From Jan to May in 2023, Non-Chinese Global[1] EV Battery Usage[2] Posted 111.6GWh, a 52.5% YoY Growth
- K-trio accounted for 47.3% of the entire market, with LGES keeping No. 1 position
Battery
installation for global electric vehicles (EV, PHEV, HEV) excluding the Chinese
market sold from January to May 2023 was approximately 111.6GWh, a 52.5% YoY
growth.
(Source:
Global EV and Battery Monthly Tracker – June 2023,
SNE Research)
In the ranking of battery
usage for electric vehicles, the K-trio battery makers all entered the top 5 in
the ranking. LG Energy Solution kept the top position with a 52.7%(30.5GWh) YoY growth, while SK-On ranked 4th
with an 8.5%(12.3GWh) YoY growth and Samsung SDI ranked 5th
with a 29.6%(9.8GWh) YoY growth.
CATL closely followed LGES, recording a triple-digit growth rate of 104.5%(30.5GWh).
(Source: Global EV and Battery Monthly Tracker – June 2023, SNE Research)
The combined
shares of K-trio recorded 47.3%, a 5.8%p decline from the same period of last
year. Their growth was mainly affected by strong
sales of electric vehicle models equipped with batteries of each company. LGES remained
in an upward trajectory based on the increasing sale of Tesla Model /Y, VW ID.
3/4, and Ford Mustang Mach-E. SK-On also saw a growth driven by the popularity
of Hyundai IONIQ 5/6 and KIA EV6 in the global market. Samsung SDI was also in
an upward trend thanks to the sale of Rivian’s pick-up truck R1T, BMW i4/X, and Fiat 500electric.
Panasonic
registered 18.9GWh of battery usage this year,
showing a 37.9% YoY
growth. As one of the major battery suppliers to Tesla, Panasonic saw such
double-digit growth thanks to the strong sale of Mazda CX-60 PHEV and Tesla
Model S/X/3/Y in the North American market.
Along
with CATL, some of the Chinese companies have boasted an explosive, triple-digit
growth even in the non-China market, gradually expanding their presence on the
global stage. CATL took the 2nd place in the non-China market due to
favorable sales of Tesla Model 3/Y
(made in China and exported to Europe, North America, and Asia), Volvo XC40 Recharge, Peugeot e-208,
KIA Niro, and MG-4. As it has been reported that CATL’s battery would be
installed to a new KONA model made by Hyundai, it is forecasted that CATL’s
share in the non-China market would further expand. BYD, showing the highest
growth among the top 10 companies, has drawn a great popularity in the Chinese
domestic market based on its
price competitiveness earned through vertical integration of SCM such as
in-house battery supply and vehicle manufacturing. Taking advantage of its
price competitiveness, targeting the Chinese domestic market, and product
quality, BYD is expected to see a rapid increase in its share in the markets of
Europe and Asia.
(Source: Global EV and Battery Monthly Tracker – June 2023, SNE Research)
Although LGES has kept the No.1 position in
the non-China market in 2022 and the following year as well, CATL driven by
continuous high growth has become a continuous threat to LGES. The Chinese
companies are expected to start to target overseas markets by reducing their
product prices and go beyond the Chinese domestic one where excessive supply
has been already witnessed. The low-price competition initiated from Tela has
led OEMs to launch so-called price differentiation strategies. Under the
circumstances, the Chinese makers seem to take LFP battery as their key strategic
tool to target the overseas market. Specifically in Europe where the usage of
LFP battery is low, there may be a change in the market shares of Chinese
makers.
[2] Based on battery installation for xEV registered during the relevant period.