[News Space=Reporter seungwon lee] In the global electric vehicle battery market in the third quarter of 2024, the market share of the three Korean battery companies (LG Energy Solution, Samsung SDI, and SK On) decreased compared to the previous quarter. In particular, China's CATL and BYD remain strong, and fierce competition continues.

According to market research firm SNE Research on December 2, LG Energy Solution ranked second with 14.1% of the global battery sales market share (M/S) in the third quarter of this year, Samsung SDI ranked fourth with 5.7%, and SK On ranked fifth with 3.6%. The combined market share of the three companies fell 2.7 percentage points from 26.1% in the second quarter to 23.4% in the third quarter.

CATL maintained its unrivaled first place with 28.5%, and BYD ranked third with 12.3%. The overall market size of the electric vehicle battery industry in the third quarter was tallied at a total of 28.74 billion dollars in sales and a total shipment of 258.5 GWh (gigawatt hours).

In terms of sales, LG Energy Solution maintained its second place with a 14.1% market share, down from 14.7% in the previous quarter. The combined market share of the three companies fell 2.7 percentage points from 26.1% in the second quarter to 23.4% in the third quarter.

During the same period, China's CATL maintained its first place despite a slight drop in market share from 31.6% to 28.5%, while BYD maintained its third place by increasing its market share from 11.9% to 12.3%.

In terms of shipment volume, CATL (35.2%) and BYD (17.0%) took first and second place, clearly showing the dominance of Chinese companies. The combined market share of the two companies was 52.2%, exceeding half.

Among the top three Korean companies in terms of shipment volume, LG Energy Solution ranked third with 11.2%, Samsung SDI ranked seventh with 3.1%, and SK On ranked eighth with 2.9%, securing a total market share of 17.2%. This is a slight decrease from 19.9% ​​in the second quarter.

The three Korean battery companies were ranked in the top five in terms of sales in the global market, but they lost the first and third places to Chinese companies CATL and BYD.

China CALB has shown growth by supplying full-scale volumes to OEMs such as Geely, Xiaopeng, and Nio, recording 6th place with a 3.4% market share based on sales, and 4th place with a 5.0% market share based on shipments. CALB's market share in the first half of last year was 2.4% based on sales, and 3.7% based on shipments.

Japan's Panasonic ranked 7th in sales and 5th in shipments, centered on cylindrical battery cells that go into Tesla.

SNE Research explained, "As Europe has recently strengthened carbon regulations, sales in Europe are likely to increase, but since the Advanced Manufacturing Tax Credit (AMPC) cannot be received in Europe, there is great uncertainty about the profit structure in the short term." It added, "It is a time when it is more important for the three companies to strengthen their strategic partnerships with OEMs (Original Equipment Manufacturers) in the U.S., Europe, and emerging countries and to secure new customers."

He added, "As Chinese companies expand their market share in the domestic market and emerging countries, the three K-battery companies are employing various strategies to strengthen their mid- to long-term competitiveness," and "They are expected to strengthen their global competitiveness by preparing for a transition from the existing NCM-centered market to LFP and next-generation battery technologies."