From Global Market Share of 23.4% in 2022
Global EV battery usage continued to enjoy double-digit growth this year despite concerns that the growth of the EV market will slow down.
The total usage of batteries in battery electric vehicles, plug-in hybrids, and hybrid vehicles registered in various countries from January to October this year reached 552.2 GWh, up 44.0 percent year on year, according to SNE Research, a market research firm, on Dec. 6.
Chinese battery makers, including No. 1 CATL and No. 2 BYD, posted growth that dwarfed the market average. CATL battery usage climbed by 51.1 percent year on year to 203.8 GWh as it targeted overseas markets in earnest. The company nearly doubled its year-on-year growth in all continents except China, driven by the increasing adoption of lithium-phosphate-iron (LFP) batteries global automakers including Tesla. CATL’s market share hit 36.9 percent, up 1.7 percentage points year on year.
BYD recorded 87.5 GWh, up 66.5 percent from the same period last year, driven by strong domestic sales based on price competitiveness and expanding sales in overseas markets.
The three major Korean battery makers -- LG Energy Solution, SK on, and Samsung SDI -- all enjoyed increases in their battery usage from a year ago, but their business performances were mixed when compared to the market average. LG Energy Solution recorded 47.2 percent year-on-year growth of its battery usage to 76.1 GWh. With its growth higher than the market average, LG Energy Solution ramped up its market share to 13.8 percent from 13.5 percent last year, maintaining its third place in the rankings.
SK on, on the other hand, recorded 27.9 GWh, up only 13.8 percent from last year. Its market share slid to 5.1 percent from 6.4 percent in 2022. Samsung SDI logged a 4.6 percent market share with 25.1 GWh of usage, up 42.1 percent from a year ago.
The three Korean companies’ combined market share reached 23.4 percent, down 1.1 percentage points from a year earlier.