Korean Battery Makers’ Market Share Slides by 9%p from 2021 | Same Business

Korean Battery Makers’ Market Share Slides by 9%p from 2021

According to BusinessKorea, the three largest Korean battery cell manufacturers' share of the global market fell in 2022 compared to the previous year. According to analysts, Chinese battery manufacturers, such as CATL, the top battery manufacturer in the world, have been gaining ground on them.

SNE Research, a market research firm, reported on July 4 that the combined market share of LG Energy Solution, SK On, and Samsung SDI reached 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.

Source

The market share of fifth-placed SK On increased by 1.6 percentage points, from 5.2 to 6.8 percent, while the market share of second-placed LG Energy Solution decreased by 9.2 percentage points, from 23.6 to 14.4 percent. In sixth place, Samsung SDI, its share decreased by 1.5 percentage points, from 5.9 percent to 4.4 percent.

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In May, LG Energy Solution's batteries were used for a total of 4.2 gigawatt hours (GWh), which is a decrease of 24.8 percent from the same month last year. Its market share decreased as well, from 26.4 to 12.5%. May saw 2.2GWh of battery utilisation, an increase of 100.1 percent from the previous month. In the same time frame, Samsung SDI saw growth of 48.0 percent, reaching 1.7GWh.

The quick expansion of their Chinese counterparts is held responsible for the slow success of the Korean battery manufacturers. The total amount of battery power used by electric vehicles worldwide from January to May this year was 157.4 GWh, up 77.3 percent from the same time last year. The market share of CATL increased globally from 28.3 to 33.9 percent, an increase of 5.6 percentage points. The market share of China's BYD, the No. 3 competitor, also increased over that time, rising from 6.9 percent to 12.1 percent.

In order to close the gap with competing battery manufacturers, CATL intends to quicken the development of next-generation batteries. The CTP3.0 Kirin Battery, a next generation battery that enables an electric car to go 1000 km on a single charge, was recently developed by the company, and it was recently revealed that mass manufacturing of the battery would start in 2023. According to reports, the battery can store 13% more electricity than Tesla's 4680 cylindrical battery and can be charged up to 80% in just 10 minutes using a fast charge.

Content Source :

https://finchannel.com/korean-battery-makers-market-share-slides-by-9p-from-2021/

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