Korean 'Battery Makers’ Lost Market Share Slides by 9%p from 2021 | Busi Knews
Korean 'Battery Makers’ Lost Market Share 9% from 2021
Source - The Financial
Busi Knews - The global market share of the three largest Korean battery cell manufacturers has fallen precipitously.
The global market share of the three major Korean battery cell firms fell in 2022 compared to the previous year. According to analysts, they have been losing momentum to Chinese battery manufacturers, especially CATL, the world's largest battery manufacturer.
According to SNE Research, a market research firm, the combined market share of LG Energy Solution, SK On, and Samsung SDI was 25.6 percent in the January-May period of this year, down 9.1 percentage points from 34.7 percent in the same period of 2021.
SK On's market share increased by 1.6 percentage points from 5.2 percent to 6.8 percent, while LG Energy Solution's share decreased by 9.2 percentage points from 23.6 percent to 14.4 percent. In sixth place, Samsung SDI declined 1.5 percentage points, with its share falling to 4.4 percent from 5.9 percent.
In May, LG Energy Solution's battery use totaled 4.2 gigawatt-hours (GWh), a 24.8 percent decrease from the same month the previous year. Its market share declined from 26.4 percent to 12.5%. In May, SK On's battery utilization reached 2.2GWh, an increase of 100.1 percent over the previous month. In the same time frame, Samsung SDI increased by 48.0 percent to 1.7GWh.
The slow performance of Korean battery manufacturers is being blamed on the quick rise of their Chinese competitors. From January to May of this year, total battery utilization of electric vehicles registered worldwide reached 157.4GWh, an increase of 77.3 percent over the same period last year.
CATL increased its global market share from 28.3 percent to 33.9 percent. During the same period, China's BYD, the No. 3 competitor, increased its market share from 6.9 percent to 12.1 percent.
CATL intends to speed the development of next-generation batteries to close the gap with other battery manufacturers. It recently created the CTP3.0 Kirin Battery, a next-generation battery that can allow an electric car to go 1000 kilometers on a single charge, and announced that mass manufacturing of the battery type will begin in 2023. The battery is believed to hold 13% more electricity than Tesla's 4680 cylindrical battery and can be charged up to 80% in 10 minutes with a fast charge.
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