SK On has increased its presence in the global electric vehicle (EV) battery market, rising to the third position among worldwide suppliers. According to a report released by SNE Research on Friday, SK On secured a 10.6 percent share of the global EV battery market from January to March 2025, up from 9.9 percent the previous year. This growth allowed SK On to surpass Samsung SDI, establishing itself as the world’s third-largest EV battery supplier outside of China.
The first quarter saw a significant rise in battery usage for newly registered EVs, reaching 10.4 gigawatt-hours (GWh), which represents a 35.5 percent increase from 7.7 GWh in the same period a year earlier. This surge is primarily driven by higher sales of models from Hyundai Motor, Kia, Mercedes-Benz, and Volkswagen that utilize SK On’s pouch batteries.
Hyundai Motor’s robust EV sales in the United States have been a crucial factor in SK On’s market expansion. SK On provides batteries for Hyundai’s flagship models, including those under the Genesis luxury brand. Notably, the Hyundai Ioniq 5, equipped with an SK On battery, achieved sales of 8,611 units in the US during the first quarter, marking a 26 percent increase compared to the previous year.
Looking ahead, SK On and Hyundai Motor Group plan to deepen their collaboration by constructing a joint battery plant in Bartow County, Georgia. This facility is expected to commence operations in early 2026 and will supply batteries to Hyundai and Kia production sites in the region.
In contrast, LG Energy Solution and Samsung SDI experienced declines in their market shares during the same period. LG Energy Solution’s share decreased from 24.4 percent to 22.3 percent despite a 15.3 percent increase in battery usage to 21.9 GWh. The company’s performance was hindered by slower sales of Tesla models that use its batteries. Samsung SDI saw a more pronounced drop in its market share, decreasing from 11.3 percent to 7.4 percent, amid increasing competition from new EV models that rival those using its battery systems.
Meanwhile, Chinese battery manufacturers such as CATL, BYD, Gotion, and CALB continued to achieve strong growth. BYD, the world’s largest EV manufacturer, saw its battery usage more than double with a 104.7 percent year-over-year increase, raising its market share to 6.4 percent. This growth highlights BYD’s dual strategy of expanding both car production and battery supply.
Source: The Korea Herald
