LG Chem ranked second in the global market in terms of global usage of electric vehicle (EV) battery last month, overtaking CATL, the biggest EV battery manufacturer in China. South Korean EV battery makers, which have been struggling amid China’s biased subsidy policies, have finally found a way out by venturing into new markets, such as Europe.
According to SNE Research on Monday, LG Chem had the second biggest global market share (22.9%) following Panasonic (27.6%). Samsung SDI (5.1%) and SK Innovation (2.8%) came in fourth and seventh, respectively. The combined market share of the three South Korean EV battery makers stood at 30.7%, higher than twice the number of last year’s 14.2%. This is the first time that the combined market share of South Korean companies exceeded the 30% mark.
CATL had claimed the top spot between 2017 and 2019 thanks to the government’s subsidies to consumers, who purchase eco-friendly cars equipped with Chinese batteries. Things have begun to change, however, since last year, when the Chinese government reduced the amount of subsidies granted to the nation’s battery makers.
On the other hand, the South Korean battery makers have made a breakthrough in the global market after much struggle in the Chinese market. They upgraded their technological competitiveness to aim for the U.S. and European EV market. The industry viewed that the introduction of EV in the European market has led the explosive growth of the South Korean EV makers.
Hyun-Seok Lim email@example.com