South Korean battery manufacturers' market share declines, performance under pressure

South Korea's three largest battery manufacturers, LG Energy Solution, SK On and Samsung SDI, will have a combined market share of 23.1% in 2023, down 1.6 percentage points from 2022. Although their installed capacity has increased, the growth rate is lower than the industry average. Among them, LG Energy Solution ranks third with an installed capacity of 95.8GWh and a market share of 13.6%, while SK On and Samsung SDI rank fifth and seventh respectively. However, the performance of these companies has been under pressure due to the slowdown in global demand for electric vehicles.