Energy Economy

02 Apr 2021

South Korean EV Battery Makers Losing Market Share to CATL and BYD

02 Apr 2021  by Jung Min-hee   

Market research firm SNE Research announced on March 31 that the ratio of electric vehicles equipped with LG Energy Solution batteries to electric vehicles sold for the first two months of this year is 19.2 percent, second only to the ratio of CATL battery-equipped electric vehicles. The market share of LG Energy Solution fell from 26.6 percent in one year, although the usage of its batteries increased from 3.3 GWh to 4.9 GWh.

LG Energy Solution's share of the global EV battery market fell from 26.6 percent to 19.2 percent in one year.

In the case of Samsung SDI, the market share fell from 8.6 percent to 5.3 percent and the company posted a usage of 1.3 GWh, 5.3 percent of the total. It fell from fourth to fifth in terms of usage. SK innovation came in sixth as it did a year ago. Its usage and share are 1.3 GWh and 5 percent, respectively.

The total usage of electric vehicle batteries supplied by the three South Korean companies more than doubled from 12.5 GWh to 25.2 GWh in 2020. However, their market shares fell without exception as Chinese suppliers boosted theirs.

The usage of CATL batteries for January and February is 8 GWh, up 272.1 percent from a year ago. Its market share soared from 17.3 percent to 31.7 percent in just one year. BYD boosted its figures by 401.8 percent to 1.8 GWh and from 2.8 percent to 7 percent.

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