LG Chem further expands its leading position in the global automotive battery market

31. December 2020

According to market observers from SNE Research, LG Chem was able to secure the top position in the global market for automotive batteries in the months January to September 2020 with a market share of 24.6 percent. The batteries delivered by LG Chem during this period had a total capacity of 19.9 gigawatt hours (GWh). Competitor Samsung SDI was able to gain a place in the global comparison and is now in fourth position with a market share of 6.2 percent or 5.0 GWh. SK Innovation rose by three places to sixth rank. The market share is 4.4 percent or 3.5 GWh. The combined market share of these three South Korean companies is 35.1 percent, more than double last year’s 16.2 percent.

 

 

While Korean battery manufacturers reported satisfactory business figures, companies from Japan and China reported a slowdown in sales. CATL from China was number one worldwide in 2019 with a market share of 26.5 percent, but lost its leading role and fell to 23.7 percent in 2020. Panasonic from Japan was second in 2019 with 25.0 percent market share, but fell to third place this year with 19.5 percent. The declines at Chinese and Japanese companies are due to weaker demand for electric vehicles in China and the U.S. during the first half of 2020. Overall, the battery capacity of all electric vehicles registered worldwide in the period January to September fell from 81.9 in 2019 to currently 80.8 GWh.

In the meantime, LG Chem announced at a shareholder meeting on October 30, 2020, that it will spin off its battery business into a new company LG Energy Solution. The shareholders have already approved the plan. The Group plans to increase LG Energy Solution’s revenues to USD 26.9 billion by 2024. Components of electric vehicles, which include batteries, must undergo certification in Korea. The KC mark or KC certificate is roughly equivalent to the European CE mark and applies to 730 different products, the scope of which changes frequently. We offer certification services for all product areas. We have developed particular expertise in the automotive, electrical, mechanical engineering, telecommunications and IT sectors.

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