Market share of EV battery suppliers South Korea 2024

As of March 2024, South Korean battery company LG Energy Solution's share in the electric vehicle (EV) battery market was around 16 percent, placing it second in terms of global revenue market share among competitor companies. Other major domestic EV battery makers were Samsung SDI and SK On.

South Korea: an EV factory of the future?

EV batteries are a key component for electronic vehicles and indispensable for the future of the automotive industry. Traditionally a hub for core elements in emerging technologies and industries such as semiconductors, South Korea has also positioned itself as a major player in the EV battery sector. Together with Japan’s Panasonic, the three leading South Korean EV battery producers intend to challenge China’s dominance in this market.

How are South Korean carmakers positioning themselves in the EV market? 

Domestic automakers Hyundai Motor and Kia benefit from this thriving EV battery ecosystem, giving them a competitive edge in the South Korean market. Hyundai Motor Group, responsible for both brands, plans to expand its EV business by significantly investing in the sector in the coming years. In 2024, Kia remodeled its factory in Gwangmyeong to focus exclusively on EV production, positioning it to further boost the popularity of electric models like the EV6.