The Growing Battery Market: BYD Surpasses LG

Despite their consistent expansion, the Korean market trio’s share fell by 7.4%, from 30.5% to 23.1%. LG Energy Solution came in third place with 54.8 GWh, a 9.7% rise year on year. Samsung SDI achieved 22.1 GWh, an increase of 74.9%, while SK-On produced 26.1 GWh, an increase of 72.0%.

The sales of electric car models with batteries from each manufacturer were a major driver of the K-market trio’s expansion. The successful introduction of the KIA EV6 and the Hyundai Ionic 5 and 6 aided SK-ON’s expansion. Rising sales of the FIAT 500, BMW i4, and Audi E-Tron supported the rise of Samsung SDI. The sales of the Ford Mustang Mach-E and Volkswagen ID.4 aided the rise of LG Energy Solution.

Tesla’s Model 3 and Y, which employ the most batteries made by CATL, LGES, and Panasonic, have led the three manufacturers’ increase, with strong sales in November. BYD’s expanding market share in China’s fast-developing market supported the company’s growth. LG Energy Solution, on the other hand, recently lost a portion of its European market battery installation contract for various Volkswagen and Volvo vehicles. Furthermore, the amount of LGES batteries installed in Tesla vehicles delivered in China has decreased.

In November 2022, global EV battery utilisation was 57.2 GWh, or nearly 1.7 times what it was the previous year. All key markets in China, the United States, and Europe are expanding, with the Chinese market expanding by more than 1.9 times. China, whose total number of electric vehicles on the road already exceeds 60% of all EVs globally (BEV+PHEV), has stopped its EV subsidy programme as of this year. This may provide OEMs with a favourable opportunity to compete in the market based on vehicle performance.

To remain competitive, cell manufacturers must obtain cutting-edge technologies and strengthen their relationships with OEMs.

Source: SNE Research

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