From Jan to June in 2023, Non-Chinese Global[1] EV Battery Usage[2]
Posted 143.1GWh, a 56.0% YoY Growth
- K-trio accounted for 48.5% of the market share, with LGES maintaining top position
Battery installation for global
electric vehicles (EV, PHEV, HEV) excluding the Chinese market sold from January
to June 2023 was approximately 143.1GWh, a 56.0% YoY growth.
(Source:
Global EV and Battery Monthly Tracker – July 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 55.1%(41.1GWh) YoY
growth, while SK-On ranked 4th with a 15.7%(15.8GWh) YoY growth and
Samsung SDI ranked 5th with a 28.8%(12.5GWh) YoY growth. CATL followed
close behind LGES, recording a triple-digit growth rate of 107.1%(38.9GWh).
(Source: Global EV and Battery Monthly Tracker – July 2023, SNE Research)
The
combined shares of K-trio recorded 48.5%, a 5.9%p
decline from the same period of last year, but their battery usage was in an
upward trend. 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
3/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
22.7GWh, a 40.1% YoY growth. As one of the major battery suppliers to Tesla, most
of Panasonic’s battery usage was those installed to Tesla in the North American
market. In particular, Tesla Model Y, which showed a sharp increase in YoY sales,
has been a drive behind the growth of Panasonic.
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 thanks to favorable sales of Tesla Model
3/Y(made in China and exported to Europe, North America, and Asia), Mercedes
EQS, Volvo XC40 Recharge, 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 – July 2023, SNE Research)
Driven by a strong will to enter overseas markets, the Chinese companies
have continuously posted a high growth in the non-China market. In particular,
CATL has seen a sharp increase in its market share, threatening LG Energy Solution
on the top position. As global OEMs such as Tesla and Volkswagen recently
announced to adopt LFP battery, the dynamics of market seemed to move to LFP
battery. To be specific, attentions should be paid to changes in the market
shares of Chinese cell makers and usage of LFP battery especially in Europe
where LFP battery usage is low.
[2] Based on battery installation for xEV registered during the relevant period.