South Korea’s top three battery makers are highly likely to see a surge both in sales and operating profits despite their reduced market share in the global electric vehicle battery market, which is dominated by Chinese rivals, according to market tracker SNE Research on Thursday.
(Reuters-Yonhap) Three major South Korean battery cell makers -- LG Energy Solution, SK On and Samsung SDI -- are projected to see steady growth in revenue and profitability in the next few years as they race to meet the growing demand for secondary batteries to power electric vehicles in the United States, data showed Tuesday.
He also said that the Korean battery makers’ widening gap with the world’s No. 1 battery maker, CATL of China, is also likely to be reduced in the near future. By 2025, CATL’s revenue is expected to stand at about $25 billion won, which is equivalent to those of the three Korean rivals combined.
“Korea’s battery sector, in particular, has had a tough time competing with China’s low-priced lithium iron phosphate batteries, but they’ve found a way to produce high-quality yet price-competitive NCM batteries through joint ventures and localized production,” said Rho Woo-ho, a battery sector analyst from Meritz Securities.
The rosy outlook for Korean battery makers stem from the fact that they have the upper hand over Chinese rivals, including the world's largest battery maker CATL, given their ability to penetrate the EV markets in the US and Europe.
The US and European market, where Korean battery cell makers have sought to join forces with local carmakers due to roadblocks and competitions in China, will have a combined 55 percent market share by 2030, up from 39 percent in 2022.
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