While giants like CATL still dominate the headlines, South Korea's formidable trio of LG, Samsung, and SK powered ahead in 2023, capturing a combined 24.1% of the global EV battery market and driving an industry that generated a staggering KRW 120 trillion in revenue.
Key Takeaways
- In 2023, South Korea's lithium-ion battery production capacity reached 1,128 GWh, accounting for 34% of global capacity
- LG Energy Solution's battery production capacity in South Korea expanded to 200 GWh by end-2023
- Samsung SDI's domestic cell production capacity hit 120 GWh in 2023, with plans to double by 2025
- South Korea's EV battery market share was 29.5% globally in Q4 2023
- LG Energy Solution held 14.2% of global EV battery market in 2023
- Samsung SDI's global market share for EV batteries: 4.8% in 2023
- LG Energy Solution's 2023 revenue from batteries: KRW 32.9 trillion, up 20.3% YoY
- Samsung SDI battery division revenue: KRW 12.5 trillion in 2023, +15% YoY
- SK On's 2023 sales: KRW 15.2 trillion, despite operating loss of KRW 1.9 trillion
- South Korea's solid-state battery R&D budget: KRW 2 trillion government-funded 2023-2027
- LGES developed 46xx cylindrical battery with 20% higher energy density in 2023
- Samsung SDI's all-solid-state battery prototype achieved 900 Wh/L density in 2023
- South Korea's battery exports to US reached USD 12.3 billion in 2023, +50% YoY
- Battery exports to Europe: USD 5.1 billion from Korea in 2023
- LGES overseas production capacity: 400 GWh by end-2023, mainly US/Europe
South Korea is a dominant global battery leader with massive scale and rapid growth.
Exports and Global Presence
- South Korea's battery exports to US reached USD 12.3 billion in 2023, +50% YoY
- Battery exports to Europe: USD 5.1 billion from Korea in 2023
- LGES overseas production capacity: 400 GWh by end-2023, mainly US/Europe
- Samsung SDI Hungary plant: 20 GWh capacity operational 2023
- SK On US Georgia plant: 20 GWh phase 1 started 2023
- Korean battery FDI outflow: USD 15 billion in 2023 for overseas plants
- Share of Korean batteries in global EV installs: 27% in 2023
- Exports to China: USD 1.2 billion materials from Korea 2023
- LGES supplies 70% of GM Ultium batteries exported from US 2023
- Samsung SDI's US Michigan plant: 12 GWh for Ford EVs 2023 start
- SK On Poland plant groundbreaking for 30 GWh export hub 2023
- Korean share in Indian EV battery market: 15% via exports 2023
- Battery exports growth rate: 32% YoY to ASEAN countries 2023
- Posco Future M cathode exports: 60% of production overseas 2023
- LGES Europe sales: EUR 10 billion equivalent in 2023
- Samsung SDI global supply contracts: 200 GWh committed till 2028 from 2023 deals
- Korean batteries in Tesla vehicles exported globally: 8% share 2023
- SK On's supply to Hyundai for export markets: 40 GWh 2023
- Overseas revenue ratio for Korean battery firms: 55% average 2023
- LGES Indonesia plant: 10 GWh for SE Asia exports starting 2023
Exports and Global Presence Interpretation
While America and Europe are frantically rewiring their grids for an electric future, South Korea is calmly, and with immense strategic wit, laying down the power cords directly in their backyards, turning a global energy transition into a local manufacturing boom.
Market Share
- South Korea's EV battery market share was 29.5% globally in Q4 2023
- LG Energy Solution held 14.2% of global EV battery market in 2023
- Samsung SDI's global market share for EV batteries: 4.8% in 2023
- SK On captured 5.1% global EV battery market share in 2023
- CATL led with 36.8%, but Korean trio (LG, Samsung, SK) totaled 24.1% in 2023
- In energy storage batteries, LGES had 27% market share globally in 2023
- Korean batteries held 45% share in US EV market in 2023
- Samsung SDI's share in premium EV segment: 12% in Europe 2023
- SK On's market share in North America: 15% for EV batteries 2023
- LGES dominated PHEV battery market with 28% global share 2023
- Korean firms' share in HEV batteries: 35% worldwide 2023
- Posco Chemical's cathode market share: 15% globally 2023
- Ecopro BM held 10% of high-nickel cathode market 2023
- LG Chem's separator market share via SK ie: 20% global 2023
- South Korea's share in global battery supply chain: 28% for cells 2023
- Korean LFP battery market share grew to 5% globally in 2023
- Samsung SDI's ESS battery share: 8% global 2023
- SK On's share in Tesla supply: 10% of Model Y batteries 2023
- LGES market share in BMW EVs: 60% in 2023
Market Share Interpretation
While China's CATL may currently wear the global EV battery crown, South Korea's formidable trio, with their deep infiltration across every segment from luxury cars to the vital supply chain, are the cunning and indispensable power brokers making the world's electrified wheels turn.
Production Capacity
- In 2023, South Korea's lithium-ion battery production capacity reached 1,128 GWh, accounting for 34% of global capacity
- LG Energy Solution's battery production capacity in South Korea expanded to 200 GWh by end-2023
- Samsung SDI's domestic cell production capacity hit 120 GWh in 2023, with plans to double by 2025
- SK On's battery output capacity in South Korea was 150 GWh as of Q4 2023
- South Korea produced 850 GWh of EV batteries in 2023, up 45% YoY
- POSCO Future M's cathode material production capacity in Korea reached 80,000 tons annually in 2023
- Ecopro BM's high-nickel cathode capacity in South Korea was 35,000 tons per year by 2023
- LFP battery production capacity in South Korea grew to 50 GWh in 2023 from zero in 2021
- South Korea's battery pack assembly capacity exceeded 600 GWh in 2023
- Hyundai's battery production at its Ulsan plant reached 30 GWh capacity in 2023
- Total Korean battery gigafactory capacity under construction was 500 GWh as of 2023
- SK ie technology's separator production capacity in Korea hit 2.5 billion m²/year in 2023
- Lotte Chemical's electrolyte production capacity reached 60,000 tons/year in South Korea by 2023
- South Korea's solid-state battery pilot capacity was 1 GWh in 2023
- Korean battery module production volume was 720 GWh in 2023, up 50% YoY
- LG Energy Solution's Seosan plant capacity: 40 GWh for EV batteries in 2023
- Samsung SDI's Gumi plant capacity: 30 GWh cylindrical cells in 2023
- SK On's Seosan plant: 40 GWh prismatic cells capacity 2023
- Korean anode material capacity: 120,000 tons/year from Posco and others in 2023
- Battery recycling capacity in South Korea: 50,000 tons/year operational in 2023
Production Capacity Interpretation
While one could say South Korea has become a global battery behemoth by crossing the 1 TWh capacity mark, the more telling story is in the ruthless, multi-front industrial blitz—from mining the periodic table to mastering recycling—that ensures its energy dominance is built to last.
Revenue and Financials
- LG Energy Solution's 2023 revenue from batteries: KRW 32.9 trillion, up 20.3% YoY
- Samsung SDI battery division revenue: KRW 12.5 trillion in 2023, +15% YoY
- SK On's 2023 sales: KRW 15.2 trillion, despite operating loss of KRW 1.9 trillion
- LG Chem total revenue: KRW 55.7 trillion in 2023, batteries 60% contribution
- Posco Future M battery materials revenue: KRW 4.1 trillion, +40% YoY 2023
- Ecopro BM revenue: KRW 2.3 trillion in 2023, driven by cathodes
- SK ie technology revenue: KRW 1.8 trillion in 2023, +25% growth
- Lotte Chemical battery materials sales: KRW 3.2 trillion 2023
- Korean battery industry total revenue: KRW 120 trillion in 2023
- LGES operating profit: KRW 2.5 trillion in 2023, margin 7.6%
- Samsung SDI net profit from batteries: KRW 800 billion 2023
- SK Innovation battery unit EBITDA: KRW 1.1 trillion 2023
- Korean battery exports value: USD 20.5 billion in 2023, +30% YoY
- R&D spending by LGES: KRW 1.2 trillion (4% of revenue) in 2023
- Samsung SDI capex on batteries: KRW 5 trillion in 2023
- Total Korean battery capex: KRW 25 trillion in 2023
- Posco Chemical profit: KRW 500 billion from cathodes 2023
- Korean battery stock market cap: KRW 300 trillion end-2023
- LGES invested KRW 10 trillion in US plants, contributing to 2023 growth
Revenue and Financials Interpretation
While LG Energy Solution's impressive KRW 32.9 trillion revenue proves the Korean battery industry is charging ahead at full power, it's the staggering KRW 25 trillion in total capital expenditure that shows they're mortgaging the present to absolutely own the electrified future.
Technology Innovation
- South Korea's solid-state battery R&D budget: KRW 2 trillion government-funded 2023-2027
- LGES developed 46xx cylindrical battery with 20% higher energy density in 2023
- Samsung SDI's all-solid-state battery prototype achieved 900 Wh/L density in 2023
- SK On's dry electrode process reduced costs by 20% in pilot 2023
- Korean high-nickel NCMA cathode reached 90% nickel content commercially in 2023
- LGES pouch battery cycle life: 1,500 cycles at 80% retention for EVs 2023
- Samsung SDI prismatic battery energy density: 300 Wh/kg in mass production 2023
- SK On LFP battery for ESS: 160 Wh/kg, commercialized 2023
- Ecopro BM's single-crystal cathode improved stability by 30% in 2023 tests
- Korean Si-anode tech: 30% silicon blend, 400 Wh/kg cell demo 2023
- LGES fast-charging battery: 80% SOC in 9 minutes, validated 2023
- Samsung SDI wireless charging battery efficiency: 93% in 2023 prototype
- SK ie tech ceramic-coated separator: reduced shorts by 50% in 2023
- Posco's recycled cathode: 95% purity from black mass in 2023
- Korean sulfide solid electrolyte conductivity: 25 mS/cm at room temp 2023
- LGES bipolar ESS battery: 10% cost reduction via design 2023
- Samsung SDI 4680 cell production started with 5Ah capacity 2023
- SK On's 3D battery structure increased volume efficiency 15% 2023
- Korean AI-optimized electrolyte formulation improved life 20% 2023
- LGES dry electrode full-scale: cost down 30%, energy up 10% 2023 pilot
Technology Innovation Interpretation
While the government is boldly betting the farm on a solid-state future, Korea's battery giants are already engineering a punishing reality for competitors across every existing technology, from pushing nickel to its limit and refining lithium iron phosphate to mastering dry electrodes and sprinting past silicon, in a relentless and expensive blitz to own every link in the chain from recycled materials to a ten-minute charge.
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