Shulou(Shulou.com)11/24 Report--

CTOnews.com, February 8 (Xinhua) according to the latest data released by South Korean market research firm SNE Research, the global market share of the three South Korean electric vehicle (EV) battery manufacturers has declined in 2022 compared with the previous year due to the strong growth of Chinese competitors.

Last year, the total number of batteries installed in various types of electric vehicles worldwide was 517.9 GWh, up 71.8 per cent from a year earlier, according to Tu Yuan Pixabay. Although South Korea's three major manufacturers, LG New Energy, SK Innovation and Samsung SDI, continue to maintain their growth momentum, the global market share fell 6.5 percent from 30.2 percent in 2021 to 23.7 percent in 2022.

During this period, LG New Energy's market share fell from 19.7% to 13.6%, keeping its second place, with customers including Tesla, Volkswagen and Audi. The market share of SK On, SK Innovation's battery manufacturing subsidiary, fell 0.3 percent to 5.4 percent, ranking fifth in the world. Samsung SDI, which supplies batteries for the BMW iX and Fiat 500s, ranked sixth, falling to 4.7 per cent from 4.8 per cent.

CTOnews.com notes that the decline in market share of South Korean companies contrasts sharply with the rise of Chinese companies, including the No. 1 Ningde era, which soared from 33 per cent to 37 per cent during the period. Ningde era and six other Chinese companies are among the top 10 in the world, accounting for 60.4% of the global market share, up from 48.2% a year ago.

SNE Research Company predicts that Chinese electric car battery companies have moved from the domestic market to the global market and will compete more fiercely with their South Korean competitors in order to get a bigger share of the global market in the future.

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