Sales revenue of LG Energy Solution worldwide 2014-2023

The sales revenue of LG Energy Solution has dramatically increased in recent years and stood at around 33.7 trillion South Korean won in 2023, a considerable increase from about 25.6 trillion won in the previous year. Over the years, the sales revenue of the battery company has steadily grown. Its main products include small batteries for smartphones and laptops, electric vehicle (EV) batteries, and Energy Storage Systems (ESS). 

Competing in the global battery market

Previously part of LG Chem as its battery business sector, LG Energy Solution was established as a separate entity in December 2020. The company has carved out its place in the global battery manufacturing industry, supplying EV batteries to carmakers worldwide. The company has a presence in the ESS market as well.

South Korean battery producers

Other significant domestic battery makers are also companies from South Korean conglomerates. Much like how LG Energy Solutions split off from LG Chem, SK On has also recently separated from SK Innovation. Completing the trio is Samsung SDI, which was first established in 1970. As lithium-ion (Li-ion) batteries grow in demand and importance, South Korean battery producers are expected to continue vying for pole position among global competitors.