China’s CATL surpassed LG Energy Solutions to retake the world’s No. 1 battery

Input 2021.01.04 12:50

As the Chinese electric vehicle market recovers from the corona shock, Chinese battery manufacturer CATL has surpassed LG Energy Solutions to become the world’s number one battery market. Three domestic battery companies, including LG Energy Solution, Samsung SDI, and SK Innovation, ranked in the top 5 global battery market share.

According to market research firm SNE Research on the 4th, CATL ranked first with a 24.2% market share in the ranking of battery usage for electric vehicles (EV, PHEV, HEV) sold worldwide from January to November last year. CATL gave a leading position in LG Energy Solutions from January to October last year, but regained the top spot as the Chinese electric vehicle market recently recovered.

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LG Energy Solutions took second place with a 22.6% market share. The cumulative battery usage recorded 26.4 GWh (gigawatt hours), more than 2.4 times higher than the same period last year. Samsung SDI’s battery usage increased by 72.4% year-on-year to 6.8GWh, and the ranking rose to fourth place. SK Innovation also saw a battery usage of 6.5 GWh, which increased 3.4 times over the same period. The ranking jumped from 9th to 5th.

SNE Research analyzed that the growth of the three domestic battery companies was due to the increase in sales of vehicles equipped with each company’s battery. LG Energy Solutions showed steady growth mainly due to strong sales of Tesla Model 3 (made in China), Renault Joe, and Volkswagen ID.3. Samsung SDI (006400)The sales growth of Audi E-tron EV, Ford Kuga PHEV, and Volkswagen Passat GTE led to growth. SK innovation (096770)The usage of silver rose sharply thanks to the surge in sales of Hyundai Kona EV (European supply) and Kia Niro EV.

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Meanwhile, from January to November last year, the total amount of battery energy for electric vehicles registered in countries around the world was 116.5GWh, up 15.3% from the same period last year. Electric vehicle demand declined in the aftermath of the novel corona in the first and second quarters of last year, then rebounded from the third quarter and turned to a cumulative increase. By region, China, the US, and Europe all increased, and a number of major companies, led by three domestic companies, showed triple-digit growth, leading the market rebound.

SNE Research said, “From the current trend, CATL, LG Energy Solution, and Panasonic are expected to take the 1st to 3rd place in the annual electric vehicle battery usage ranking in 2020.” “Innovation and BYD are expected to compete. In December, BYD’s Chinese market volume and SK Innovation’s European volume are expected to be the main factors in determining the fifth place.”

He added, “It is a pattern that the three domestic companies continue to do well even in the coronavirus outbreak.”

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