South Korean Trio Sweep 31% of Global EV Battery Market

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The global electric vehicle (EV) battery market has recorded a 2.5 times growth in Jan-Mar 2021 of which, 31 percent was captured by three South Korean EV battery producers, according to a release by SNE Research. This trio consists of LG Energy Solution which came in 2nd, while Samsung SDI and SK Innovation ranked 5th and 6th respectively in terms of growth.

According to the research, In Jan-Mar 2021, the trio together produced a total of 47.8 GWh of battery capacity globally into newly sold EVs, an increase of 127 percent year-over-year. The global EV battery market started to recover in the second half of 2020, and the recovery continues to gain traction in 2021.

LG Energy Solution maintained 2nd place in the same period last year, with a supply of 9.8 GWh, indicating a growth of 89.3 percent with 20.5 percent of market share. The growth providently has been accelerated by strong sales of Tesla Model Y (made in China), Volkswagen ID.3, and Ford Mustang Mach-E.

However, Samsung SDI descended one spot to 5th place, with a supply of 2.5 GWh, indicating a growth of 57.2 percent with 5.3 percent of market share. And as the research says, its growth was driven by the increased sales of Audi E-tron EV and Fiat 500.

While, SK Innovation continued in 6th place, indicating a growth of 108.6 percent with the least market share of 5.1 percent only. Although its growth was commendable and was heightened by favorable sales of Kia Niro EV and Hyundai Kona EV (Europe).

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However, the Chinese EV battery maker CATL still stands top in the market with BYD came in 4th and CALB captured the 7th spot. The Chinese companies are taking an increasing market share by expanding their business outside their home ground. Distinguished triple-digit growth is seen among the major Chinese EV battery makers.

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SNE research says that the attack of Covid-19 saw automakers suffer a difficult first half of 2020. Market demand, which had shrunk due to Covid-19, continued to recover for the ninth month in all regions, including China, the US, and Europe.

With EV battery technology experiencing speedy developments and a rising competition underway, the Korean battery makers seem to be backing out due to Chinese players. With CATL leading the entire EV battery market, Chinese battery makers are eating up the global market at an alarming rate and will likely trigger fiercer competition in the EV battery market shortly.