SEOUL, November 6 (AJP) - Despite slowing electric vehicle demand, global battery usage for EVs continued its upward trajectory this year, data showed Wednesday.
The latest statistics from SNE Research, a Korean energy market research firm, also showed that South Korean manufacturers slightly lost ground to their Chinese rivals in the market.
Total battery usage for all-electric, plug-in hybrid and hybrid vehicles reached 599 gigawatt-hours (GWh) in the first nine months of 2024, marking a 23.4 percent increase from the same period last year.
Korea's "Big Three" battery makers — LG Energy Solution, SK On, and Samsung SDI — all posted growth but saw their combined market share slip 3.4 percentage points to 20.8 percent.
"While Korea's three battery manufacturers reported relatively weak sales and profit margins in the third quarter, they are diversifying their strategies to address medium- and long-term market challenges," SNE Research said.
"It has become increasingly crucial to strengthen strategic partnerships with original equipment manufacturers in the United States and Europe and secure new customers."
LG maintained its third-place position with 72.4 GWh, up 4.3 percent year-on-year, capturing 12.1 percent of the market.
SK recorded 28.5 GWh, a 12.4 percent increase from the previous year, but slipped one spot to fifth place with a 4.8 percent market share.
Samsung SDI ranked seventh, delivering 23.9 GWh, up 5.4 percent year-over-year, with a 4 percent market share.
Chinese manufacturer CATL retained its global leadership, growing 26.5 percent to reach 219.6 GWh and commanding a 36.7 percent market share.
China's BYD secured second place with 98.5 GWh, growing 28 percent to capture 16.1 percent of the market.
