South Korea's battery industry isn't just competing on the global stage—it's dominating it, powering nearly a third of the world's EVs and investing hundreds of billions to cement its lead.
Key Takeaways
- In 2023, South Korea's lithium-ion battery production capacity reached 1,200 GWh, accounting for 28% of global capacity
- LG Energy Solution's total battery production capacity in South Korea exceeded 200 GWh by end-2023 across its Ochang and other plants
- Samsung SDI produced 85.3 GWh of batteries in 2023 from its Korean facilities, focusing on automotive cylindrical cells
- South Korean battery makers held 29.1% of global EV battery market share in 2023
- LG Energy Solution captured 14.2% global EV battery market share in 2023
- Samsung SDI's EV battery market share reached 4.5% globally in 2023
- South Korea's battery exports reached $32.8 billion in 2023, up 47% YoY
- Battery exports to US surged 120% to $10 billion in 2023 for Korean makers
- LGES exported batteries worth $15.6 billion in 2023, 60% from Korea
- Korean battery industry R&D spending reached 2.5 trillion KRW ($1.9 billion) in 2023
- LGES invested 1.2 trillion KRW in solid-state battery R&D in 2023
- Samsung SDI patented 1,500 battery-related technologies in 2023
- LGES announced $45 billion capex for battery expansion 2023-2028
- Samsung SDI plans 500 GWh global capacity by 2025, $20 billion investment
- SK On to invest 20 trillion KRW ($15 billion) in new Korean plants by 2027
South Korea's battery industry is a global leader in production, exports, and innovation.
Exports and Revenue
- South Korea's battery exports reached $32.8 billion in 2023, up 47% YoY
- Battery exports to US surged 120% to $10 billion in 2023 for Korean makers
- LGES exported batteries worth $15.6 billion in 2023, 60% from Korea
- Samsung SDI's export revenue from batteries hit $8.2 billion in 2023
- SK On's revenue from battery sales reached $12.4 billion in 2023, mostly exports
- South Korea exported 380 GWh of batteries in 2023, 25% of global trade
- Exports to Europe grew 80% to $7 billion for Korean EV batteries in 2023
- Battery trade surplus for South Korea was $25 billion in 2023
- POSCO Future M exported cathode materials worth $2.5 billion in 2023
- Korean battery exports to China increased 30% to $1.2 billion in 2023 despite competition
- LGES's US exports from Korea plants valued at $5 billion in 2023
- Samsung SDI's automotive battery exports to North America: $3.8 billion in 2023
- SK On shipped 100 GWh exported batteries from Korea in 2023
- Total Korean battery industry revenue hit $60 billion in 2023, 90% from exports
- Exports of ESS batteries from Korea reached $4 billion in 2023
- Cathode exports from Korea: 100,000 tons worth $3 billion in 2023
- Anode material exports: $1.5 billion from South Korea in 2023
- Separator exports revenue: $800 million in 2023 for Korean firms
- Battery pack exports to India grew to $500 million in 2023
- LGES revenue per GWh exported averaged $200/kWh in 2023
- Samsung SDI's average export price for EV cells: $120/kWh in 2023
- SK On's export volume to Hyundai Motor Group: 50 GWh in 2023 overseas
- Korean battery exports to Southeast Asia: $2 billion in 2023
- Revenue from recycling exports: $300 million in 2023
- LGES Q4 2023 revenue from exports: $4.5 billion
- Samsung SDI's H1 2023 battery export revenue: $4.1 billion
- SK battery group total exports: $25 billion in 2023
Exports and Revenue Interpretation
South Korea has essentially become the world's battery factory, cleverly ensuring that nearly every electric vehicle, grid storage unit, and portable device hums with a Korean-made power source as its exports surge to monumental levels.
Investments and Future Plans
- LGES announced $45 billion capex for battery expansion 2023-2028
- Samsung SDI plans 500 GWh global capacity by 2025, $20 billion investment
- SK On to invest 20 trillion KRW ($15 billion) in new Korean plants by 2027
- South Korea government allocated 20 trillion KRW for battery industry by 2030
- POSCO Future M's $2.6 billion cathode plant in Gwangyang by 2025
- Ecopro BM expanding cathode capacity to 60,000 tons with $1 billion in 2024-2025
- LGES US Georgia plant $5.5 billion investment for 110 GWh by 2028
- Samsung SDI Hungary plant $1.7 billion for 30 GWh EV batteries by 2025
- SK On US Indiana plant $2.6 billion phase 1 for 40 GWh by 2026
- Korean battery FDI in Europe: $10 billion committed by 2023 for localization
- Hyundai Motor Group $7.6 billion battery JV with LGES in US by 2025
- Government Battery 2030 roadmap includes 50 trillion KRW ecosystem investment
- Samsung SDI's Canadian cathode plant $130 million investment announced 2023
- SK IE Tech $1 billion separator plant expansion in Korea by 2026
- Soulbrain electrolyte capacity double to 200,000 tons with $500 million by 2027
- Iljin copper foil $300 million new line for 200,000 tons by 2025 Korea
- SungEel HiTech recycling plant $400 million for 200,000 tons/year by 2030
- Korean firms plan 2 TWh total capacity by 2030, $300 billion investment
- LGES Korea capacity to 400 GWh by 2025 with 5 trillion KRW capex
- SK battery group $30 billion US investments announced post-IRA 2023
- POSCO's LFP cathode $1 billion plant in Korea by 2026
- 50 new battery startups funded $2 billion by Korea Venture Fund 2023
- Government tax credits up to 30% for battery R&D investments through 2030
- Samsung SDI solid-state $1 billion R&D center in Korea by 2025
- LGES recycling JV $500 million investment with GM in 2023
Investments and Future Plans Interpretation
Behind the staggering statistics of Korea's battery industry lies a collective corporate frenzy—a nearly half-trillion-dollar race for gigawatt-scale supremacy that makes even a gold rush look like a leisurely hobby.
Market Share
- South Korean battery makers held 29.1% of global EV battery market share in 2023
- LG Energy Solution captured 14.2% global EV battery market share in 2023
- Samsung SDI's EV battery market share reached 4.5% globally in 2023
- SK On held 4.1% of the world EV battery market in 2023
- In Korea's domestic market, LGES supplied 60% of EV batteries in 2023
- CATL led globally but Korean trio (LGES, Samsung, SK) had 27% combined share in 2023
- South Korea's share in global lithium-ion battery revenue was 25% in 2023 at $45 billion
- Korean batteries powered 30% of EVs sold in Europe in 2023
- In US EV market, Korean batteries had 40% share in 2023 via GM, Ford partnerships
- Samsung SDI held 10% share in global ESS battery market in 2023
- LGES dominated premium EV segment with 20% global share for high-nickel batteries in 2023
- SK On's market share in LFP batteries grew to 5% globally by 2023
- Korean cathode materials held 45% global market share in 2023, led by Posco
- South Korea's anode material market share worldwide was 30% in 2023
- Separator films from Korean firms like SK IE Tech captured 25% global share in 2023
- Electrolyte market share for Korean producers was 20% in 2023
- Foil materials (copper/aluminum) from Korea held 35% global battery supply share in 2023
- In IT device batteries, Samsung SDI had 15% global share in 2023
- Korean batteries in power tools market share was 12% globally in 2023
- LGES's share in Tesla's battery supply was 10% in 2023
- SK On supplied 50% of Ford's F-150 Lightning batteries in 2023
- Samsung SDI powered 25% of BMW i-series EVs in 2023 market
- Korean firms' share in global 4680 cell market was 8% in 2023
- In sodium-ion batteries emerging market, Korean share projected 15% by 2023 pilots
- Korean recycling firms held 10% of global battery recycling market share in 2023
- LGES held 18% share in global pouch cell market in 2023
Market Share Interpretation
While the global battery race is often framed as a duel, South Korea’s industry has cunningly secured its dominance not by winning a single sprint, but by expertly monopolizing the entire supply chain relay, from raw materials to recycling, ensuring that nearly every electric vehicle on the road owes a piece of its soul to Korean innovation.
Production Capacity
- In 2023, South Korea's lithium-ion battery production capacity reached 1,200 GWh, accounting for 28% of global capacity
- LG Energy Solution's total battery production capacity in South Korea exceeded 200 GWh by end-2023 across its Ochang and other plants
- Samsung SDI produced 85.3 GWh of batteries in 2023 from its Korean facilities, focusing on automotive cylindrical cells
- SK On's Seosan plant in South Korea achieved a 40 GWh annual production capacity for EV batteries in 2023
- South Korea's total EV battery cell production hit 450 GWh in 2022, with plans to double by 2025
- POSCO Future M's cathode material production capacity in Gwangyang, South Korea, reached 35,000 tons per year in 2023
- Ecopro BM's high-nickel cathode output in South Korea was 25,000 tons annually by Q4 2023
- South Korea's battery pack assembly capacity stood at 300 GWh in 2023, led by LGES and Samsung SDI
- LFP battery production in South Korea began scaling with 10 GWh capacity from SK On in 2023
- Korea's anode material production capacity hit 50,000 tons/year in 2023, primarily from Posco and SGL
- Hyundai's battery plant in Ulsan produced 20 GWh of pouch cells for HMG vehicles in 2023
- South Korea's solid-state battery pilot line capacity reached 1 GWh in 2023 at Samsung SDI
- Total separator production capacity in Korea was 15 billion m²/year in 2023 by SK IE Tech
- Electrolyte production in South Korea reached 80,000 tons/year by Soulbrain in 2023
- Copper foil output from Iljin Materials in Korea hit 120,000 tons/year capacity in 2023
- Aluminum foil capacity by Lotte Chemical in Ulsan was 50,000 tons/year for batteries in 2023
- South Korea's battery recycling capacity expanded to 50,000 tons/year in 2023 by SungEel HiTech
- Module production capacity for EV batteries in Korea was 150 GWh in 2023
- Cylindrical cell production in South Korea reached 100 GWh/year from Samsung SDI's Gumi plant in 2023
- Pouch cell dominance: 70% of Korea's battery production was pouch-type in 2023 totaling 350 GWh
- Prismatic cell capacity in Korea was 50 GWh in 2023, mainly for energy storage
- South Korea produced 12% of global battery cells in Q1 2023 at 120 GWh quarterly
- LGES Ochang plant capacity utilization hit 95% producing 15 GWh/month in 2023
- SK On's Dalseong plant ramped to 30 GWh/year in Korea by mid-2023
- Samsung SDI's Cheonan plant output 20 GWh for IT batteries in 2023
- Total Korean battery production facilities numbered 25 major plants in 2023
- Capacity for NCM811 cathodes in Korea reached 40,000 tons/year in 2023
- Graphite anode capacity expanded to 30,000 tons by 2023 in Pohang
- Korean firms produced 400 GWh of battery cells domestically in 2023
- ESS battery production capacity in South Korea was 100 GWh in 2023
Production Capacity Interpretation
While South Korea's battery industry is now a 1,2 GWh behemoth that could power a small planet, this colossal output—from cathodes and anodes to every type of cell—proves they’ve charged past mere competition to build the entire electrified ecosystem in their own backyard.
Technology and Innovation
- Korean battery industry R&D spending reached 2.5 trillion KRW ($1.9 billion) in 2023
- LGES invested 1.2 trillion KRW in solid-state battery R&D in 2023
- Samsung SDI patented 1,500 battery-related technologies in 2023
- SK On developed 46-series cylindrical cells with 20% higher energy density in 2023
- South Korea filed 40% of global solid-state battery patents in 2023
- NCM90 cathode tech by Ecopro BM achieved 90% nickel content commercially in 2023 Korea
- POSCO's dry electrode process reduced costs 30% in 2023 pilots
- Korean firms developed silicon anode with 30% capacity boost in 2023 labs
- LGES all-solid-state battery prototype reached 900 Wh/L density in 2023
- Samsung SDI's 4680 cell energy density hit 300 Wh/kg in 2023 production
- SK IE Tech's ceramic-coated separator improved safety 50% in 2023 tests
- Soulbrain's electrolyte for 800V fast charge reduced degradation 20% in 2023
- Iljin Materials' ultra-thin copper foil (4um) enabled 10% more cells/pack in 2023
- Korean quantum dot additives improved battery efficiency 5% in 2023 R&D
- 5,000 researchers employed in Korea's battery R&D centers in 2023
- Government funded 500 billion KRW for battery tech in 2023
- LGES cycle life extended to 1,500 cycles for NCM batteries in 2023
- Samsung SDI's prismatic cell for ESS achieved 95% DoD in 2023
- SK On's LFP cell reached 200 Wh/kg in mass production 2023 Korea
- AI-optimized battery management system by Hyundai reduced heat 15% in 2023
- Korean sulfide solid electrolyte conductivity hit 20 mS/cm in 2023
- Wireless charging battery tech prototyped by KAIST in 2023 for EVs
- Bio-based electrolyte developed by Seoul National Univ in 2023 Korea
- Korean drone battery energy density 400 Wh/kg achieved in 2023
- Fast-charging tech to 80% in 9 minutes demoed by LGES in 2023
Technology and Innovation Interpretation
While other countries are still learning to spell "battery," South Korea spent 2023 writing the entire dictionary with a $1.9 billion pen, moving from lab breakthroughs to factory floors so fast it's giving the global competition a collective case of whiplash.
Sources & References
- Reference 1STATISTAstatista.comVisit source
- Reference 2LGENSOLlgensol.comVisit source
- Reference 3SAMSUNGSDIsamsungsdi.comVisit source
- Reference 4ENGeng.sk.comVisit source
- Reference 5IEAiea.orgVisit source
- Reference 6POSCOCHEMICALposcochemical.comVisit source
- Reference 7ECOPROBMecoprobm.co.krVisit source
- Reference 8BLOOMBERGbloomberg.comVisit source
- Reference 9REUTERSreuters.comVisit source
- Reference 10KEDGLOBALkedglobal.comVisit source
- Reference 11HYUNDAIhyundai.comVisit source
- Reference 12NEWATLASnewatlas.comVisit source
- Reference 13SKHYNIXskhynix.comVisit source
- Reference 14SOULBRAINsoulbrain.co.krVisit source
- Reference 15ILJINMiljinm.co.krVisit source
- Reference 16LOTTECHEMlottechem.comVisit source
- Reference 17SUNGEELsungeel.comVisit source
- Reference 18EV-VOLUMESev-volumes.comVisit source
- Reference 19MARKLINESmarklines.comVisit source
- Reference 20WOODMACwoodmac.comVisit source
- Reference 21COUNTERPOINTRESEARCHcounterpointresearch.comVisit source
- Reference 22NEWSnews.lgensol.comVisit source
- Reference 23SK-ONsk-on.comVisit source
- Reference 24K-BATTERYk-battery.comVisit source
- Reference 25LBATTERYlbattery.comVisit source
- Reference 26POSCOFUTUREMposcofuturem.comVisit source
- Reference 27MOTIEmotie.go.krVisit source
- Reference 28KOREAHERALDkoreaherald.comVisit source
- Reference 29SNERESEARCHsneresearch.comVisit source
- Reference 30BENCHMARKMINERALSbenchmarkminerals.comVisit source
- Reference 31DIGITIMESdigitimes.comVisit source
- Reference 32ELECTREKelectrek.coVisit source
- Reference 33FORDford.comVisit source
- Reference 34BMWGROUPbmwgroup.comVisit source
- Reference 35IDTECHEXidtechex.comVisit source
- Reference 36NEXTBIGFUTUREnextbigfuture.comVisit source
- Reference 37RECYCLINGTODAYrecyclingtoday.comVisit source
- Reference 38KOREATIMESkoreatimes.co.krVisit source
- Reference 39CUSTOMScustoms.go.krVisit source
- Reference 40BOKbok.or.krVisit source
- Reference 41CHINAECONOMICREVIEWchinaeconomicreview.comVisit source
- Reference 42ESS-NEWSess-news.comVisit source
- Reference 43ANODEanode.orgVisit source
- Reference 44SKIE-TECHskie-tech.comVisit source
- Reference 45ECONOMICTIMESeconomictimes.indiatimes.comVisit source
- Reference 46ASEANBRIEFINGaseanbriefing.comVisit source
- Reference 47MSITmsit.go.krVisit source
- Reference 48KIPOkipo.go.krVisit source
- Reference 49GROUP4LABSgroup4labs.comVisit source
- Reference 50NANOSYSnanosys.comVisit source
- Reference 51SAMRANGsamrang.comVisit source
- Reference 52KAISTkaist.ac.krVisit source
- Reference 53ENen.snu.ac.krVisit source
- Reference 54DRONELIFEdronelife.comVisit source
- Reference 55KVCAkvca.or.krVisit source
- Reference 56MOFmof.go.krVisit source