Korean Secondary Battery Leaping 10 years, Overtaking Japan

Having surpassing Japan last year, Korea is expected to become the global leader in the secondary battery industry this year. The status of “Secondary Battery Korea” will rise even higher as LG Chemical(LG Chem) is expected to overtake second-place Panasonic (Panasonic took over Sanyo in 2008) in the third quarter.

Former secondary batteries powerhouse Japan has gradually lost its competitiveness due to strengthening of the yen and having seen its major powerhouse companies, Sony and Panasonic undergoing extensive restructuring. China has yet to increase its market share because it has not attained a trusted brand name, which is essential for success in the industry. Korea overtook Japan as the largest rechargeable batteries supplier, attaining 40% of the global market share. Samsung SDI is the unanimous number one global manufacturer of secondary batteries, and the third-largest manufacturer LG Chem is anticipated to surpass Panasonic and subsequently move into the number two slot shortly. Thus, market analysts are predicting that Korea will inevitably take over the secondary batteries market, similar to what occurred in the global semiconductor market.

For full article see Korea IT Times.