K-trio’s Market Shares from 34.9 to 25.8%p in Global[1] EV Battery Usage[2] From Jan to June in 2022
- Amidst continuous pressure from Chinese battery makers, LGES managed to hold the 2nd place
In the ranking of battery installation
for global electric vehicles (BEV, PHEV, HEV) sold from January to June in
2022, CATL and LG Energy Solution maintained the 1st and 2nd
places. Showing the highest growth among the three battery makers in Korea,
SK-On stayed in the 5th position.
From Jan to June in 2022, the amount of
energy held by batteries for electric vehicles registered worldwide was 203.4GWh,
marking a 76.8% year-on-year increase. This upward trend in the market has
continued since the 3rd quarter of 2020.
With CATL and BYD running at the
forefront, many Chinese battery makers have led the market growth. Especially,
the Chinese battery manufacturers in the global top 10, including CALB, have all
enjoyed a triple-digit growth during the period.
Meanwhile, the Japanese makers including
Panasonic are still in the downward trend, registering their growth rates
mostly below the market average.
(Source:
Global EVs and Battery Monthly Tracker – July 2022, SNE Research)
The market shares of the K-trio from January
to June 2022 have declined by 9.1%p from 34.9% to 25.8%, compared to the same
period of last year but still showing a steady growth rate from a broader
perspective. LG Energy Solution ranked 2nd with 29.2GWh, a 6.9%
increase compared to the same period of last year. SK-On posted 13.2GWh, 2.1
times greater than the previous, while Samsung SDI recorded 10.0GWh, a sweeping
50.6% increase.
The K-trio’s
growth has been mainly led by sales of electric vehicle models equipped with
batteries of each company. SK-On was propped up with the strong sales of
Hyundai Ionic 5 and KIA EV6, while Samsung SDI was largely influenced by the
sales increase of PIAT 500, Audi E-TRON, and BMW iX. LG Energy Solution has
seen the increase of its battery usage as the sales volume of Tesla Model 3 and
Y has drastically increased in Europe and China in June 2022.
(Source: Global EVs and Battery Monthly
Tracker – July 2022, SNE Research)
The
global EV battery usage in June 2022 was 45.2GWh, more than 1.7 times higher
compared to the same month last year. Amid the growth of major markets in China
and the US, the growth rate in the China region stands out on the global stage.
The EV battery market has been steadily growing for the past 24 months even
during the prolonged COVID-19 pandemic. In particular, the market shares of
Chinese makers have been growing bigger and bigger on a continuous basis.
While the Korean battery cell makers have
been continuously engaged in joint investment with companies in North America
and Europe, there are increasing threats against the electric vehicle industry
such as emerging skepticism about electric vehicles and limited subsidy
policies in some of the European countries. Furthermore, to respond to a
growing demand from the Chinese domestic market, it seems to be necessary for
the K-trio companies to add more flexibility when it comes to the establishment
of their market strategies.
[2] Based on battery installation for xEV registered during the relevant period