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LG Energy Solution Remained Top in Non-Chinese Global[1] EV Battery Usage[2]

 

from Jan to July 2022

 

- The K-trio all put up a good fight with their market shares increased to 55.6% from 55.2% in the same period of last year.

 

 

 

In the ranking of battery installation for global electric vehicles (EV, PHEV, HEV) excluding the Chinese market sold from January to July in 2022, Korea’s LG Energy Solution remained top on the list, and SK-On and Samsung SDI solidified their high ranks in the top 5, taking the 4th and 5th positions respectively. The market shares of the K-trio companies in total reached 55.6% accordingly.

 

This tally excludes the usage of batteries installed in electric vehicles sold in China from that of the global market.

 

From January to July 2022, the amount of energy held by batteries for electric vehicles registered worldwide except in China was 105.5GWh, a 40.3% YoY increase, drawing an upward curve on a steady basis.

 

By company, LG Energy Solution maintained the No.1 position with an 18% increase to 31.1GWh. CATL, ranked 3rd on the list with a remarkable 119.2% growth even in the non-Chinese market.

 

 


 

 

(Source: Global EV and Battery Monthly Tracker – August 2022, SNE Research)

 

 

SK-On, registering a triple-digit growth rate, recorded 15.5GWh with its market share increased by 4.8%p.

 

Samsung SDI took the 5th position on the list with 12.0GWh, a 56.6% increase.

 

The combined market share of the three Korean battery companies was 55.6%, a 0.4%p increase compared to the same period of last year, managing to keep the same share to that of Q1 2022 (55.6%).

 

On the other hand, the Japanese battery makers such as Panasonic, PEVE, and LEJ had a relatively poor performance with a lower growth than the other global battery makers, losing their shares in the market.  

 

On the contrary to the Japanese companies, some of the Chinese battery makers have been boasting an explosive growth. CATL took the 3rd position on the list with almost 2.2 times growth as BEV sales including Tesla Model 3 (made in China and exported to Europe, North America, and Asia), Mercedes-Benz EQS, BMW iX3, and Cooper increased. Apparently, even in the market outside China, CATL has grown fast and high. Sunwoda, with the highest growth among the top 10 companies, captured the 8th position as the demand for Dacia Spring Electric by Renault in Europe sharply increased.

 

The steady growth trend of the K-trio companies was resulted from solid sales of electric vehicle models equipped with batteries of each company. LG Energy Solution’s growth was based on the increasing sales of Volkswagen ID.4, Tesla Model 3 and Y, and Ford Mustang Mach-E. SK-On kept a momentum for high growth driven by strong sales of Hyundai Ionic 5, and KIA Niro BEV and EV6. Samsung SDI was favorably affected by the sales increase of PIAT 500, Ford Kuga PHEV, and Jeep Wrangler PHEV.

 

 


 

 

(Source: Global EV and Battery Monthly Tracker – August 2022, SNE Research)

 

 

Meanwhile, battery installation in July 2022 was 14.9GWh, a 35.4% YoY increase.

 

By company, LG Energy Solution remained top on the list, and SK-On and Samsung SDI showed a double-digit growth. CATL from China saw another sharp growth more than 1.8 times than before, while BYD and Sunwoda ranked 7th and 9th with the highest growth rate among the other players.

 

LG Energy Solution managed to keep the No.1 position in the non-Chinese market from January to July 2022, but there are still obvious pressures on the K-trio as CATL and Sunwoda tried to catch up with their competitors at a fast pace. Amidst other threatening factors looming in North America and European region – two biggest markets for the Korean battery makers, more attentions should be given to how the Inflation Reduction Act in the US would influence future strategies established by the K-trio.

 

 

 



 

 

[1] The xEV sales of 79 countries are aggregated. (excl. the China market)

 

 

[2] Based on battery installation for xEV registered during the relevant period.