Battery Production Projected to Increase 32%
The Korea Battery Industry Association said on Jan. 18 that South Korea’s rechargeable battery production and exports for this year are expected to increase 32 percent and 5.7 percent to 31 trillion won and US$7 billion, respectively. It estimated the size of the domestic market at 6.3 trillion won, up 19.8 percent from a year ago.
Last year, South Korea’s rechargeable battery production increased 20 percent to 23.3 trillion won and its rechargeable battery exports rose 2.9 percent to 7.2 trillion won. The domestic market grew 11.6 percent to 5.3 trillion won. The exports increased for five years in a row.
The performance was led by automotive lithium-ion batteries. Specifically, this type of batteries totaled 20.6 trillion won in production and the exports increased 10.6 percent from 1.1 trillion won to 1.3 trillion won last year. The market segment grew with the domestic electric vehicle production volume showing a year-on-year increase of 33.8 percent.
South Korean rechargeable battery manufacturers’ global market share rose in 2020, too. Specifically, the combined market share of LG Energy Solution, Samsung SDI and SK Innovation rose from 16 percent to 34 percent from January to November last year.