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.

Will South Korea's top battery makers see a surge in sales?

South Korea’s top three battery makers are highly likely to see a surge both in sales and operating profits despite their reduced market share in the global electric vehicle battery market, which is dominated by Chinese rivals, according to market tracker SNE Research on Thursday.

Why are Korean battery makers boosting the US economy?

Korean battery makers have been boosted by the passage of the US Inflation Reduction Act, which offers billions of dollars in subsidies to companies that make EVs in the US without depending on Chinese components. The act is part of Washington’s efforts to reduce US economic dependence on China.

How will Korea's battery market change in 2025?

He also said that the Korean battery makers’ widening gap with the world’s No. 1 battery maker, CATL of China, is also likely to be reduced in the near future. By 2025, CATL’s revenue is expected to stand at about $25 billion won, which is equivalent to those of the three Korean rivals combined.

Why are Korean battery makers rosy?

The rosy outlook for Korean battery makers stem from the fact that they have the upper hand over Chinese rivals, including the world's largest battery maker CATL, given their ability to penetrate the EV markets in the US and Europe.

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.