K-trio’s
Market Shares Recording 25.2% in
Global[1] EV Battery Usage[2]
From
Jan to September in 2022
- LG Energy Solution maintained the 2nd place in
a high-growth market
mainly led by the Chinese battery makers
In the ranking of battery
installation for global electric vehicles (BEV, PHEV, HEV) sold from January to
September in 2022, CATL and LG Energy Solution maintained the 1st
and 2nd positions, while SK-On kept the 5th place with the
highest growth among the K-trio.
From January to September in
2022, the amount of energy held by batteries for electric vehicles registered
worldwide was 341.3GWh, a 75.2% YoY increase. Since the 3rd quarter
of 2020, the electric vehicle market has been in an upward trend.
Several Chinese battery
manufacturers, with CATL and BYD at the forefront, led the market growth, and
those Chinese makers in the global top 10 including CALB have all boasted a triple-digit,
high growth.
On the other hand, the Japanese makers including Panasonic remained
in the downward trend, with most of them showing below-average growth rates.
(Source: Global EVs and Battery Monthly Tracker – October 2022, SNE Research)
The
market shares of three K-battery makers have declined by 7.3%p from 32.5% to
25.2% compared to the same period of last year, but they are still in the trend
of steady growth. LG Energy Solution remained 2nd on the rank with 48.1GWh,
a 14.1% increase from the same period of last year. SK-On recorded 21.2GWh, a 92.0%
increase, and Samsung SDI exhibited 16.6GWh, a 65.1% increase.
The major driver behind the K-trio’s
growth was sales of electric vehicle models equipped with batteries of each
company. With continued sales of Hyundai Ionic 5 and KIA EV6 as well as the
launch of Ionic 6, SK-On has further expanded its growth in the market. Samsung
SDI has witnessed its growth driven by steady sales of Audi E-Tron, BMW iX, BMW
i4, and FIAT 500. LG Energy Solution continued to keep a double-digit growth
thanks to the high popularity of Model 3 and Model Y by Tesla as well as strong
sales of Volkswagen ID.4 and Ford Mustang Mach-E.
(Source: Global EVs and Battery Monthly Tracker – October 2022, SNE Research)
The global EV battery usage in
September 2022 was 54.7GWh, more than 1.6 times greater than the same month of
previous year. Amidst the upward trend in major markets such as China and the
US, the growth in the Chinese region is particularly outstanding with a considerable
number of Chinese makers taking the lead in the market expansion. The EV
battery market has maintained the bullish trend for the past 27 months despite weakened
consumer confidence during the COVID-19 pandemic and difficulties in raw
material supply and demand. The market shares of Chinese battery makers have continuously
been rising.
It has
been reported that, in response to Inflation Reduction Act (IRA) enacted by the
US government in an effort to protect their domestic industry, battery cell
makers in Korea have decided to make intensive investments in the North America
and Europe to diversify their supply and demand. Once the details of Act are determined,
it seems more attentions would be paid to changes in the battery supply and
demand forecast and related strategies made by cell makers in Korea and around
the world.