The global market share of South Korean power batteries dropped to 23.5% in the period from January to July
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According to a report by Yonhap News Agency, market research firm SNE Research released the latest data on September 5th, which shows that the global market share of South Korean power batteries declined by 1.7 percentage points year-on-year to 23.5% in the period from January to July 2023.
According to data from the mentioned institution, the global cumulative battery deployment in newly registered electric vehicles increased by 49.2% year-on-year to reach 362.9 gigawatt-hours (GWh) in the first seven months of this year. Despite a slight decline in the global market share of South Korean power batteries, the deployment volume continues to grow. Looking at individual brands, LG Energy Solution witnessed a 53.2% year-on-year increase in deployment volume, reaching 51.4 GWh, securing the third position in global market share. SK Innovation observed a 16.3% year-on-year increase, reaching 19 GWh, ranking fifth. Samsung SDI recorded a 32% year-on-year increase, reaching 15 GWh, ranking seventh.
According to information from Jiwei.com, Chinese manufacturer CATL continues to maintain its position as the global leader in the power battery field, with a market share of 36.3%. Its battery deployment volume increased by 54.3% year-on-year, reaching 132.9 gigawatt-hours (GWh).
In order to compete with Chinese manufacturers, South Korea is accelerating the development of lithium iron phosphate (LFP) batteries and researching positive electrode materials. Previously, Korean battery companies mainly produced ternary lithium batteries, which have advantages in energy density but higher costs compared to LFP batteries. They have faced tough competition in the market. LG Chem is currently developing lithium manganese iron phosphate (LMFP) cathode materials, which involve the addition of manganese to the iron phosphate cathode materials. Their goal is to start mass production by 2026.