Market Share of Korean Battery Manufacturers Declines by 9% from 2021- Study reveals, take a look on the entire details.

BusinessKorea, the three largest Korean battery cell manufacturers' share of the global market fell in 2022

In the January quarter, LG Energy Solution, SK On, and Samsung SDI had a combined market share of 25.6%

fifth-placed SK On increased by 1.6 percentage points, from 5.2 to 6.8 percent, while the market share of second-placed LG Energy Solution decreased by 9.2 percentage points, from 23.6 to 14.4 percent

LG Energy Solution used 4.2 gigawatt hours (GWh) of batteries in May, which is a decrease of 24.8 percent from the same month last year

The quick expansion of their Chinese competitors is to blame for the Korean battery companies' underwhelming performance

In order to close the gap with competing battery manufacturers, CATL intends to quicken the development of next-generation batteries

According to reports, the battery can store 13% more electricity than Tesla's 4680 cylindrical battery and can be charged up to 80% in just 10 minutes using a fast charge