South Korea's Three Major Battery Manufacturers Together See a Falling Share in Global EV Battery Market

According to data released by the South Korean market research organisation SNE Research, the three South Korean electric vehicle battery manufacturers - LG New Energy, SK On and Samsung SDI - collectively accounted for 23.7% of the global EV battery market in 2022, down 6.5 percentage points from 2021.

In stark contrast, China took up more global market shares. In particular, the market share of CATL soared from 33% in 2021 to 37% last year. At the same time, CATL and other six Chinese companies that made it to the world's top ten, account for 60.4% of the global market share, up from 48.2% in 2021.