Local EV battery firms rank in global top 10

Home > Business > Industry

print dictionary print

Local EV battery firms rank in global top 10

Korea’s three electric vehicle (EV) battery makers all made it into the top 10 list of global manufacturers for 2019, according to SNE Research.

Based on the global usage of their EV batteries, the combined market share of three domestic companies - LG Chem, Samsung SDI and SK Innovation - stood at 15.8 percent in 2019. This marks an 11.8 percent increase on year.

LG Chem became the No. 3 in the world with a 10.5 percent market share, having supplied 12.3 gigawatt-hours worth of EV batteries to global carmakers in 2019, up 64.8 percent from a year earlier. On last year’s rank, the company stood at global No. 4

Samsung SDI also saw its annual rank climb up three steps: It placed fifth on the 2019 list with a 3.6 percent market share. The global usage of its EV batteries surged 20.9 percent on-year to 4.2 gigawatt-hours.

A relative newcomer compared to the previous two, SK Innovation joined the top 10 list for the first time. The company ranked 10th, with a 1.7 percent market share with 1.9 gigawatt-hours, the data showed.

The expanded market share of Korean companies was led by stronger sales of EVs that used their batteries. LG Chem supplied for Audi’s E-Tron EV, Hyundai Motor’s Kona EV and Jaguar I-Pace. Samsung SDI’s batteries were adopted on the Volkswagen e-Golf and the BMW i3. SK Innovation’s sales increase was led by Kia Motors’ Niro EV and Soul Booster EV.

SNE Research said China’s CATL was the No. 1 player in 2019, with a 27.9 percent market share, and usage of its EV batteries rose 39 percent on year to 32.5 gigawatt-hours. Other Chinese companies apart from it all saw market shares fall on year.

“2019 was a big year for Korean EV battery companies. We expect LG, Samsung and SK to expand foothold further, but CATL and Panasonic still have more than half of the global EV battery market,” the report said.

BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]

More in Industry

SKT targets corporate clients with expanded 5G network

Eastar Jet's pilot union pushes for receivership of airline

ITC agrees to review its decision in Botox dispute

Hyundai Motor and union come to a wage freeze deal

Samsung Biologics signs supply deal with AstraZeneca

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now