Asia Tech Wire (May 7) -- The three major South Korean battery manufacturers saw their market share drop to 23.5% in the first quarter of 2024, according to SNE Research.

Korean market research firm SNE Research said in a report on Tuesday that the amount of energy held by batteries for electric vehicles (EV, PHEV, HEV) registered worldwide amounted to 158.8 GWh in the first quarter of this year, an increase of 22% year-on-year.

China's CATL still took the top spot with a 37.9% market share, while LG Energy Solution (LGES), Samsung SDI and SK on, South Korea's top three battery makers, saw their market share drop to 23.5% from 26.2% in the same period last year.

Specifically, the use of EV batteries from LGES increased by 7.8% year-on-year to 21.7 GWh, ranking third globally with a 13.6% market share.

The use of EV batteries from Samsung SDI jumped 36.3% year-on-year to 8.4 GWh, ranking fifth with a market share of 5.3%.

And the use of SK on electric vehicle batteries decreased by 8.2% to 7.3 GWh, ranking sixth with a market share of 4.6%.