LG Energy Solution, a wholly-owned subsidiary of LG Chem Ltd., had a revenue share of 26 percent to rank second in the worldwide smartphone battery market in 2020, according to market researcher Strategy Analytics.
Samsung SDI, an affiliate of the world’s largest smartphone maker Samsung took the third spot with a 15 percent market share.
China’s Amperex Technology Ltd. was the world’s largest smartphone battery vendor last year with a revenue share of 42 percent. The global smartphone battery market grew 7 percent on-year to $7.5 billion in 2020, Strategy Analytics said.
“The smartphone battery cell market was revived as customer orders expanded in the second half of the year driven by seasonal smartphone launches,” said Jeffrey Mathews, a senior analyst at Strategy Analytics. “Smartphone original equipment manufacturers increased the adoption of high-density cells and dual-cell battery systems leading to the growth in market revenues.”
The market researcher predicted the smartphone battery market to further expand this year due to the rising demand for high-density cells in the mass market and the increasing 5G smartphone penetration.