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Sun, March 26, 2023 | 21:45
Companies
LG, SK, Samsung face fierce battle in EV battery market
Posted : 2020-05-15 16:46
Updated : 2020-05-15 17:17
Kim Hyun-bin
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LG Chem's EV battery plant in Nanjing, China. Courtesy of LG Chem
LG Chem's EV battery plant in Nanjing, China. Courtesy of LG Chem

By Kim Hyun-bin

LG, SK and Samsung are expected to engage in fierce competition in the electric vehicle (EV) battery market as demand is expected to surge in the coming years.

The market is considered by many as vital as European countries have been swiftly replacing gasoline vehicles with more eco-friendly ones. The pace of the move is expected to create a shortage of electric vehicles starting in 2023.

According to Market Tracker SNE Research, EV battery demand, which stands at 434 Gigawatt hours (GWh), is predicted to increase to 2,985 GWh by 2030 ― a 588 percent surge.

European countries have been strengthening environmental regulations and most are planning to expand the supply of EVs.

In 2023, demand for EV batteries is expected to be 406GWh while supply is predicted to be 335GWh, a shortfall of about 18 percent. The pattern is expected to worsen by 2025, with a supply shortage of around 40 percent.

Hyundai, SK to further cooperate in EV battery sector
Hyundai, SK to further cooperate in EV battery sector
2020-07-05 18:18  |  Companies

To better meet demand, LG Chem, Samsung SDI and SK Innovation have been working to increase their EV battery production capacity.

LG Chem is scheduled to increase its annual production by 100GWh by 2024 and rack up sales of 30 trillion won.

The company invested 3.8 trillion won last year in battery facilities and plans to inject an additional 3 trillion won this year. Recently, LG has been building a battery plant in Poland.

SK Innovation plans to increase its battery capacity by 71GWh by 2023 and has invested 3 trillion won to build a battery plant in the U.S. The two plants will be able to produce 21.5GWh annually, starting in 2023 in the U.S.

Samsung SDI also plans to increase its battery market share in partnership with Hyundai Motors.

Samsung Group Vice Chairman Lee Jae-yong discussed a possible partnership with Hyundai Motor Group Executive Vice Chairman Chung Euisun earlier this week, the first time the two have held a business meeting.

In March, Samsung Electronics announced it had developed more efficient solid-state battery technology, boasting greater energy density that allowed an EV to travel up to 800 kilometers on a single charge, and a life cycle lasting over 1,000 recharges.

Hyundai Motor Group is also pushing to mass produce electric vehicles, starting next year. The group signed a 10 trillion won deal with SK Innovation last year to purchase 500,000 EV batteries over the next five years.

According SNE Research, LG Chem was in top place in the global EV battery market in the first quarter with a 27.1 percent share, followed by Panasonic with 25.7 percent and CATL 17.4, percent. Samsung SDI was the world's No. 4 supplier with a 6 percent market share, while SK Innovation had 4.5 percent, ranking seventh.

"LG Chem, Panasonic and CATL's combined market share is 70 percent, but they are currently focused on the Chinese market. This is expected to expand to the U.S. and Europe," an SNE Research official said. "In the next decade, LG Chem and CATL will fight for first place in the global EV battery market."



Emailhyunbin@koreatimes.co.kr Article ListMore articles by this reporter
 
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