Six out of the world’s top 10 electric vehicle battery companies are based in China, while Contemporary Amperex Technology Co. maintained its top position last year with a 27.5 percent market share.

According to a report by SNE Research on Monday, the total sales of EV batteries reached 690 gigawatt hours last year and the market size based on battery packs was estimated at $125.5 billion. The top 10 battery companies accounted for 71 percent of revenue and 93 percent of capacity.

Among Korean battery brands, LG Energy Solution Ltd. ranked second with a 12.3 percent revenue share, while Samsung SDI Co. and SK innovation Co. took fourth and fifth place with 6.0 percent and 4.6 percent, respectively. In terms of shipment volume, LG Energy Solution maintained its second position with 14.9 percent, but SK innovation and Samsung SDI swapped their rankings to fifth and sixth with 6.4 percent and 5.2 percent, respectively.

BYD, the Chinese EV maker that surpassed Tesla as the world’s top EV seller, rose to third place in the global battery market with a 9.6 percent revenue share and a 12.2 percent share in terms of shipment. Japan’s Panasonic, which sells battery cells to Tesla, ranked fourth by shipment volume at 7.1 percent and sixth by revenue at 3.6 percent.

All the other companies in the top ten, excluding the three Korean firms and Japan’s Panasonic, were Chinese battery companies. SNE Research expects the current market dominance of the top players to remain stable for the time being.

The combined shipment share of the top three companies is over 66 percent, indicating their growing market dominance.

By Pulse

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