Global power battery manufacturers continue to reshuffle: Korean companies collectively "stall," with "Ning Wang" dominating nearly half of the market share

The reshuffling of the global power battery industry competition pattern is still ongoing.

Market research firm SNE Research recently released data for January 2026. In that month, global electric vehicle deliveries totaled 1.218 million units, a 2.1% decrease year-over-year. However, despite this, the global electric vehicle battery installation volume still grew, reaching 71.9 GWh, a 10.7% increase year-over-year.

Market share statistics show that the Chinese group led by CATL continues to expand globally. Six Chinese battery companies in the top ten installed a total of 52.7 GWh in January, with their combined market share increasing from 68.3% last year to 73.3%.

Meanwhile, the once-dominant three major Korean battery companies—LG Energy Solution, Samsung SDI, and SK On—faced a severe “early spring cold” amid declining demand in the U.S. market. Their combined global market share for the month was only 12.0%, a significant drop of 4.3 percentage points from 16.3% last year.

All three companies experienced double-digit negative growth in installed capacity, occupying the top three spots in decline. In this latest ranking, four companies saw a decrease in battery installation volume for the month. Besides the Korean companies, the fourth is BYD, which ranks second in global and Chinese markets, with a 1.9% decline.

Korean Battery Manufacturers “Stall” Collectively

Data shows that South Korea’s three major lithium battery giants collectively “stalled” at the start of this year.

Specifically, LG Energy Solution ranked third globally with 4.7 GWh installed, down 14.9% year-over-year; SK On installed 2.3 GWh, a sharp decline of 21.3%, dropping to seventh place; Samsung SDI was the most severely affected among the top ten, with 1.6 GWh installed, a 24.4% drop, falling from seventh to tenth place, barely remaining in the top ten.

SNE Research also mentioned U.S. market factors in its report regarding this collective slowdown.

Another recent statistic from SNE Research shows that in January, the North American EV market entered a clear adjustment phase, with the most significant decline among all regions. With the end of federal tax credit incentives at the end of September 2025, the U.S. EV market has entered a continuous decline.

As the most important single market for Korean battery companies, policy uncertainties such as adjustments to federal tax credits and stricter localization requirements directly impacted their key clients like Ford, GM, BMW, and Audi.

The report notes that SK On was affected by changes in joint venture projects with Ford and reduced production of the F-150 Lightning. LG Energy Solution faced pressure due to Tesla’s global delivery pace and sluggish sales of GM and Ford vehicles. Samsung SDI suffered from declining sales of BMW and Audi in the U.S.

Among the top ten, the only Japanese company, Panasonic, ranked in the top five with 3.1 GWh. Unlike the Korean manufacturers, Panasonic showed an upward trend. The report attributes this to Tesla’s relatively smaller decline in sales compared to other automakers.

CATL Dominates Nearly Half of the Global Market, Second-Tier Manufacturers Rapidly Gaining Ground

In stark contrast to the bleak outlook for Korean companies, Chinese power battery manufacturers continue to perform strongly.

Industry leader CATL (300750.SZ/03750.HK) continues to solidify its unshakable dominance. In January, CATL’s installed capacity reached 32.5 GWh, a 25.7% increase year-over-year, with its market share rising from 40.1% last year to 45.2%.

This means that just one company, CATL, accounts for nearly half of the global power battery market. Its extensive customer base includes Chinese brands like Seres, Xiaomi, Li Auto, Geely, as well as global giants like Tesla, BMW, Mercedes-Benz, and Volkswagen.

Following closely is BYD. Although its January installed capacity was 9.9 GWh, a 1.9% decrease year-over-year, it remains the second-largest globally. SNE Research’s analysis suggests that BYD has shifted its strategy to focus more on overseas investments and sales expansion rather than domestic growth.

In January, BYD’s battery installations in China decreased by 23.4%, while installations in Europe and other regions increased by 69.4% and 97.6%, respectively. The report states that BYD leverages its cost advantages through in-house battery and EV production to expand sales across various vehicle segments and increase its international influence.

Notably, besides the top two “duo,” Chinese second-tier battery manufacturers are also rapidly gaining ground.

CATL’s competitor, CALB (03931.HK), installed 3.8 GWh, with a 51.5% year-over-year growth, ranking fourth globally and being the fastest-growing among the top ten. Other notable companies include Gotion High-tech (002074.SZ), SVOLT Energy, and EVE Energy (300014.SZ), which ranked sixth, eighth, and ninth respectively, all showing steady positive growth.

Statistics show that six Chinese battery companies in the top ten installed a total of 52.7 GWh in January, with their combined market share jumping from 68.3% last year to 73.3%, further squeezing the market space for Japanese and Korean firms.

It’s clear that behind the ongoing reshuffle in competitiveness and market structure, it’s not just about capacity expansion but also a comprehensive contest involving supply chain resilience, technological route choices, and geopolitical response capabilities.

SNE Research also pointed out that since 2025, price-driven sales strategies have become a key driver of market expansion. Under this trend, Chinese companies with a complete and lower-cost lithium iron phosphate (LFP) supply chain hold a decisive advantage.

This trend is expected to continue into 2026. However, SNE Research further notes that while cost competition remains dominant, changing policies, regulations, and trade environments across regions will gradually shift the market from simple “low-price expansion” to seeking a balance among price competitiveness, product value, and supply chain stability. This means future competition will increasingly test companies’ overall strength.

It’s also worth noting that the report highlights CATL and BYD are actively promoting the commercialization of sodium-ion batteries to enhance their responsiveness to next-generation markets. This further indicates that Chinese companies are not content with current cost-performance advantages but are actively investing in future technologies to maintain their leadership in next-generation battery tech.

(Source: The Paper)