SNE Research has reported a notable shift in the electric vehicle (EV) battery market landscape for January and February, highlighting a 27.0 percent year-on-year increase in global battery usage for electric vehicles, reaching approximately 92.4 GWh. Despite this growth, the combined market share of South Korea's top three battery manufacturers has experienced a slight decline, falling by 1.2 percentage points to 23.8 percent.
LG Energy Solution, maintaining its position as the second-largest player, witnessed a 13.9 percent growth, achieving 12.7 GWh of battery usage. Samsung SDI outperformed its Korean counterparts with a remarkable 47.4 percent growth rate, totaling 5.2 GWh. However, SK on saw a decrease in its growth rate, reporting a -7.3 percent change with 4.2 GWh.
Amid these shifts, Panasonic, the sole Japanese company within the top 10, experienced an 11.8 percent year-over-year decline, with 6.2 GWh of battery usage, positioning it in fourth place.
CATL of China continued to dominate the global market, marking a 44.9 percent increase year on year with 35.5 GWh, thus retaining its leading position with a significant market share of more than 30 percent. This dominance is further bolstered by CATL's extensive collaborations with major global OEM companies and its strong foothold in China, the largest EV market globally.In contrast, China's BYD witnessed a 3.1 percent decline, falling to 12.1 GWh due to the impact of the Chinese New Year holidays on electric vehicle sales, placing it third globally.
For the initial two months of the year, CATL led the global EV battery market with a 38.4 percent share, an increase from the previous year's 33.6 percent. LG Energy Solution and BYD followed, with market shares of 13.7 percent and 13.1 percent, respectively. Japan's Panasonic, along with Samsung SDI and SK on, also featured among the top competitors, highlighting the intensely competitive nature of the global EV battery market.
