Leading South Korean electric vehicle battery producers such as LG Energy Solution, SK On, and Samsung SDI saw their combined global market share decline in the first ten months of 2024.

Data from SNE Research indicates their share decreased to 20.2%, down 3.5% from the same period in 2023.

In contrast, Chinese companies CATL and BYD expanded their market dominance, achieving a collective share of 53.6%.

The decrease for South Korean producers is linked to the rise of cost-effective Chinese rivals.

The lithium iron phosphate (LFP) battery model, valued for affordability and sustainability, has bolstered China’s market share.