South Korea's battery "Big Three" market share declines

The combined market share of South Korea's "Big Three" battery companies, LG Energy Solution, SK On, and Samsung SDI, fell from 23.1% in 2023 to 18.4%, a year-on-year decrease of 4.7%. LG Energy Solution ranked third, but its installed capacity only increased slightly by 1.3% year-on-year to 96.3GWh. SK On grew by 12.4% to 39.0GWh, mainly supported by demand from automakers such as Mercedes-Benz, Ford, and Volkswagen. Samsung SDI fell by 10.6% year-on-year to 29.6GWh, mainly due to a decline in demand from major customers in Europe and North America.