China’s battery boom… Korea is catching up in the global market

China’s battery boom…  Korea is catching up in the global market

Rapid expansion of market share in domestic and overseas markets
CATL is 0.3%p behind LG Ensol in first place
BYD and Parasys grow at a rapid rate of hundreds of percent
Life or death in developing technology and securing key minerals

It was found that Chinese battery companies are growing rapidly and are catching up with ‘K Battery’ companies in the global market excluding China.

According to SNE Research on the 13th, the total battery usage in global electric vehicles (including hybrids and plug-in hybrids) excluding China sold from January to December last year was about 319.4GWh, a 43.2% increase compared to the same period last year.

Looking at the ranking of battery usage for electric vehicles by company, Korea’s LG Energy Solution maintained first place, growing 32.9% (88.6GWh) compared to the previous year. The market share decreased by 2.1 percentage points from 29.9% in 2022 to 27.8% last year.

Second place was China’s CATL, which grew by 72.5% (87.8GWh) compared to the previous year. The market share increased by 4.7 percentage points from 22.8% to 27.5%. As a result, CATL narrowed the gap with LG Energy Solutions to 0.3 percentage points. CATL is already firmly in first place in the global electric vehicle battery market, including China, but is threatening to take first place in non-Chinese markets as well.

Photo = DPA Yonhap News

Japan’s Panasonic maintained third place, growing 26.8% compared to the previous year. Next, SK On and Samsung SDI ranked 4th and 5th, with growth rates of 14.4% (34.1GWh) and 37.2% (32.4GWh), respectively. In addition, China’s BYD and Parasys ranked 6th and 7th, showing growth rates of 394.8% and 163.3%, respectively.

Chinese battery companies are rapidly expanding their global market share. In particular, non-Chinese markets are showing higher growth rates than the Chinese domestic market. CATL’s batteries are installed in major original equipment manufacturing (OEM) vehicles, including the Tesla Model 3 and the Chinese-made Model Y. Recently, Hyundai Motor Company’s new Kona and Kia Ray electric vehicle models are also equipped with CATL’s batteries, and its influence in the domestic market is expanding.

This year’s electric vehicle market is expected to see a slowdown in growth following last year, and the U.S. Inflation Reduction Act (IRA) subsidy regulation and the U.S. presidential election are expected to act as variables.

SNE Research said, “Competition among automakers to cut prices to survive in the electric vehicle market, which has shifted to price-centered this year, will intensify,” adding, “Domestic companies’ development of competitive battery technology and strategies for securing a stable supply chain of key minerals are attracting attention.” He said.

Reporter Baek So-yong [email protected]

[ⓒ 세계일보 &, 무단전재 및 재배포 금지]


This news article has been translated from the original language to English by

You can visit the original source at the link below.

Original Source Link