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Top battery makers' market share drops to lowest level in four years

Published: 06 Jan. 2025, 18:53

CHO YONG-JUN
[email protected]

Samsung SDI's battery pack model [YONHAP]

The dominance of Korea's top-three battery makers continued its prolonged decline in 2024, with their combined share of the global EV market having fallen below 20 percent in 2024, its lowest in four years.

The combined market share of LG Energy Solution, SK On and Samsung SDI declined 3.7 percent on year to 19.8 percent, a significant decrease from the 30-or-so percent recorded in 2020 and 2021.

The three companies combined had a total of 155.6 gigawatt-hours worth of batteries installed in EVs around the world in the January to November period, according to data market tracker SNE Research released Monday.

LG Energy Solution had a total of 91.9 gigawatt-hours worth of batteries installed in EVs around the world in the January to November period, a 6.9 increase on year, making the company the third-largest EV battery provider in the world and the No. 1 battery provider in Korea. SK On followed with 35.3 gigawatt-hours worth of batteries installed and Samsung SDI recorded 28.9 gigawatt-hours, experiencing 6.9 percent and 0.1 percent growth on year.

Much of this market share was lost to Chinese competitors, according to SNE Research.

“China, based on its stable local market, has been expanding its excessive supply to emerging companies,” the report said. “In the short term, the growth of [EVs] will decrease, with the exception of China.”

BY CHO YONG-JUN [[email protected]]