Jang Seob Yoon
Research expert covering South Korea
EV battery industry in South Korea - statistics and facts
South Korean companies are aiming to light a spark in the electric vehicle (EV) battery industry. Despite a recent slowdown in adoption, the global automobile market has continued its long-term shift toward electric mobility. Interest in components under the hood, such as batteries, has consequently grown in recent years. As a core part of any EV, the battery industry has rapidly become a prominent field and has attracted interest in South Korea as an opportunity for economic growth.
Key players in the South Korean EV battery industry
The fact that leading South Korean conglomerates such as LG and SK have divided their lithium-ion (Li-ion) battery production businesses into separate entities signals their intent to establish themselves in the market. These subsidiary companies are known as LG Energy Solution and SK On. Together with Samsung SDI, this trident of domestic producers has been aiming to challenge Chinese companies that sit at the top of the global EV battery industry.Innovations from Samsung and LG
Batteries consist of several different components, and their chemical composition also varies. While Li-ion batteries are the preferred option for contemporary rechargeable batteries, stakeholders are continuing their endeavors to improve energy efficiency. In early 2024, Samsung SDI announced mass production of solid-state Li-ion batteries. Such products are widely thought of as the battery of the future due to their excellent energy density among other advantages. LG Energy Solution also revealed a breakthrough for Lithium-metal batteries, which are also considered next-generation technology.Outlook on the EV battery industry
The context of EVs’ rise in prominence is significantly tied to efforts toward reducing emissions as governments around the world tackle climate change. Interest in the batteries that power these vehicles has increased in turn, and the industry has become an area of interest in South Korea. Major domestic companies like LG, Samsung, and SK are striving to carve out their place in the industry through innovation and development. With China boasting a formidable presence in the industry, the pursuit of South Korean battery manufacturers will be worth following.
