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LGES ranks No. 2 in global EV battery market excluding China

Collected: 2024.03.08

Distributed: 2024.03.09

Source: Go Direct

[Courtesy of LG Energy Solution Ltd.]

South Korea’s leading battery manufacturer LG Energy Solution Ltd. (LGES), continued to remain behind China’s Contemporary Amperex Technology Co. (CATL) in the global electric vehicle battery market excluding China in January.

According to market research firm SNE Research on Friday, global battery usage loaded in pure electric vehicles, plug-in hybrid vehicles and hybrid cars in countries except for China stood at 319.4 gigawatt per hour (GWh) in January, up 43.2 percent from the same period a year ago.

CATL accounted for 25.8 percent of the entire market with 5.7GWh, in January, up 28.5 percent from the same month a year ago.

CATL’s rapid ascend comes as it supplies batteries to global automakers including Tesla Inc., BMW AG, Mercedes-Benz Group, Hyundai Motor Co., and Kia Corp..

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[Source: SNE Research]

LGES came in second with 5.4GWh of usage, taking up a market share of 24.4 percent during the same period.

In January 2023, CATL also held the top spot with a 26.2 percent market share in markets excluding China, while LGES came in next with a market share of 24.7 percent.

Samsung SDI Co. secured No. 4 position in January with a market share of 11.1 percent while SK on Co. ranked No. 5 with a market share of 9.2 percent.

Although the market share of the country’s three major battery makers fell 0.1 percentage point year-on-year to 44.7 percent in January, the combined battery usage increased.

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