Input 2021.01.18 06:00
Last year, it was found that the market share of major domestic secondary battery producers more than doubled compared to the previous year. Overseas exports of domestic secondary battery makers are expected to increase again this year, reaching a record high of $7 billion. This is because the demand for rechargeable batteries is expected to increase rapidly as downstream industries such as electric vehicles and energy storage systems (ESS) expand under the influence of eco-friendly policies of major countries such as Europe, the United States and China.
According to the Ministry of Trade, Industry and Energy and Korea Battery Industry Association on the 18th, LG Energy Solution, Samsung SDI (006400), SK innovation (096770)The three companies’ global market share was 34% as of November 2020, more than doubled from 16% in 2019.
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Exports rose 2.9% year-on-year to 7.2 trillion won. It has been increasing for 5 consecutive years. The exports of lithium-ion batteries for electric vehicles ($1.15 billion) increased 10.6% from the previous year ($1.04 billion), leading overall exports.
Domestic demand also reached 5.27 trillion won, an increase of 11.6% over the previous year. This is because domestic electric vehicle production increased 33.8% from 103,000 units in the previous year to 139,000 units last year, and the demand for lithium-ion batteries for electric vehicles has also increased.
The Ministry of Industry said, “As the global electric vehicle (EV) market scale expanded from 2.3 million units in 2019 to 2.5 million units last year, domestic companies’ production, export, and domestic demand all increased, centering on lithium-ion batteries for electric vehicles.” It is the result of preemptive response to the rapidly growing electric vehicle battery market in major countries such as the US and China.
The Ministry of Industry said, “This year, domestic companies’ secondary battery production is expected to reach 30.7 trillion won, a 32.0% increase from 23 trillion won last year, and exports are expected to increase by 5.7% to 7 billion dollars.” With the release of new models, domestic demand for secondary batteries is expected to increase by 24.1% from last year to 5 trillion won this year.”
The Ministry of Industry predicted that this year’s rechargeable battery supply will continue to be centered on leading companies centered on the top six companies in Korea, China, and Japan, as last year.
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