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The global market share of major South Korean battery makers declined in the first half of this year from a year ago amid strong growth of Chinese rivals, a report showed Tuesday.
LG Energy Solution Ltd., SK On Co. and Samsung SDI Co. together accounted for a combined 25.8% of the global share for the January-June period, in terms of the total amount of battery energy registered, according to South Korean’s market tracker SNE Research. That marks a 9.1 percentage point drop from the previous year’s 34.9%.
LG Energy Solution kept its second place, although its market share fell to 14.4% from 23.8% a year earlier. Samsung SDI came in sixth with a 4.9% share. SK On, which was split off from SK Innovation Co. last year, saw its share rise 1.2 percentage points to 6.5%, ranking fifth.
China’s CATL retained the No. 1 spot with its share jumping 6.2 percentage points to 34.8%. BYD, the third-largest player, saw its share rise 5 percentage points to 11.8%.
“Many Chinese companies led the growth in the battery market, led by CATL and BYD. All Chinese companies in the top 10 showed high growth rates in the triple digits,” according to the report.