South Korean battery makers’ H1 market share plummets amid Chinese advance

SEOUL, Aug. 02 (Yonhap) — The global market share of major South Korean battery makers fell in the first half of this year from a year earlier amid strong growth from their Chinese rivals, revealed Tuesday. a report.

LG Energy Solution Ltd., SK On Co. and Samsung SDI Co. together accounted for a combined share of 25.8% for the January-June period, in terms of the total amount of battery energy saved, according to the report. SNE Research market monitoring tool. .

This marks a drop of 9.1 percentage points from 34.9% the previous year.

LG Energy Solution retained its second place, although its market share fell to 14.4% from 23.8% during the same period. Samsung SDI came in sixth with a 4.9% share.

SK On, which spun off from SK Innovation Co. last year, saw its share rise 1.2 percentage points to 6.5%, ranking fifth.

China’s CATL retained the top spot, its share jumping 6.2 percentage points to 34.8%. BYD, the third largest player, saw its share increase by 5 percentage points to 11.8%.

Chinese battery makers dominated the market thanks to strong domestic demand and political support from Beijing.

“Many Chinese companies led the battery market growth, led by CATL and BYD. All Chinese companies in the top 10 posted high triple-digit growth rates,” SNE Research said.

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