K-trio’s Market Shares Marking 25.9% in Global[1] EV Battery Usage[2]
From Jan to
July in 2022
- LGES stayed
in the 2nd place despite Chinese battery makers
running far ahead with high
growth
In
the ranking of battery installation for global electric vehicles (BEV, PHEV,
HEV) sold from January to July in 2022, CATL and LG Energy Solution ranked 1st
and 2nd, and SK On managed to keep the 5th position with
the highest growth among the K-trio companies in Korea.
From Jan to July in 2022, the amount of
energy held by batteries for electric vehicles registered worldwide was 240.8GWh,
a 76.0% YoY increase. The market has seen this upward trend since the 3rd
quarter of 2020.
With CATL and BYD at the center, many
Chinese battery makers have led the market growth. The Chinese battery
manufacturers in the global top 10, including CALB, have all registered a
triple-digit growth.
Meanwhile, the Japanese
makers including Panasonic still stayed in the downward trend, with most of
them showing the growth rates below the market average.
(Source: Global EVs and Battery Monthly
Tracker – August 2022, SNE Research)
The market shares of the K-trio from January
to July 2022 have declined by 8.3%p from 34.2% to 25.9% in comparison with the
same period of last year, but still maintaining a steady growth. LG Energy
Solution kept the 2nd position with 34.3GWh, a 9.0% increase from
the same period of last year. SK-On registered 15.8GWh, around 2.1 times
greater than the previous, and Samsung SDI recorded 12.2GWh, a 56.3% increase.
The K-trio’s growth was mainly driven by
sales of electric vehicle models equipped with batteries of each company. SK-On
was positively affected by a steady sale of Hyundai Ionic 5 and KIA EV6.
Samsung SDI was largely influenced by the sales increase of PIAT 500, Audi
E-Tron, and BMW iX and i4. LG Energy Solution maintained its upward growth
trend thanks to the sales increase of Ford Mustang Mach-E model despite a huge
drop in sales of Model 3 and Y by Tesla which recently expanded its electric
vehicle production facilities.
(Source: Global EVs and Battery Monthly
Tracker – August 2022, SNE Research)
The
global EV battery usage in July 2022 was 39.7GWh, more than 1.8 times higher
compared to the same month last year. Amidst the growth of major markets such
as China and the US, the growth rate in the China region, stands out, which obviously
was driven by those bullish Chinese manufacturers. The EV battery market has
kept growing for the past 25 months despite low consumer confidence during the prolonged
COVID-19 pandemic. The market shares of Chinese makers have been noticeably
increasing on a continuous basis.
While the Korean battery cell makers have continued
their joint investment with companies in North America and Europe, threatening
factors have also increased around the world, including skepticism about
electric vehicles in Europe and limited subsidy policies in some countries. Furthermore,
to respond to the Inflation Reduction Act in the US and a growing demand from
the Chinese domestic market, it seems necessary for the K-trio companies to
come up with a more strategic approach towards the global market.
[2] Based on battery installation for xEV registered during the relevant period