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Battery Industry
Domestic and Global Market Size
Korea is the world's second-largest battery producer accounting for 19.8% of the world's electric vehicle battery capacity (as of 2024).
Globally Competitive Manufacturers of Finished Battery ProductsThe country has globally competitive manufacturers of finished battery products, and is also performing well in the materials segment such as anode and cathode materials.
Battery Cells,
All Focused in Korea
However, in 2024, due to the global electric vehicle market’s "Chasm" effect, exports are expected to decline by 16.5% compared to the previous year, reaching USD 8.21 billion.
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Domestic Battery Industry
Recognized for Global
CompetitivenessLG ES (LG Energy Solution), SK Innovation, and Samsung SDI, the so-called "Big Three" champions of the Korean battery industry, have been recognized for their competitiveness in the global market. According to the market share of lithium-ion batteries (LIBs) as of 2021, the three companies are the top players in the lithium-ion battery market in different size segments.
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Government and Corporate
Strategies to Champion the
Global Battery IndustryThe Ministry of Trade, Industry and Energy (MOTIE) drives ‘the Secondary Battery Industry Innovation Strategy’ with the vision of becoming the world leader of secondary batteries by 2030. The strategy set out objectives to increase Korea's global market share to 40% by 2030 and attract more than KRW 50 trillion in domestic investment by achieving three goals: 1) securing a stable battery supply chain, 2) building a high-tech innovation hub, and 3) creating a healthy industrial ecosystem.
Investment Success Stories
[Company S]
US-based Company S, a leader in next-generation battery development, has earned recognition for its technological capabilities and mass production potential in the U.S. This success led to a capital investment and, in February 2022, the company was listed on the NYSE. Company S, which is focused on high-performance lithium-metal batteries and battery AI management systems, operates its headquarters and production demonstration facility in Boston, Massachusetts, as well as a production facility and research lab in Shanghai, China.
Recognizing the market potential for electric vehicles and drones in Korea, Company S established a research and production demonstration facility in Chungju, Chungcheongbuk-do, in October 2022. The facility is currently conducting mass production testing of next-generation lithium-metal batteries to be used in electric vehicles. This investment accelerates Korea’s ability to secure next-generation battery technologies.
[Company U]
Belgian Company U has been involved in the battery business in Korea since 2000, when it established a battery division and began operating a cathode material production plant. In 2005, the company also set up a dedicated battery research laboratory. Following the continued growth of Korea's battery industry, Company U expanded its existing research center in Cheonan, Chungcheongnam-do, into its largest battery material central technology research facility in 2022. This expansion enables Company U to conduct research on next-generation battery materials for automotive, energy storage systems (ESS), and portable devices, while also carrying out a wide range of tests in its large battery cell laboratory. Meanwhile, Company U continues to expand its cathode material manufacturing facilities.
Sanghun Lee
Key Industries Promotion Team
+82-2-3460-7514
sanghun@kotra.or.kr