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Which South Korean battery cell makers are preparing for growth?

(Reuters-Yonhap) Three major South Korean battery cell makers -- LG Energy Solution, SK On and Samsung SDI -- are projected to see steady growth in revenue and profitability in the next few years as they race to meet the growing demand for secondary batteries to power electric vehicles in the United States, data showed Tuesday.

What is the market share of Korean battery cells in 2022?

The US and European market, where Korean battery cell makers have sought to join forces with local carmakers due to roadblocks and competitions in China, will have a combined 55 percent market share by 2030, up from 39 percent in 2022.

What is Korea's market share in secondary batteries?

The government in November last year announced plans to expand Korea’s global market share in secondary batteries to 40 percent by 2030. In the first half of last year, China led the market with a 56.4 percent share, while Korea trailed behind with 25.8 percent and Japan with 9.6 percent.

Are EV batteries made in Korea eligible for US tax credits?

EVs that install batteries with precursors manufactured in Korea will be eligible for the U.S. government tax credits, even if the materials are from China. The government in November last year announced plans to expand Korea’s global market share in secondary batteries to 40 percent by 2030.

How much will Korea's battery market grow by 2025?

The three companies' combined revenue will reach $121 billion by 2025, up nearly fivefold from the $27 billion recorded in 2021, according to Korea-based battery market tracker SNE Research. This translates into a 48 percent growth annually over the course of five years beginning in 2021.