South korean power battery company LG chemical (LG Chem) surpasses panasonic, japan, to become the world's largest battery supplier for electric vehicles, according to data released thursday by market tracker SNE Research according to foreign media reports on may 8.
The top seven companies in the electric vehicle battery market, in terms of market share, are: LG Chemical, Panasonic, Ningde Times, Samsung SDI、 China Vision Energy Co., Ltd. AESC、 BYD and SK Innovation.
The agency's data show that in the first quarter of this year, LG chemical installed 5.5 GWh, compared with the same period last year 2.5 GWh, an increase of 120%.
The agency believes LG strong growth in chemical battery capacity has benefited from strong sales of Tesla Model 3、 Renault Zoe and Audi e-tron electric vehicles. All three use electric car batteries from LG chemistry.
Based on battery capacity, LG accounted for 27.1 per cent of the market in the first quarter, compared with 10.7 per cent in the same period last year.
Next to LG Chemical is Panasonic. In the first quarter of this year, Panasonic's market share was 25.7%, ranking second.
Ningde times ranked third with a market share of 17.4% in the first quarter of this year. By contrast, in the first quarter of last year, the company ranked first in the world with a market share of 23.4%.
Samsung SDI, a battery manufacturer of SamSung group, ranks fourth with 6% market share; AESC ranks fifth with 5.6% market share; BYD ranks sixth with 4.9% market share; SK innovation ranks seventh with 4.5% market share.
In addition, in the first quarter of this year, LG Chemical, Samsung SDI and SK innovation accounted for 37.5% of the market share, up from 16.4% in the same period last year.