Even as the global market for electric vehicle batteries is booming, South Korea’s top battery makers are losing their grip. New data shows that the combined market share of the country’s three biggest players—LG, SK On, and Samsung SDI—has fallen significantly over the last year.
According to the energy market tracker SNE Research, the combined market share of the Korean trio dropped by 5.4 percentage points in the first half of the year, down to just 16.4%. This comes at a time when overall global battery usage for electric vehicles surged by a massive 37.3%.
While LG Energy Solution held onto its spot as the world’s third-largest battery maker, and SK On also saw some growth, Samsung SDI had a particularly tough time. Its battery usage declined by 8%, a drop it blames on weak demand from Europe and North America.
Meanwhile, Chinese battery makers are continuing their rapid expansion, largely thanks to their strong price competitiveness. The Chinese giant CATL remains the undisputed global leader, now controlling a massive 37.9% of the market.
The report from SNE Research highlights a major shift in the global battery market. With the U.S. and Europe introducing new regulations and a focus on restructuring supply chains, the competition is getting fiercer. For the Korean battery giants, the message is clear: they need to step up their game with better technology and more flexible strategies if they want to keep up with their fast-growing Chinese rivals.
