South Korean battery makers see share double

South Korean battery makers LG Chem, SK Innovation and Samsung SDI saw their market share from January to July double from last year, according to market research firm SNE Research.

The three combined had a share of 35.6%, over double that of their share of 15.9% in 2019.

Chinese companies combined, however, had a market share of 36.9%. 

Panasonic was the only Japanese company to be included in the top ten with 18.9% market share.

LG Chem was the leader in market share with 25.1%, a rise of 82.8% from the same time period from a year ago. This was followed by CATL and Panasonic.

Samsung SDI saw its share rise 34.9% and SK Innovation saw a rise of 66%. They were fourth place and sixth place, respectively.

However, Chinese battery makers are showing signs of recovering from the COVID-19 pandemic. The Chinese companies have extended subsidies by two years as well. 

CATL was the leader in terms of the share for the month of June. Volkswagen and Daimler are investing in Chinese battery makers and the market there will likely grow going forward.

SNE Research said the three South Korean companies must watch the market closely and build up their fundamental competences and reorganize their growth engine to secure global leadership.

Meanwhile, a total of 53.3GWh of batteries were used from January to July, a decline of 16.8%, due to the impact of the virus outbreak. However, for the month of July, 10GWh of batteries were used, a rise of 20.9% from a year ago.