SEOUL, South Korea – South Korean battery manufacturers have experienced a slight decline in their market share in the global non-Chinese market during the first seven months of the year, according to data released by market research firm SNE Research.
The data shows that the combined market share of South Korea’s three major battery manufacturers – LG Energy Solution, SK On, and Samsung SDI – in the global non-Chinese market decreased by 2.2 percentage points to 46.5% year-on-year.
During the period from January to July, the total installed capacity of various electric vehicle batteries in the global non-Chinese market increased by 12.6% to 192.8 gigawatt-hours (GWh).
LG Energy Solution maintained its second position in the global non-Chinese market with a 6.9% increase in installed capacity to 50.4 GWh. SK On ranked third with a 5.3% increase in installed capacity to 20.5 GWh, while Samsung SDI ranked fourth with a 13.6% increase in installed capacity to 18.8 GWh.
In contrast, China’s CATL continued to lead the market with a 11% increase in installed capacity to 51.9 GWh. BYD, ranked sixth, experienced a significant increase of 156.7% in installed capacity to 7.5 GWh. Zhong Innovations, ranked eighth, saw its installed capacity surge by 492.2% to 4.1 GWh.
The decline in South Korea’s market share can be attributed to the increasing competition from Chinese battery manufacturers, who have been rapidly expanding their global presence in recent years.
Chinese manufacturers have been investing heavily in research and development to improve battery technology, resulting in lower costs and higher energy densities. This has enabled them to capture a significant share of the global electric vehicle battery market.
Moreover, Chinese battery manufacturers have been actively seeking partnerships with major automakers worldwide, further solidifying their position in the global market.
In response to the challenge, South Korean battery manufacturers have been focusing on diversifying their customer base and expanding their presence in the European and North American markets.
LG Energy Solution has been actively seeking partnerships with major automakers such as Volkswagen, Ford, and General Motors, while Samsung SDI has been working on securing deals with Tesla and other electric vehicle manufacturers.
SK On has also been actively expanding its global presence, recently signing a deal with the Indian government to supply batteries for the country’s electric vehicle market.
Despite the slight decline in market share, South Korean battery manufacturers remain a significant player in the global electric vehicle battery market. With continued focus on innovation and expansion, they are well-positioned to maintain their competitive edge in the years to come.
The global electric vehicle market is expected to grow at a rapid pace in the coming years, driven by increasing environmental concerns and the growing demand for sustainable transportation solutions. As a result, the competition among battery manufacturers is likely to intensify further.
South Korean battery manufacturers will need to continue investing in research and development to stay ahead of their Chinese counterparts. They will also need to focus on building strong partnerships with automakers to ensure a steady stream of orders.
In conclusion, while South Korean battery manufacturers have experienced a slight decline in their market share in the global non-Chinese market, they remain a significant player in the industry. With continued focus on innovation, expansion, and partnerships, they are well-positioned to maintain their competitive edge in the rapidly growing electric vehicle battery market.
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