LG Energy Solution recorded the largest market share in the global electric vehicle battery market in May.
SNE Research, a market research organization, announced on Monday that LG Energy Solution accounted for 28.7 percent of the EV battery market in May by producing 5.7 GWh out of a total of 19.7 GWh. This is the first time that the company recorded the biggest monthly market share this year. The South Korean company was ranked first in monthly market share four times last year against CATL in China and Panasonic in Japan.
Samsung SDI and SK Innovation were ranked No. 5 and 6 with a market share of 5.1 percent and 4.8 percent, respectively. The sum of the three major South Korean battery companies is 38.6 percent, which is slightly higher than 37.2 percent of the same period last year. It seems to be the result of increased sales of electric vehicle models equipped with the three companies’ batteries, such as Tesla Model Y, Fiat 500, and Kia Niro EV.
The global electric vehicle market is on the course of recovery. The total energy amount of electric vehicles in May was 19.7 GWh, which is 3.3 times higher than 5.9 GWh of the same period last year.