it the only battery maker in the world who recorded such a high market share. Needless to say, CATL kept No. 1 position in the global ranking. Particularly, CATL, who has been expanding its presence from the domestic market to overseas ones, showed a growth almost doubled from the same period of last year in every continent except China. CATL’s battery is installed in major passenger EV models in the Chinese domestic market such as GAC Group’s Aion Y and Geely’s ZEEKR 001 as well as in vehicles made by global major OEMs such as Tesla Model 3/Y, BMW iX, and Mercedes EQS. As its battery is widely used in such a variety of vehicle models, CATL is expected to continuously see a high growth.

 

BYD also boasted a high growth of 66.5%(87.5GWh) YoY based on its high popularity earned in the China domestic market. BYD is known for its price competitiveness through vertical SCM integration such as in-house battery supply and vehicle manufacturing. Recently, it has been rapidly expanding its market share in other regions than China mainly with its Atto 3(Yuan plus) model and Dolphine.




(Source: 2023 Nov. Global Monthly EV and Battery Monthly Tracker, SNE Research)

 

As concerns about a slowdown in the global EV market have risen, uncertainties in the EV battery market increased subsequently. With the global EV penetration rate exceeding 15%, it can be concluded that early adapters already bought electric vehicles at the initial stage of EV development and the EV market entered the Chasm zone. Those postponed demands due to the shortage of supply during the pandemic or already-recovered demands after the normalization of supply is analyzed as one of the factors to cause the slowdown in the EV market.


[1] The xEV sales of 80 countries are aggregated.

[2] Based on battery installation for xEV registered during the relevant period. 

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